Silver prices surge! The dilemma of silver wires in photovoltaic cells
June 02, 2026
On May 25th, international oil prices plummeted, while precious metals surged. Spot gold broke through $4570/ounce, rising over 1% intraday. Spot silver touched $78/ounce, rising over 4%. Since 2026, the silver market has experienced a rollercoaster ride: after surging to historical highs at the beginning of the year, it has sharply corrected and is currently maintaining a wide range of high-level fluctuations. As the largest industrial demand sector for silver, photovoltaics is seeing increased silver consumption per unit due to rising penetration rates of high-efficiency cells (TOPCon/HJT/BC). The soaring silver price has become a core pressure on the cost of solar panels. Silver prices are under pressure due to high-level fluctuations. At the beginning of the year, silver continued its upward trend from 2025, strongly rising due to the triple positive factors of expectations of a Fed rate cut, Middle East geopolitical conflicts, and the essential demand for photovoltaics. In late January, London silver broke through $100/ounce, reaching a nominal historical high of $121/ounce on February 28th. Domestically, the main Shanghai silver futures contract surged in tandem, reaching over 22,000 yuan/kg in mid-April, a quarterly increase of over 60%. In late May, silver prices entered a trading range of $70-85/ounce (London silver) and 17,000-20,000 yuan/kg (Shanghai silver). Institutions predict a "mild decline with wide fluctuations" in the second half of the year: on the one hand, the peak season for global photovoltaic installations in Q3-Q4 will support industrial demand, and a silver supply-demand gap will persist (approximately 60 million ounces in 2026); on the other hand, the accelerated implementation of "de-silvering" technologies, high prices suppressing jewelry demand, coupled with uncertainty surrounding Federal Reserve policies, have weakened silver price rebounds, and prices may fall back to around $70/ounce by the end of the year. N-type penetration drives up unit silver consumption; photovoltaics becomes the largest industrial demand for silver. Photovoltaics has become the largest industrial demand sector for silver. In 2025, photovoltaic silver consumption accounted for 35% of global industrial silver consumption. Although the "de-silvering" trend accelerated in 2026, the expansion of installed capacity still drove demand to remain high. Comparing the silver consumption of mainstream battery technologies, the penetration rate of N-type high-efficiency batteries, represented by TOPCon/HJT, is rapidly increasing, reaching 70% by the end of 2026, directly driving up the unit silver consumption: Previously, PERC had a silver consumption of 8.5-9.5 mg/W per watt, with a single cell consuming approximately 70 mg of silver; the technology was mature and had the lowest silver consumption. Specifically, TOPCon (N-type, currently the mainstream high-efficiency battery): using a double-sided silver paste process, has a silver con...