The silver inventory on the Shanghai Futures Exchange is experiencing a sharp decline:

Available silver for trading in Shanghai has dropped to only 350 tons, the lowest since 2015.
This marks a -88% decrease from the peak of approximately 3,000 tons recorded in January 2021.
This shortage has been exacerbated by a surge in silver exports from China to London in 2025, which has alleviated the global physical silver deficit but further depleted domestic supplies.
The physical silver market has rarely been this scarce.