According to customs data, silver ore imports in March 2025 reached 96,400 mt, down 20.5% MoM and 0.6% YoY. In Q1 2025, cumulative silver ore imports totaled approximately 462,000 mt, up 10.18% YoY from Q1 2024. By country, Peru, Mexico, Bolivia, Mongolia, and Spain were the main sources of silver ore imports in March. Looking ahead to Q2, amid global tariff disputes, China imposed counter-sanction tariffs on the US in early April. However, with silver ore imports from the US accounting for only about 1.3% in 2024, the impact is expected to be relatively small.