SHFE/LME Price Ratio Rebounded to Around 7.4 and Fluctuated [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: Mar 20, 2026 16:23

Save

[SHFE/LME Price Ratio Rebounded and Fluctuated Around 7.4]: This week, the SHFE/LME price ratio rebounded and fluctuated around 7.4, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions were frequent. After the US Fed kept interest rates unchanged, the market bet on a US Fed rate hike, and LME zinc fell below key levels. Subsequently, bearish factors were gradually digested, and LME zinc rebounded from lows.

SMM News, March 20: This week, the SHFE/LME price ratio rebounded and fluctuated around 7.4, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions occurred frequently. After the US Fed kept interest rates unchanged, the market bet on further US Fed rate hikes, and LME zinc broke lower. Bearish factors were then gradually absorbed, and LME zinc rebounded from lows. In China, macro sentiment was weak. With the US Fed holding rates steady, SHFE zinc broke lower. China social inventory began destocking, and consumption expectations were gradually realized, driving the center of SHFE zinc higher. Overall, the SHFE/LME price ratio rose. It is expected that next week, the SHFE/LME price ratio will mainly fluctuate in a range.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

Boliden Temporarily Halts Garpenberg Zinc Mine Due to Seismic Activity

[Garpenberg Zinc Concentrates Production Was Suspended Due to Seismic Activity] According to Boliden, production at the Garpenberg mine was temporarily suspended on March 14 due to seismic activity, and the beneficiation plant subsequently also halted production. Seismic activity has since eased, and preliminary inspections of the mine began on March 18. Mine production will gradually resume after inspections of the infrastructure and mining workplaces are completed. It is not yet possible to determine the timing of the production restart or the pace of ramp-up. In 2025, Garpenberg's zinc concentrate production was 101,700 mt in metal content.

Common.Time.minsAgo

1 hour ago

Typhoon Disrupts Australian Zinc Concentrate Supply, Spot TC Quotations Fall to Negative Levels

[Imported Zinc Concentrate Market] Recently, typhoon weather in Australia has continued to disrupt zinc concentrate transportation, and expectations of tight imported zinc concentrates are expected to persist. Traders in the market have continued to lower TC quotations, and currently quotations for zinc-rich concentrates on spot cargo vessels have fallen to negative levels.

1 hour ago

Jan-Feb Die-Casting Zinc Alloy Exports Up Slightly YoY, Backed by Southeast Asia

According to the latest customs data, China’s total exports of die-casting zinc alloy from January to February reached 689.33 mt, up slightly by 0.9 percentage points YoY on a cumulative basis; imports, however, totaled 48.11 million mt, down 35.46 percentage points YoY on a cumulative basis. Overall, China’s die-casting zinc alloy trade from January to February showed a pattern of slightly higher exports and a significant pullback in imports.

1 hour ago