SHFE/LME price ratio rose to near 8.5, closing the import window for zinc ingots [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: May 23, 2025 16:05

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[SHFE/LME Price Ratio Rises Near 8.5, Zinc Ingot Import Window Closes]: This week, the SHFE/LME price ratio rose near 8.5, and the zinc ingot import window closed. From an overseas perspective, Moody's downgraded the US credit rating from Aaa to Aa, and market sentiment about the economy continued to rise. Later, Bostic reiterated his preference for only one interest rate cut this year, and LME zinc declined amidst sentiment and low expectations for interest rate cuts.

SMM May 23 report: This week, the SHFE/LME zinc price ratio rose to around 8.5, closing the import window for zinc ingots. Overseas, Moody's downgraded the US credit rating from Aaa to Aa, fueling rising market concerns about the economy. Subsequently, Bostic reiterated his preference for only one interest rate cut this year, leading to a decline in LME zinc prices amid sentiment and low expectations for interest rate cuts. Domestically, zinc concentrate imports in April exceeded expectations, reaching over 490,000 mt, with some shipments from the OZ mine already arriving in China, indicating relatively loose ore resources. In June, TCs continued to rise, and destocking of social inventory still supported zinc prices. SHFE zinc prices fluctuated mainly this week. Given the domestic market outperforms overseas market scenario, the SHFE/LME zinc price ratio rebounded. It is expected that next week, the SHFE/LME zinc price ratio may fluctuate.

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