SHFE/LME price ratio still fluctuates below 7.6 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Jan 30, 2026 15:50

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[SHFE/LME price ratio still fluctuating below 7.6]: This week, the SHFE/LME price ratio continued to fluctuate below 7.6, keeping the zinc ingot import window closed. Overseas, the US dollar fell to a four-month low, supporting non-ferrous metals, while geopolitical tensions and rising precious metals drove zinc prices higher, with LME zinc surging. However, due to the US Fed's hawkish signals prompting a dollar rebound, LME zinc gave back gains and edged lower.

SMM January 30: The SHFE/LME zinc price ratio continued to fluctuate below 7.6 this week, and the import window for zinc ingots remained closed. Overseas, the US dollar fell to a four-month low, supporting nonferrous metals. Geopolitical tensions and rising precious metal prices drove zinc prices higher, with LME zinc hitting highs. However, due to the US Fed's hawkish signals pushing the US dollar to rebound, LME zinc gave back gains and edged lower. Domestically, driven by overseas markets and precious metal prices, SHFE zinc rose. Subsequently, disruptions in overseas zinc ore supply provided support, and SHFE zinc continued to climb before following the overseas market downward. Overall, the SHFE/LME ratio remained stable. Next week, the SHFE/LME ratio is expected to remain stable.

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.

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