SHFE/LME zinc price ratio pulled back to near 6.8 and consolidated [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Jul 31, 2026 15:51

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SHFE/LME zinc price ratio pulled back to around 6.8 and consolidated: This week, the ratio pulled back to around 6.8 and consolidated, while the zinc ingot import window closed. Outside China, the US Fed held steady at its July FOMC meeting, while US GDP and PCE data came in below expectations, causing the US dollar index to pull back and boost base metals. Meanwhile, LME zinc inventory fell to around 100,000 mt, and LME zinc remained relatively strong.

SMM July 31 News: This week, the SHFE/LME zinc price ratio pulled back to around 6.8 and consolidated, with the zinc ingot import window closed. Outside China, the US Fed's July policy meeting held steady; US GDP and PCE data fell short of expectations; the US dollar index pulled back, boosting base metals; meanwhile, LME zinc inventory fell to around 100,000 mt, and LME zinc remained relatively strong. China side, ore supply tightness continued, with TCs edging lower; however, smelters recovered from maintenance in August and supply is expected to increase, leaving SHFE zinc's upward momentum relatively limited. Overall, the ratio continued to consolidate at lows, and it is expected to mainly consolidate next week.

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