The SHFE/LME price ratio continued to consolidate around 6.8 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Sep 24, 2026 16:06 (GMT+8)

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[SHFE/LME zinc price ratio continues to consolidate around 6.8]: This week, the SHFE/LME zinc price ratio remained around 6.8, with China's zinc ingot export window still open. Outside China, the preliminary US September PMI came in stronger than expected, multiple US Fed officials released hawkish signals, US Treasury yields and the US dollar index strengthened, and ex-China fundamentals saw reduced support, with LME zinc consolidating.

SMM, September 24: This week, the SHFE/LME zinc price ratio held near 6.8, and the export window for domestic zinc ingot remained open. Outside China, the preliminary US September PMI came in stronger than expected, multiple US Fed officials sent hawkish signals, US Treasury yields and the US dollar index strengthened, and overseas fundamental support weakened somewhat, with LME zinc consolidating. In China, persistently low zinc concentrate TCs and smelting losses constrained supply, while pre-holiday stockpiling drove inventory destocking, keeping SHFE zinc consolidating at highs. Overall, with bullish and bearish factors intertwined across SHFE and LME, the SHFE/LME zinc price ratio is expected to continue consolidating near 6.8.

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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