SHFE/LME Zinc Price Ratio Rebounded to Oscillate Near 7.1 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Apr 30, 2026 15:59

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[SHFE/LME zinc price ratio rebounded to around 7.1 and oscillated]: This week, the SHFE/LME zinc price ratio rebounded to around 7.1 and oscillated, with the zinc ingot import window remaining closed. Outside China, increased uncertainty over the US-Iran conflict triggered inflation concerns, the US dollar index strengthened, and growing concerns over economic growth weighed on non-ferrous metals, which remained in the doldrums. LME inventory edged up, and LME zinc declined.

SMM April 30 news: The SHFE/LME zinc price ratio rebounded to around 7.1 this week, with the zinc ingot import window remaining closed. Outside China, increased uncertainty over US-Iran conflicts triggered inflation concerns, the US dollar index strengthened, and growing concerns over economic growth weighed on base metals, which were in the doldrums. LME zinc inventory edged up, and LME zinc declined. China side, base metals were overall under pressure amid weak macro sentiment. Fundamentals side, social inventory destocking pace was slow due to weak consumption, but low TCs provided support for zinc prices, and SHFE zinc moved lower. Overall, the SHFE/LME zinc price ratio rebounded. Next week, the SHFE/LME zinc price ratio is expected to mainly fluctuate.

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