The SHFE/LME zinc price ratio pulled back to around 7.1 and fluctuated [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: Feb 13, 2026 15:08

Save

[SHFE/LME price ratio pulled back to fluctuate near 7.1] This week, the SHFE/LME zinc price ratio pulled back to fluctuate near 7.1, and the zinc ingot import window remained closed. Overseas, although strong non-farm payrolls prompted the market to scale back bets on US Fed interest rate cuts, US retail sales unexpectedly stalled in December, geopolitical risks persisted, and LME social inventory continued to draw down, providing price support. LME zinc consistently fluctuated at highs.

This week, the SHFE/LME zinc price ratio pulled back to fluctuate near 7.1, with the import window for zinc ingots remaining closed. Overseas, although strong non-farm payrolls prompted the market to scale back bets on US Fed interest rate cuts, unexpected stagnation in US December retail sales and lingering geopolitical risks, coupled with continued destocking of LME zinc inventory, provided price support, keeping LME zinc prices fluctuating at highs. Domestically, most participants have already entered a holiday period, resulting in weak trading activity, and with domestic inventories continuously rising, SHFE zinc prices experienced wide swings. Overall, the SHFE/LME price ratio declined. Next week, the ratio is expected to continue its downward trend.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

South32 Raises Hermosa Taylor Capex by Over 50%, Delays Production to 2028 H1

On April 30th, South32 raised the development cost estimate for the Taylor deposit at its Hermosa zinc-silver project in Arizona, US, and delayed the timeline. First-stage capital expenditure has increased by more than 50%, from $2.2 billion in the 2024 FS to $3.3 billion. First production has been delayed by one year to H2 FY2028, full production has also been pushed back to FY2031. Cost increase was mainly due to contractor underperformance, slower-than-expected construction productivity, scope changes, inflation, US tariffs and higher input costs. Progress on a key ventilation shaft is the main bottleneck now. But the company also noted that ore reserves at Taylor increased by 52%, mineral resources rose by 10%, extending the expected mine life from 28 years to around 33 years.

4 hours ago

Apr 30, 2026 19:11

Monthly Production Declined: Refined Zinc Faces Dual Pressure from Raw Material Supply and Costs [SMM Analysis]

[Monthly Production Declined: Refined Zinc Faces Dual Pressure from Raw Material Supply and Costs] Overall, refined zinc production release in April and May fell short of expectations, mainly because as ex-China mine disruptions increased and China's ore recovery remained limited, TCs accelerated downward. Imported TCs have already dropped to $39.25/dmt, while China's weekly TCs broke below historical lows to 850 yuan/mt in metal content...

Apr 30, 2026 19:11

Apr 30, 2026 17:15

Tibet Huayu Reports 2025 Annual Growth in Zinc and Lead-Antimony, Decline in Gold Production

[Tibet Huayu 2025 Annual Report Released] On April 29, Tibet Huayu released its 2025 annual report. In 2025, the company completed zinc concentrates production of 21,300 mt in metal content, up 9.07% YoY, lead-antimony concentrates with silver content production of 19,000 mt in metal content, up 14.56% YoY, and gold concentrates of 1,002 kg, down 46.66% YoY.

Apr 30, 2026 17:15