SHFE/LME Zinc Price Ratio Hovered Around 6.9 [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: May 22, 2026 15:33

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[SHFE/LME zinc price ratio maintained fluctuating trend near 6.9]: This week, the SHFE/LME zinc price ratio maintained a fluctuating trend near 6.9, and the zinc ingot import window remained closed. Outside China, tensions in the Middle East had not yet eased, increasing market uncertainty. The US dollar index pulled back, and combined with persistently low ex-China zinc inventory levels, LME zinc maintained a fluctuating trend.

SMM May 22 update: The SHFE/LME zinc price ratio maintained a fluctuating trend near 6.9 this week, with the zinc ingot import window remaining closed. Ex-China, tensions in the Middle East remained unresolved, adding to market uncertainty. The US dollar index pulled back, and with ex-China zinc inventory running at persistently low levels, LME zinc maintained a fluctuating trend. In China, the decline in zinc concentrate TCs provided some support for zinc prices. However, as China gradually entered the traditional consumption off-season, weakening zinc demand put pressure on prices, causing zinc prices to struggle to rise and show a downward trend, with the SHFE zinc center shifting lower. Overall, the SHFE/LME zinc price ratio maintained a fluctuating trend. The ratio is expected to mainly fluctuate next week.

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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