Last week, the SHFE/LME zinc price ratio hovered at a high level around 8.6. However, expectations of favourable domestic policies, coupled with low social inventory, will keep SHFE zinc prices stronger.
But considering a large influx of imported zinc ingot and the domestic off-season, the SHFE/LME zinc price ratio will remain at the current level.


![톈진 아연: 아연 가격 반등, 하류는 여전히 신중 [SMM 정오 논평]](https://imgqn.smm.cn/usercenter/tAyyp20251217171754.jpg)
