SHFE/LME Price Ratio Pulls Back, Import Window Remains Closed [SMM Weekly Review on SHFE/LME Zinc Price Ratio]

SMM February 14 News: This week, the SHFE/LME zinc price ratio pulled back to fluctuate around 8.3, and the zinc ingot import window closed. From the overseas market perspective, the US tariff policy continues to disrupt the market, with overall bearish macro sentiment spreading. The US dollar index rose and then declined, while LME zinc saw a slight pullback followed by a rebound. The continued destocking of overseas inventories provided support for the bottom of LME zinc, and with optimistic macro sentiment, the center of LME zinc shifted upward. Domestically, zinc ingot inventory continued to build up this week, smelter TC kept rising, and SHFE zinc declined at the beginning of the week. However, market expectations for consumption remained, coupled with improved macro sentiment, leading to an upward movement in SHFE zinc, though its performance lagged behind LME zinc, causing the SHFE/LME zinc price ratio to pull back. It is expected that next week, the SHFE/LME zinc price ratio may maintain a fluctuating trend.

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