SHFE/LME price ratio remains near 8.5, zinc ingot import window closes [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

SMM News on May 30: This week, the SHFE/LME zinc price ratio remained around 8.5, and the import window for zinc ingots was closed. Overseas, due to the lingering uncertainty surrounding Trump's tariff policies and the increasing likelihood of a delayed interest rate cut by the US Fed, coupled with the Fed's explicit warning about stagflation risks, LME zinc prices declined slightly and then maintained a fluctuating trend. Domestically, there has been a continuous inflow of imported zinc ingots into China recently, along with a significant increase in ore imports in April. Export orders in the consumption sector have also recovered slightly. SHFE zinc maintained a fluctuating trend, with domestic social inventory continuing to decline, reaching 75,000 mt, providing some support for zinc prices. SHFE zinc prices continued to rise. Given the situation where the domestic market outperforms overseas market, the SHFE/LME zinc price ratio remained high. It is expected that next week, the SHFE/LME zinc price ratio may fluctuate.

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