The SHFE/LME zinc price ratio pulled back to oscillate around 8.1, and the import window for zinc ingot closed [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

SMM News on July 11: This week, the SHFE/LME zinc price ratio continued to fluctuate around 8.1, with the zinc ingot import window remaining closed. Overseas, the US announced tariff hikes on various countries, which were largely in line with market expectations. LME zinc inventory overseas continued to decline to less than 110,000 mt. Coupled with the resilient performance of overseas economic data, the LME0-3 structure shifted to a backwardation structure, with increased concentration of bullish capital, leading to a continuous upward trend in LME zinc. Domestically, the "2.0 version of supply-side reform" in China gained momentum again, driving significant price increases in steel, polysilicon, and other products. The downstream zinc sector received a certain boost, with consumption improving. Coupled with the upward trend in overseas LME zinc, under the resonance of both domestic and overseas markets, SHFE zinc stopped declining and started to rise. Amid the persistent situation of overseas market outperforming domestic market, the SHFE/LME zinc price ratio maintained a fluctuating trend. It is expected that next week, the SHFE/LME zinc price ratio may continue to fluctuate.

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