The SHFE/LME zinc price ratio rebounded and fluctuated around 7.2 [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: Feb 27, 2026 16:20

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[SHFE/LME price ratio rebounded and fluctuated near 7.2]: This week, the SHFE/LME price ratio rebounded and fluctuated near 7.2, with the zinc ingot import window remaining closed. Overseas, the transition between old and new US tariff policies triggered wild swings in the US dollar, market sentiment fluctuated repeatedly, and traders lowered expectations for US Fed interest rate cuts, with LME zinc mainly fluctuating.

SMM February 27: This week, the SHFE/LME zinc price ratio rebounded and fluctuated near below 7.2, with the zinc ingot import window remaining closed. Overseas, the transition between old and new US tariff policies triggered wild swings in the US dollar, market sentiment fluctuated repeatedly, and traders lowered expectations for US Fed interest rate cuts, leading LME zinc to mainly trade with fluctuations. Domestically, post-Chinese New Year consumption was still recovering, domestic inventory buildup reached 220,000 mt, and with multiple macro disturbances, the market remained in a wait-and-see mode, resulting in SHFE zinc mainly experiencing wide swings. Overall, the SHFE/LME price ratio increased. Next week, the SHFE/LME price ratio is expected to continue rising.

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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