SHFE/LME Price Ratio Rebounded and Fluctuated Around 7.4 [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: Mar 6, 2026 15:39

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[SHFE/LME Price Ratio Rebounded and Hovered Around 7.4]: This week, the SHFE/LME price ratio rebounded and fluctuated around just below 7.4, and the zinc ingot import window remained closed. Overseas, continued destocking supported the upward shift in the center of LME zinc; subsequently, as geopolitical developments fueled inflation concerns, a stronger US dollar pressured the base metals sector, and LME zinc retreated after rapid rise, with its center moving lower.

SMM News, March 6: This week, the SHFE/LME price ratio rebounded and fluctuated around just below 7.4, and the zinc ingot import window remained closed. Overseas, continued destocking supported an upward shift in the center of LME zinc; subsequently, as geopolitical developments fueled inflation concerns, a stronger US dollar pressured the base metals sector, and LME zinc retreated after rapid rise, with its center moving lower. Domestically, driven by signals of easing Middle East conflict and a rally in LME, SHFE zinc rebounded slightly; as domestic inventory continued to build and the Middle East conflict escalated again, SHFE zinc and LME zinc fell in tandem, with their centers moving lower. Overall, the SHFE/LME price ratio rose. It is expected that next week, the SHFE/LME price ratio may continue to rise.

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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