SHFE/LME Price Ratio Pulled Back to Around 7.3 and Fluctuated [SMM Weekly Review of the SHFE/LME Zinc Price Ratio]

Published: Mar 13, 2026 16:11

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[SHFE/LME Price Ratio Pulled Back and Fluctuated Around 7.3]: This week, the SHFE/LME price ratio pulled back and fluctuated around 7.3, and the zinc ingot import window remained closed. Outside China, easing inflation concerns boosted a rebound in zinc prices; subsequently, investors stayed cautious about an escalation of the Middle East conflict, while a stronger US dollar, together with US February CPI coming in line with expectations and still-sticky inflation, drove LME zinc to fluctuate lower.

SMM News, March 13: This week, the SHFE/LME price ratio pulled back and fluctuated around 7.3, with the zinc ingot import window remaining closed. Outside China, easing inflation concerns boosted a rebound in zinc prices; subsequently, investors stayed alert to an escalation of the Middle East conflict, while a stronger US dollar, together with US February CPI coming in line with expectations and inflation remaining sticky, drove LME zinc to fluctuate lower. In China, amid signs of easing tensions in the Middle East and gains in LME prices, SHFE zinc rebounded slightly. However, China social inventory climbed to a three-year high, and the recovery in consumption fell short of expectations. Under overseas influence, the center of SHFE zinc moved lower. Overall, the SHFE/LME price ratio declined. The SHFE/LME price ratio is expected to remain rangebound next week.

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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