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

Published: Mar 20, 2026 16:23

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[SHFE/LME Price Ratio Rebounded and Fluctuated Around 7.4]: This week, the SHFE/LME price ratio rebounded and fluctuated around 7.4, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions were frequent. After the US Fed kept interest rates unchanged, the market bet on a US Fed rate hike, and LME zinc fell below key levels. Subsequently, bearish factors were gradually digested, and LME zinc rebounded from lows.

SMM News, March 20: This week, the SHFE/LME price ratio rebounded and fluctuated around 7.4, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions occurred frequently. After the US Fed kept interest rates unchanged, the market bet on further US Fed rate hikes, and LME zinc broke lower. Bearish factors were then gradually absorbed, and LME zinc rebounded from lows. In China, macro sentiment was weak. With the US Fed holding rates steady, SHFE zinc broke lower. China social inventory began destocking, and consumption expectations were gradually realized, driving the center of SHFE zinc higher. Overall, the SHFE/LME price ratio rose. It is expected that next week, the SHFE/LME price ratio will mainly fluctuate in a range.

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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