SHFE/LME Price Ratio Rebounded and Fluctuated Below 7.5 [SMM Weekly Review of the SHFE/LME Zinc Price Ratio]

Published: Mar 27, 2026 15:26

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[SHFE/LME Price Ratio Rebounded and Fluctuated Below 7.5]: This week, the SHFE/LME price ratio rebounded and fluctuated below 7.5, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions were frequent, and market expectations for a swift end to the conflict in the Middle East weakened, but disruptions at ex-China mines supported zinc prices, and LME zinc rebounded from lows.

SMM News, March 27: This week, the SHFE/LME price ratio rebounded and fluctuated below 7.5, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions occurred frequently, and market expectations for a swift end to the conflict in the Middle East weakened, but disruptions at overseas mines supported zinc prices, driving LME zinc to rebound from lows. In China, zinc concentrate TCs struggled to rise, and China’s zinc ingot inventory gradually declined. Affected by both fundamentals and macro factors, the center of SHFE zinc moved higher. Overall, the SHFE/LME price ratio rose. It is expected that next week, the SHFE/LME price ratio will mainly fluctuate.

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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