SHFE/LME Zinc Price Ratio Rebounded to Fluctuate Around 7.0 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Apr 24, 2026 15:54

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[SHFE/LME Zinc Price Ratio Rebounded to Around 7.0 and Fluctuated]: This week, the SHFE/LME zinc price ratio rebounded to around 7.0 and fluctuated, with the zinc ingot import window remaining closed. Ex-China, US-Iran negotiations eased, market risk appetite improved, LME inventory continued destocking, bears reduced positions and exited, and LME zinc center moved up. At the end of the week, US-Iran tensions resurfaced, and LME zinc edged down slightly.

SMM News on April 24: This week, the SHFE/LME price ratio rebounded to around 7 and fluctuated, with the zinc ingot import window remaining closed. Overseas, US-Iran negotiations eased, market risk appetite improved, LME inventory continued destocking, bears reduced positions and exited, and the LME zinc center shifted upward. At the end of the week, US-Iran tensions resurfaced, and LME zinc edged lower. Domestically, the overseas market drove SHFE zinc higher, while China's zinc ingot social inventory built up and downstream end-use consumption was mediocre, leading SHFE zinc to gradually pull back at a moderate pace, with the SHFE zinc center under pressure. Overall, the SHFE/LME price ratio rebounded. Next week, the SHFE/LME price ratio is expected to fluctuate.

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