SHFE/LME Zinc Price Ratio Rebounded to around 6.9 and Consolidated [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Jul 24, 2026 13:38

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[SHFE/LME zinc price ratio rebounded to consolidate near 6.9] Over the past week, the SHFE/LME zinc price ratio rebounded to consolidate near 6.9, closing the zinc ingot import window. Outside China, escalating tensions in the Middle East boosted safe-haven sentiment, and US Treasury yields and the US dollar index moved higher, which exerted some pressure on LME zinc. Although LME inventory continued to decline, gains in LME zinc were limited.

SMM, July 24: This week, the SHFE/LME zinc price ratio rebounded to around 6.9 and consolidated, while the zinc ingot import window closed. Outside China, the escalation of Middle East tensions boosted risk-aversion sentiment, pushing up US Treasury yields and the US dollar index, which weighed on LME zinc to some extent. Although LME inventory continued to destock, LME zinc gains were limited. In China, tightness on the ore side persisted, with TCs staying at low levels, providing support to SHFE zinc. Overall, SHFE zinc remained weaker than LME zinc, but the price spread narrowed, and the SHFE/LME zinc price ratio edged up. Next week, it is expected to mainly consolidate.

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