The SHFE/LME zinc price ratio continued to consolidate at lows near 6.8 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Aug 14, 2026 15:18

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[SHFE/LME zinc price ratio continued to consolidate around 6.8]: This week, the SHFE/LME zinc price ratio consolidated around 6.8, and the zinc ingot export window opened intermittently. Outside China, the US July PPI unexpectedly came in below expectations, inflationary pressures were fading, and rate hike expectations weakened. Market sentiment improved slightly and US-Iran uncertainty increased. LME zinc inventories continued to destock, capital concentration was relatively high, and LME zinc continued to fluctuate at highs.

SMM, August 14: This week, the SHFE/LME zinc price ratio consolidated near 6.8, and the export window for zinc ingots opened intermittently. Outside China, the US July PPI unexpectedly came in below expectations, inflationary pressure was easing, rate-hike expectations weakened, market sentiment improved slightly, US-Iran uncertainty increased, LME zinc inventories continued to destock, capital concentration was relatively high, and LME zinc continued to fluctuate at highs. In China, zinc concentrate TCs continued to decline. The intermittent opening of the export window and continued domestic destocking lent support to SHFE zinc, and the SHFE zinc price center edged up slightly. Overall, the SHFE/LME zinc price ratio held steady. Next week, the SHFE/LME zinc price ratio is expected to consolidate.

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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