SHFE/LME zinc price ratio rebounds to consolidate around 6.8, export window remains open [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Sep 11, 2026 15:59

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[SHFE/LME price ratio rebounds to consolidate around 6.8]: This week, the SHFE/LME price ratio held around 6.8, with the export window for China's zinc ingot opening up. Outside China, US PPI data exceeded expectations, driving up expectations for US Fed interest rate hikes. The dollar strengthened toward the end of the week, putting LME zinc under pressure and pulling it back.

SMM, September 11: This week, the SHFE/LME zinc price ratio held near 6.8, and China's zinc ingot export window opened. Outside China, US PPI data beat expectations, market expectations for US Fed interest rate hikes strengthened, the US dollar firmed late in the week, and LME zinc pulled back under pressure. In China, macro sentiment weakened, and SHFE zinc was also dragged lower by the pullback in LME zinc, though tight supply provided some support to prices. Overall, SHFE and LME zinc moved largely in tandem this week, with limited change in the SHFE/LME price ratio, which is expected to consolidate near 6.8 next week.

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