SHFE/LME price ratio consolidates around 6.8 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Sep 30, 2026 16:11 (GMT+8)

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[SHFE/LME price ratio consolidates around 6.8]: This week, the SHFE/LME price ratio held near 6.8, with the import window for zinc ingot into China remaining closed. Outside China, the US dollar index held up well, and combined with rising oil prices and hawkish remarks from US Fed officials, LME zinc consolidated under pressure. However, the LME Cash-3M backwardation structure remained in place, providing some support to prices.

SMM, September 30: This week, the SHFE/LME zinc price ratio held near 6.8, and China's zinc ingot import window remained closed. Outside China, the US dollar index held up well, and combined with rising oil prices and hawkish remarks from US Fed officials, LME zinc consolidated under pressure. However, the LME Cash-3M backwardation structure persisted, providing some support to prices. In China, end-use consumption was mediocre, and the National Day and Mid-Autumn Festival holiday period was extended. Yet with tight ore supply and TCs running at low levels, SHFE zinc continued to consolidate at highs. Overall, SHFE and LME moved relatively in tandem, and the SHFE/LME zinc price ratio is expected to continue consolidating near 6.8.

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