Zinc SHFE/LME Price Ratio

Published: Sep 30, 2026 16:14 (GMT+8)

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[Zinc SHFE/LME Price Ratio] This week, the SHFE/LME zinc 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 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 low TCs, SHFE zinc also continued to consolidate at highs. Overall, the overseas and domestic markets moved relatively in tandem, and the SHFE/LME zinc price ratio is expected to continue consolidating near 6.8.

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