SHFE/LME zinc price ratio pulled back to fluctuate around 7.4 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Feb 6, 2026 15:24

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[SHFE/LME price ratio pulled back to around 7.4 and maintained fluctuating trend]: This week, the SHFE/LME zinc price ratio pulled back to around 7.4, and the zinc ingot import window remained closed. Overseas, as investors weighed the policy prospects under Wash's leadership of the US Fed and the US January manufacturing PMI returning to expansion territory, the US dollar index continued its upward trend, and the LME zinc price center moved lower. Subsequently, with continuous destocking of overseas social inventory, price bottom found support, and LME zinc maintained a fluctuating trend.

SMM February 6 News: This week, the SHFE/LME zinc price ratio pulled back to around 7.4, and the import window for zinc ingots remained closed. Overseas, influenced by investors weighing the policy prospects under Wash's leadership of the US Fed and the US manufacturing sector returning to expansion territory in January, the US dollar index continued its upward trend, and LME zinc's center declined. Subsequently, with ongoing destocking of overseas social inventory, prices found support at the bottom, and LME zinc maintained a fluctuating trend. Domestically, dragged down by the LME, SHFE zinc moved lower, domestic social inventory continued to build up, spot consumption showed mediocre performance, and coupled with weakening precious metals, SHFE zinc mainly fluctuated at lows. Overall, the SHFE/LME price ratio declined. It is expected that next week, the SHFE/LME price ratio may continue to decrease.

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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