SHFE/LME Zinc Price Ratio Pulled Back to Oscillate Below 7.1 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Apr 10, 2026 15:14

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[SHFE/LME zinc price ratio pulled back to oscillate below 7.1]: This week, the SHFE/LME zinc price ratio pulled back to oscillate around 7.1, and the zinc ingot import window remained closed. Outside China, the Middle East situation remained volatile, inventories outside China stayed at low levels, providing support for zinc prices, and the LME zinc price center shifted upward.

SMM April 10 News: This week, the SHFE/LME zinc price ratio pulled back to around 7.1 and oscillated, with the zinc ingot import window remaining closed. Ex-China, the Middle East situation remained volatile, and inventories outside China stayed at low levels, providing support for zinc prices, with the LME zinc price center shifting upward. China side, LME drove SHFE zinc to rise, but the zinc ingot spot market performed poorly, and social inventory continued to accumulate, suppressing zinc prices and weighing on the SHFE zinc price center. Overall, the SHFE/LME zinc price ratio declined. Next week, the SHFE/LME zinc price ratio is expected to mainly oscillate.

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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