SHFE/LME Zinc Price Ratio Pulled Back Below 6.9 and Fluctuated [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Apr 17, 2026 14:57

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[SHFE/LME zinc price ratio pulled back below 6.9 and oscillated]: This week, the SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated, with the zinc ingot import window remaining closed. Outside China, the tail risk of the U.S.-Iran conflict declined, market risk appetite improved, and the market focused on subsequent negotiation outcomes. The Australian refinery fire introduced uncertainty over supply, and the LME zinc price center shifted upward.

SMM April 17 News: This week, the SHFE/LME zinc price ratio pulled back to around 6.9 and oscillated, with the zinc ingot import window remaining closed. Ex-China, the tail risk of the U.S.-Iran conflict declined, market risk appetite improved, and the market focused on subsequent negotiation outcomes. A refinery fire in Australia introduced uncertainty over supply, and the LME zinc price center shifted upward. China side, LME drove SHFE zinc to rise, but the zinc ingot spot market performed poorly, with social inventory continuing 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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