SHFE/LME Zinc Price Ratio Hovered Around 6.9 [SMM Weekly Review of SHFE/LME Zinc Price Ratio]

Published: May 22, 2026 15:33

Save

[SHFE/LME zinc price ratio maintained fluctuating trend near 6.9]: This week, the SHFE/LME zinc price ratio maintained a fluctuating trend near 6.9, and the zinc ingot import window remained closed. Outside China, tensions in the Middle East had not yet eased, increasing market uncertainty. The US dollar index pulled back, and combined with persistently low ex-China zinc inventory levels, LME zinc maintained a fluctuating trend.

SMM May 22 update: The SHFE/LME zinc price ratio maintained a fluctuating trend near 6.9 this week, with the zinc ingot import window remaining closed. Ex-China, tensions in the Middle East remained unresolved, adding to market uncertainty. The US dollar index pulled back, and with ex-China zinc inventory running at persistently low levels, LME zinc maintained a fluctuating trend. In China, the decline in zinc concentrate TCs provided some support for zinc prices. However, as China gradually entered the traditional consumption off-season, weakening zinc demand put pressure on prices, causing zinc prices to struggle to rise and show a downward trend, with the SHFE zinc center shifting lower. Overall, the SHFE/LME zinc price ratio maintained a fluctuating trend. The ratio is expected to mainly fluctuate next week.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

35 mins ago

Zinc Slag Payables Edge Down, How Will They Move Going Forward? [SMM Analysis]

According to SMM, zinc slag payables pulled back slightly but remained at highs seen in recent years. What were the reasons? How will they trend going forward?

35 mins ago

1 hour ago

Data: SHFE, DCE market movement (May 22)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 22 May , 2026

1 hour ago

Weak Order Demand in Some Sectors, Zinc Oxide Production Starts Decline [SMM Zinc Oxide Weekly Review]

[Weak Order Demand in Some Sectors, Zinc Oxide Operating Rates Declined] The industry's operating rates pulled back WoW this week. Dragged down by weak end-use demand, some enterprises slowed down their production pace, and capacity release contracted somewhat......

1 hour ago