SHFE/LME Zinc Price Ratio Continued to Fluctuate Around 6.9 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: May 29, 2026 15:25

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[SHFE/LME zinc price ratio continued to fluctuate around 6.9]: This week, the SHFE/LME zinc price ratio fluctuated around 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, geopolitical conflicts in the Middle East showed signs of easing, expectations of monetary tightening strengthened against the backdrop of rising inflation, and with ex-China zinc inventory persistently low, LME zinc fluctuated at highs.

SMM May 29 update: The SHFE/LME zinc price ratio maintained a fluctuating trend near 6.9 this week, with the zinc ingot import window remaining closed. Outside China, on the macro front, geopolitical conflicts in the Middle East showed signs of easing, while expectations of monetary tightening strengthened against the backdrop of rising inflation. Combined with persistently low ex-China zinc inventory, LME zinc fluctuated at highs. In China, further declines in ore TCs provided some support for zinc prices, but weakening zinc demand put pressure on prices, causing zinc prices to struggle to rise, with the SHFE zinc price center shifting downward. Overall, the SHFE/LME zinc price ratio maintained a fluctuating trend. Next week, the SHFE/LME zinc price ratio is expected to mainly maintain a fluctuating trend.

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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