The SHFE/LME zinc price ratio hovers around 6.9 [SMM Zinc SHFE/LME Price Ratio Weekly Review]

Published: Jun 5, 2026 14:24

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[SHFE/LME zinc price ratio fluctuated around 6.9]: This week, the SHFE/LME zinc price ratio fluctuated around 6.9, and the zinc ingot import window remained persistently closed. Outside China, on the macro front, repeated geopolitical news caused fluctuations in US Treasury yields and the US dollar index, affecting the market. Tariff policy expectations stirred again, combined with persistently low zinc inventories outside China, and LME zinc continued to fluctuate at highs.

SMM, June 5: This week, the SHFE/LME price ratio maintained a fluctuating trend around 6.9, and the zinc ingot import window remained closed. Outside China, on the macro front, repeated geopolitical developments caused fluctuations in US Treasury yields and the US dollar index, affecting the market; expectations for tariff policies stirred up renewed uncertainty. Meanwhile, ex-China zinc inventory remained persistently low, and LME zinc fluctuated at highs. In China, ore TCs continued to provide some support for zinc prices, but weakening zinc demand put pressure on prices, causing zinc prices to struggle to rise, with SHFE zinc mainly maintaining a fluctuating trend. Overall, the SHFE/LME price ratio maintained a fluctuating trend. It is expected that next week, the SHFE/LME price ratio will mainly fluctuate.

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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