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SHFE/LME zinc price ratio fluctuated near 7.6, zinc ingot import window remained closed [SMM Weekly Review of SHFE/LME Zinc Price Ratio]
Sep 12, 2025, at 4:22 pm
[SHFE/LME price ratio pulled back to fluctuate around 7.6, zinc ingot import arbitrage window remained closed]: This week, the SHFE/LME price ratio pulled back to fluctuate around 7.6, and the zinc ingot import arbitrage window continued to close. Overseas, US August PPI data fell short of expectations, coupled with a surge in initial jobless claims, both reinforced market expectations for the US Fed to cut interest rates. Meanwhile, LME inventory continued destocking, and LME zinc was strongly supported and continued to rise.
SMM September 12: This week, the SHFE/LME zinc price ratio pulled back to around 7.6 and fluctuated, and the zinc ingot import window remained closed. Overseas, the US August PPI data fell short of expectations, coupled with a surge in initial jobless claims, both reinforcing market expectations for the US Fed to cut interest rates. Meanwhile, LME zinc inventory continued destocking, providing strong support for LME zinc to rise continuously. Domestically, zinc ingot inventory continued to increase, but consumption remained weak, putting pressure on SHFE zinc. However, with strong overseas macro sentiment, SHFE zinc followed LME zinc upward. Under the persistent situation of LME outperforms SHFE, the SHFE/LME price ratio declined. Next week, the SHFE/LME price ratio is expected to continue to decline.
