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The SHFE/LME zinc price ratio continues to fluctuate around 7.4, with zinc ingot exports remaining open. [SMM Weekly Review of the SHFE/LME Zinc Price Ratio]
Nov 21, 2025, at 4:05 pm
[SHFE/LME price ratio continued to fluctuate around 7.4, zinc ingot exports remained open]: This week, the SHFE/LME price ratio continued to fluctuate around 7.4, and the import window for zinc ingots remained closed. Overseas, expectations for US Fed interest rate cuts pulled back, and LME zinc came under pressure. After the release of non-farm payrolls data, disagreements over a December US Fed interest rate cut intensified. Additionally, due to overseas cost pressure, smelters showed limited enthusiasm for production increases, providing some support on the supply side, and the center of LME zinc moved higher.
SMM November 21: This week, the SHFE/LME zinc price ratio continued to fluctuate around 7.4, with the import window for zinc ingots remaining closed. Overseas, expectations for US Fed interest rate cuts pulled back, putting LME zinc under pressure. After the release of non-farm payrolls data, disagreements over a December US Fed interest rate cut intensified. Additionally, amid overseas cost pressure, smelters showed limited enthusiasm for production increases, providing some support on the supply side, which lifted the price center of LME zinc. Domestically, macro sentiment cooled, pulling down the price center of SHFE zinc. However, declining TC for zinc concentrates offered bottom support from the supply side, leading to range-bound trading of SHFE zinc. With the overseas market consistently outperforming the domestic market, the SHFE/LME ratio fluctuated. Next week, the SHFE/LME zinc price ratio is expected to remain stable.
