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The SHFE/LME zinc price ratio continued to fluctuate below 7.6, and the import window for zinc ingots remained closed. [SMM Weekly Review of the SHFE/LME Zinc Price Ratio]
Jan 23, 2026, at 2:38 pm
[SHFE/LME price ratio continued to fluctuate below 7.6, zinc ingot import window remained closed]: This week, the SHFE/LME price ratio continued to fluctuate below 7.6, and the zinc ingot import window remained closed. Overseas, the US core PCE price index for November met expectations, the nomination of the new US Fed chair was imminent, comprehensive tariffs faced a Supreme Court ruling, geopolitical tensions persisted, macro uncertainties increased, and LME zinc fluctuated upward.
SMM January 23: This week, the SHFE/LME zinc price ratio continued to fluctuate below 7.6, and the import window for zinc ingots remained closed. Overseas, the US core PCE price index for November met expectations, the nomination of the new US Fed chair was imminent, comprehensive tariffs faced a Supreme Court ruling, geopolitical tensions persisted, macro uncertainties increased, and LME zinc fluctuated upward. Domestically, overall fundamentals saw relatively small changes, but macro sentiment remained positive, and capital enthusiasm stayed high, with SHFE zinc fluctuating at highs. Overall, the SHFE/LME ratio held steady. Next week, the SHFE/LME ratio is expected to remain stable.
