[SHFE/LME Price Ratio Rebounded and Fluctuated Below 7.5]: This week, the SHFE/LME price ratio rebounded and fluctuated below 7.5, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions were frequent, and market expectations for a swift end to the conflict in the Middle East weakened, but disruptions at ex-China mines supported zinc prices, and LME zinc rebounded from lows.

[SHFE/LME Price Ratio Rebounded and Fluctuated Around 7.4]: This week, the SHFE/LME price ratio rebounded and fluctuated around 7.4, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions were frequent. After the US Fed kept interest rates unchanged, the market bet on a US Fed rate hike, and LME zinc fell below key levels. Subsequently, bearish factors were gradually digested, and LME zinc rebounded from lows.

[SHFE/LME Price Ratio Pulled Back and Fluctuated Around 7.3]: This week, the SHFE/LME price ratio pulled back and fluctuated around 7.3, and the zinc ingot import window remained closed. Outside China, easing inflation concerns boosted a rebound in zinc prices; subsequently, investors stayed cautious about an escalation of the Middle East conflict, while a stronger US dollar, together with US February CPI coming in line with expectations and still-sticky inflation, drove LME zinc to fluctuate lower.

[SHFE/LME Price Ratio Rebounded and Hovered Around 7.4]: This week, the SHFE/LME price ratio rebounded and fluctuated around just below 7.4, and the zinc ingot import window remained closed. Overseas, continued destocking supported the upward shift in the center of LME zinc; subsequently, as geopolitical developments fueled inflation concerns, a stronger US dollar pressured the base metals sector, and LME zinc retreated after rapid rise, with its center moving lower.

[SHFE/LME price ratio rebounded and fluctuated near 7.2]: This week, the SHFE/LME price ratio rebounded and fluctuated near 7.2, with the zinc ingot import window remaining closed. Overseas, the transition between old and new US tariff policies triggered wild swings in the US dollar, market sentiment fluctuated repeatedly, and traders lowered expectations for US Fed interest rate cuts, with LME zinc mainly fluctuating.

As of February 12, 2026, LME zinc ingot inventory continued to decline to 103,500 mt, while the LME Cash-3M contango narrowed from over $40/mt in January to below $20/mt. At the same time, due to the Chinese New Year holiday, many downstream zinc enterprises suspended operations, leading to a continued buildup in domestic zinc ingot inventory to over 160,000 mt.