[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.

[SHFE/LME price ratio pulled back to fluctuate near 7.1] This week, the SHFE/LME zinc price ratio pulled back to fluctuate near 7.1, and the zinc ingot import window remained closed. Overseas, although strong non-farm payrolls prompted the market to scale back bets on US Fed interest rate cuts, US retail sales unexpectedly stalled in December, geopolitical risks persisted, and LME social inventory continued to draw down, providing price support. LME zinc consistently fluctuated at highs.

[Zinc Price "Year-End Hurdle": Pre-Holiday Hedging and Post-Holiday Pace Management Suggestions]With the 2026 Chinese New Year approaching and the last trading week before the holiday, SMM has summarized several key points to focus on in the zinc market before and after the holiday:

[SHFE/LME price ratio pulled back to around 7.4 and maintained fluctuating trend]: This week, the SHFE/LME zinc price ratio pulled back to around 7.4, and the zinc ingot import window remained closed. Overseas, as investors weighed the policy prospects under Wash's leadership of the US Fed and the US January manufacturing PMI returning to expansion territory, the US dollar index continued its upward trend, and the LME zinc price center moved lower. Subsequently, with continuous destocking of overseas social inventory, price bottom found support, and LME zinc maintained a fluctuating trend.

This week, the SHFE/LME zinc price ratio fluctuated around 8.4, with the import window for zinc ingots remaining closed. Overseas, macro data indicated a cooling in both US employment and inflation, strengthening expectations for a US Fed interest rate cut within the year. The escalating tensions in the Middle East exacerbated geopolitical risks, and the resurgence of US tariff disputes added further downward pressure on LME zinc.