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SHFE/LME zinc price ratio fluctuates around 6.9 amid macro disturbances

This week brought fluctuations in zinc market, with SHFE/LME zinc price ratio sitting at 6.9. Meanwhile, import window for zinc ingots stayed closed. Analysts anticipate ongoing volatility in upcoming week, driven by macroeconomic uncertainties and limited ore supply impacting smelting output.

BRIC Team
BRIC Team
Jun 12, 2026 · 1 min read

Key Takeaways

  • •The SHFE/LME zinc price ratio was around 6.9 this week, indicating significant market fluctuations.
  • •Analysts predict a potential 25 basis point interest rate hike later this year, impacting market dynamics.
  • •Zinc concentrate treatment charges (TCs) declined, tightening ore supply and affecting smelting output in China.
  • •Despite market pressures, destocking in social inventories remained sluggish during the off-season for consumption.
  • •LME zinc prices initially dipped but later stabilized within a fluctuating range amid ongoing macroeconomic uncertainties.

Zinc market saw some ups and downs this week,SHFE/LME zinc price ratio hanging around 6.9 . Import window for zinc ingots stayed shut,adding to market's jumpiness. Outside China,geopolitical tensions lingered,yet immediate risk of flare-up seemed to cool for now.

Market analysts are starting to price in 25 basis point interest rate hike later this year . LME zinc prices dropped at first,then wobbled. In China,zinc market dynamics shifted with falling zinc concentrate treatment charges and tight ore supply,forcing smelters to tweak output .

Despite all this,destocking in social inventories crawled during the off-season for consumption,pressuring zinc prices further down. SHFE zinc prices took hit initially but later found choppy balance.

Next week,analysts expect SHFE/LME zinc price ratio to keep swinging,mirroring ongoing macro uncertainties and supply chain troubles...

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