[SMM Stainless Steel Flash] Chinese Taiwan's Walsin Lihwa Achieves Record H1 Profits Driven by Strong Q2

On August 11, 2026, Nickel Industries Ltd announced that its Indonesia-based operations have produced the first nickel cathode at the Excelsior Nickel Converter (ENC) project. The milestone marks the start of nickel cathode production at the facility and represents further progress in Indonesia’s downstream nickel processing capacity.

Indonesian customs data shows that 18,998 tons of sulfuric acid were imported from China in June. Market rumors suggest that this shipment was exported by Guangxi Jinchuan Nonferrous Metals Co., Ltd. (hereinafter referred to as "Jinchuan") to PT Huafei Nickel Cobalt (Indonesia). According to SMM's understanding, this order corresponds to the sulfuric acid that Jinchuan loaded onto a vessel on April 28. The appearance of this volume in June's data is due to a timing mismatch—either in Indonesia's customs clearance process or in the filing of the certificate of origin.

[8.11 Morning Meeting Minutes] The National Bureau of Statistics (NBS) released data showing that in July, due to imported factors, the Consumer Price Index (CPI) fell 0.1% MoM but rose 0.5% YoY. Core CPI, which excludes food and energy prices, rose 0.3% MoM and 0.9% YoY, and CPI maintained a mild uptrend overall. The most-traded SHFE nickel 2609 contract moved sideways in the early session, and as of the early session close it was at 129,570 yuan/mt, up 0.33%. Nickel prices are currently in a highly uncertain environment characterized by wild swings in policy expectations, macro headwinds, and geopolitical risks. In the short term, the market is expected to swing wildly, with the most-traded SHFE nickel contract trading within a range of 125,000-133,000 yuan/mt.