[SMM Stainless Steel Flash] Walsin Lihwa’s September revenue rises as European stainless sales resume after summer

[10.9 Morning Meeting Notes] The US Fed's September minutes confirmed a hawkish stance but hinted at no urgency for October. All 19 policymakers unanimously supported a 25bp hike in September to 3.75%-4.00%, with most expecting one more hike within the year, but keeping all meetings open and decisions entirely dependent on data; CME shows the probability of holding rates unchanged in October rose to 79.5%, while the probability of a cumulative 25bp hike by December stands at 68%. During the holiday, the 10-year US Treasury yield broke above 5.36% intraday (a new high since 2002), the US dollar index surged to 102.27, approaching an 18-month high, and global risk assets came under pressure. The most-traded SHFE nickel 2611 contract opened lower with a gap after the holiday and trended lower in the morning session, closing at 119,520 yuan/mt as of midday, down 2.06% (relative to the pre-holiday settlement price). On the first trading day after the holiday, SHFE nickel broke below 120,000, playing catch-up with the risk asset repricing triggered by the US Treasury yield breaking 5.36%, the dollar hitting 102, and gold breaking 4,100 during the holiday. Going forward, nickel prices remain capped above by high inventory and weak demand fundamentals, while cost support limits downside room. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 119,000-123,000 yuan/mt.

Indonesian nickel ore CIF average prices remained broadly stable, with the latest SMM assessment: 1.2% Ni: CIF average price at $25.5/wmt, unchanged 1.3% Ni: CIF average price at $27.5/wmt, unchanged 1.4% Ni: CIF average price at $48.7/wmt, unchanged 1.5% Ni: CIF average price at $54.2/wmt, unchanged 1.6% Ni: CIF average price at $59.0/wmt, unchanged

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 08 Oct , 2026