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![[SMM Analysis]: Slower-than-Expected Progress in RKAB Approvals, Coupled with Disruptions from the Rainy Season in the Philippines and Indonesia, Drove Stronger Premiums Amid Regional Supply Uncertainty](https://imgqn.smm.cn/usercenter/CWsEw20251217171732.jpeg)
![[SMM Analysis] Weak End-User Demand but Firm Costs, High-Grade NPI Prices Rose Steadily](https://imgqn.smm.cn/usercenter/GmHLU20251217171733.jpg)
