SHANGHAI, Jan 4 (SMM) - As of January 4, SMM Ni 8-12% high-grade NPI was 1,360 yuan/mtu (ex-factory, tax included), flat from the previous trading day. In terms of supply, the transactions were brisk earlier in December when domestic NPI plants enhanced the production reduction, and the orders for Indonesia NPI basically finished signing. Therefore, there were not many spot goods available and the trades in the spot market were thin. Some traders had certain amounts of NPI in stock, and the cost support for high-nickel NPI was still strong, thus traders held their prices firm. In terms of demand, stainless steel mills made inquiries after the New Year's Day holiday but were not enthusiastic in purchasing. In addition, many stainless steel mills cut the production for maintenance, so the overall demand showed signs of dipping. SMM estimates that NPI prices will remain rangebound in the short term.