[SMM Flash News] As reported by SMM on May 20, the price range for SMM 10-12% high-grade NPI (ex-factory price) was 940-952 yuan/mtu, with the average price rising by 2 yuan/mtu from the previous working day, and trading at a premium of 1 yuan/mtu over SMM 8-10% high-grade NPI (ex-factory price). The price range for SMM 10-12% Indonesian high-grade NPI (CIF, tax included) was 940-954 yuan/mtu, with the average price rising by 2 yuan/mtu from the previous working day, and trading at a discount of 4 yuan/mtu compared to SMM 12-14% Indonesian high-grade NPI (CIF, tax included). The SMM high-grade NPI index was quoted at 950.22 yuan/mtu on the day, up 2.2 yuan/mtu from the previous working day, representing a 0.23% increase WoW from the previous working day. The SMM low-carbon high-grade NPI index was quoted at 957.5 yuan/mtu on the day, up 2.2 yuan/mtu from the previous working day.