According to SMM, from the supply side, upstream nickel pig iron (NPI) producers are bullish, as the current price remains below the cost line of NPI producers, resulting in low willingness to sell. On the consumption side, downstream large enterprises have started to offer quotes, but there are significant price discrepancies. Currently, most transactions in the market are based on average prices, while fixed-price transactions are mostly small-volume deals by traders or downstream small enterprises. Overall, the high-grade NPI market still has prices but no transactions, and the market is waiting for reference from end-use consumption in August.