[SMM NPI Market] According to SMM, the activity in the high-grade NPI market has increased recently, with a significant rise in the Indonesian on-board tax-included price. Some delivery prices for late August have risen to 930-938 yuan/mtu, and traders' bullish expectations have significantly strengthened. Meanwhile, driven by cost support and market sentiment, domestic smelters have also gradually raised their quotes this week. The current domestic ex-factory quotes are concentrated at 930-940 yuan/mtu, with most transactions being trade prices. In contrast, for downstream stainless steel enterprises, the terminal price performance in August remains unclear. Coupled with the rapid rise in high-grade NPI quotes, stainless steel enterprises have low acceptance of high prices, with their intended ex-factory prices concentrated at 910-920 yuan/mtu. Overall, the high-grade NPI market is still affected by the supply-demand mismatch, and there are currently no large-scale actual transactions at fixed prices in the market.