[SMM high-grade NPI market] According to SMM, this week, domestic upstream smelters and traders continued to raise their quotes, with enterprises' intended prices remaining high. In terms of consumption, shipments arriving from Indonesia continued to be sold at high prices. Meanwhile, driven by rising expectations for a US Fed interest rate cut in August, stainless steel futures prices increased, further boosting the quotes. Overall, the quotes for high-grade NPI continued to rise, and it is expected that the upward trend will persist this week.