[High-grade NPI Market] On August 12, the average price of SMM 10-12% high-grade NPI was 921.5 yuan/mtu (ex-factory, tax included), up 2.5 yuan/mtu from the previous working day. Supply side, domestic upstream refineries and traders continued to raise their quotes, and some high-priced transactions were concluded domestically. On the consumption side, high-priced transactions continued for cargo arriving from Indonesia. Meanwhile, driven by rising expectations for US Fed interest rate cut in August, stainless steel futures prices rose, further boosting quotes. Overall, the price of high-grade NPI continued to rise, and the upward trend is expected to persist this week.