[High-Grade NPI Market] According to SMM, supply side, domestic upstream smelters and traders continue to hold back cargoes. However, the pullback in macro sentiment, coupled with weaker-than-expected end-use consumption, has led to a lack of follow-through in the upstream's reluctance to budge on prices. On the demand side, there have been some transactions downstream recently, while prices for domestic smelters and Indonesian supplies have diverged. Overall, both upstream and downstream enterprises are in a standoff, with high-grade NPI prices remaining stagnant.