[High-Grade NPI Imports] In July, NPI imports pulled back again. Although the price of high-grade NPI remained low in July, traders had a stockpiling mentality. However, with continuous losses, the operating rate of domestic high-grade NPI smelters remained at its lowest level in nearly nine years, with no significant rebound. From the consumption side, as the peak season had not yet arrived, domestic stainless steel production declined for four consecutive months. The demand for NPI in the domestic market was weak, and social inventory was at a high level compared to the same period. As a result, the import demand for high-grade NPI from Indonesia also decreased.