[High-grade NPI market] Today, the tender prices from mainstream downstream enterprises in South China were released, accompanied by certain high-priced procurement volumes, driving market prices upward. Supply side, although auxiliary material prices declined recently, nickel ore prices are expected to rise, keeping cost support relatively firm. Demand side, the increase in tender prices from mainstream downstream enterprises and the gradual improvement in stainless steel consumption also contributed to the upward momentum of high-grade NPI prices. Overall, high-grade NPI prices are expected to have further upside potential in the short term.