[SMM High-Grade NPI Market Update] Currently, most enterprises maintain a wait-and-see sentiment. Breaking it down by segment, upstream smelters still show reluctance to budge on prices, but under the influence of market pessimism, the center of their quotations has already declined. Downstream stainless steel mills maintain sufficient raw material inventory; with finished product prices struggling to rise and costs remaining high, most stainless steel mills have kept their high-grade NPI quotations flat MoM. Most traders hold bearish expectations for the future market, with the limited inventory already sold as exports before the holiday. Meanwhile, transaction prices from some traders have seen significant declines, leading to a softening in market sentiment.