[SMM Analysis] Supply Recovery Expectations Rise, Market Sentiment Weakens, and Prices Come Under Pressure

The SMM average price for 10-12% high-grade NPI fell by 2.8 yuan/nickel unit WoW to 1,133 yuan/nickel unit (ex-factory, tax included); the average Indonesian NPI FOB index price rose by $0.13/nickel unit WoW to $146.52/nickel unit. This week, the high-grade NPI spot market remained in a deadlock overall, with transaction volumes remaining limited throughout.