[SMM Analysis] Futures Continue to Slump Amid Substitution Impact; NPI Market Weak, Stagnant, and Trading Sluggish

The SMM 10-12% high-grade NPI average price rose WoW by 0.87 yuan/nickel unit to 1,147 yuan/nickel unit (ex-factory, tax included), while the Indonesian NPI FOB index average price fell WoW by $0.06/nickel unit to $147/nickel unit.