Philippine nickel ore FOB offers continued to weaken. Sea freight rates from the Philippines to China stood at US $12-14/wmt. Indonesian nickel ore prices still had room to move lower. According to market sources, Indonesian nickel ore prices in July would likely decline by around US $5/wmt, though specific transaction details still needed further confirmation.For NPI, production at Chinese and Indonesian NPI smelters was notably constrained by declining feed ore grades. The continued fall in feed grades directly pushed up unit smelting costs, limiting NPI output. Holders' offers remained firm, but high-priced resources saw limited transactions. On the demand side, steel mill procurement was primarily based on long-term contracts. Although some mills made inquiries, actual transactions at high prices remained limited. Stainless steel futures traded in a range, with strong wait-and-see sentiment prevailing.