Yesterday, the high-grade NPI spot market remained divided between bullish and bearish views, with bids and offers diverging between upstream and downstream players. Trading continued to be quiet, and wait-and-see sentiment intensified. Suppliers offered material at Yuan 1,150-1,160 per nickel unit on an ex-hold basis, while steel mills' psychological purchase prices stood at Yuan 1,120-1,140 per nickel unit ex-hold. The wide gap between buyers' and sellers' expectations limited spot transactions.On the cost side, Philippine nickel ore prices held steady, with CIF offers for 1.3% grade at US $47/wmt. In the Indonesian domestic ore market, the market price for Ni:1.6% Mc35% in the first half of July stood at US $70.64/wmt. The downward trend in ore prices remained intact, though the pace of decline had moderated in the near term. On the supply side, available spot resources remained tight, and holders showed strong willingness to hold firm on prices.