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Pony.ai Gen-7 Robotaxi Achieves Major Profitability Milestone, Targets Tripling Fleet Next Year
For the first time, Pony.ai's Gen-7 Robotaxis have achieved city-wide unit economics (UE) breakeven in Guangzhou.
[SMM Stainless Steel Daily Review: SS Futures Ceased Declines and Moved Higher, Spot Stainless Steel Transactions Recovered] SMM, November 25: SS futures showed a strengthening and upward trend. Influenced by the increased likelihood of a US Fed interest rate cut in December, metal futures continued yesterday's strengthening trend and generally rose today. SS futures also strengthened, breaking through 12,400 yuan/mt and reaching an intraday high of 12,450 yuan/mt. In the spot market, driven by the rebound and strength in SS futures, market sentiment recovered, and market quotations showed a slight upward tendency, with steel mill agency quotes rising in the afternoon. Previously, stainless steel prices had been falling continuously, suppressing some demand. Recently, as prices rebounded, purchasing demand concentratedly released, and transaction conditions recovered somewhat. The most-traded SS futures contract ceased declines and recovered. At 10:30 a.m., the SS2601 contract was quoted at 12,380 yuan/mt, up 25 yuan/mt from the previous trading day. In the Wuxi area, the spot premium/discount for 304/2B was in the range of 340-490 yuan/mt. In the spot market, the average price for Wuxi cold-rolled 201/2B coil was 8,025 yuan/mt; the average price for cold-rolled mill edge 304/2B coil was 12,625 yuan/mt in Wuxi and 12,650 yuan/mt in Foshan; the price for cold-rolled 316L/2B coil in Wuxi was 23,800 yuan/mt, and 23,800 yuan/mt in Foshan; the price for hot-rolled 316L/NO.1 coil in Wuxi was 23,250 yuan/mt; the price for cold-rolled 430/2B coil in both Wuxi and Foshan was 7,600 yuan/mt. Year-end is the off-season, stainless steel demand remains weak, and prices...
MMi Daily Iron Ore Report (November 25)
Iron ore futures continued their strong, volatile trend today, dipping slightly by the close. The main contract I2601 settled at 794 yuan, up 0.51% from the previous trading day.
November 25 news: Northern ports: South African high-iron ore at 29.6–30.1 yuan/mtu, flat WoW; South African semi‑carbonate ore at 34.1–34.8 yuan/mtu, up 0.29% WoW; Gabon ore at 39.8–40.8 yuan/mtu, up 0.49% WoW; Australian lumps at 40–40.7 yuan/mtu, up 0.25% WoW; South African medium‑iron ore at 35.4–35.9 yuan/mtu, flat WoW. Southern ports: South African high-iron ore at 30.8–31.3 yuan/mtu, flat WoW; South African semi‑carbonate ore at 36.9–37.8 yuan/mtu, up 0.27% WoW; Gabon ore at 40.6–41.5 yuan/mtu, up 0.25% WoW; Australian lumps at 40.3–41 yuan/mtu, up 0.25% WoW; South African medium‑iron ore at 37.3–37.8 yuan/mtu, flat WoW. Overall, the manganese ore market currently shows a supply-demand pattern characterized by "tight supply, diverging demand, and moderate inventory." In the short term, supply-side pressure is relatively limited, and the market is expected to hold up well overall.
According to customs data, silver ingot (unwrought silver with purity ≥99.99%) exports in October 2025 reached 652.8 mt, up 19.45% MoM and up 76.58% YoY. Among these, exports under the processing with supplied materials method totaled 478.59 mt, accounting for approximately 91.75%. Cumulative silver ingot exports for 2025 reached 4,291.17 mt, up 21.12% YoY.
