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  What are the reasons for the consistently weak premiums and discounts of zinc ingot in Tianjin recently? [SMM Analysis]

  SMM August 25 News: Recently, the premiums and discounts in the Tianjin area have been running at low levels. Affected by environmental protection-driven production restrictions, some small factories in Tianjin have suspended operations, and transportation has been restricted. How will the premiums and discounts evolve going forward?

• SpeedBot Robotics secures over 100 million yuan in Series B+ funding

  SpeedBot Robotics raised more than 100 million yuan in a Series B+ financing round.

• [Analysis: Supply Tightens and Transportation Restrictions Lead to Continuous Decline in Social Inventory of Lead Ingots]

  [Analysis: Supply Tightens and Transportation Restrictions Lead to Continuous Decline in Social Inventory of Lead Ingots] SMM reported on August 25: According to SMM, as of August 25, the total social inventory of lead ingots across five regions reached 68,300 mt, a decrease of 2,700 mt from August 18; and a reduction of 1,600 mt compared to August 21.

• Selling sentiment declined, SHFE copper spot premiums remained firm [SMM Shanghai spot copper]

  [Shanghai Spot Copper] Looking ahead to tomorrow, after entering into transactions with cargoes dated next month, market trading activity is expected to decrease. Maintenance at northern smelters will reduce the supply coming to Shanghai. It is anticipated that, against a backdrop of limited domestic supply, spot premiums for SHFE copper will remain firm.

• EMM Market Struggles to Break Off-Season Pattern Prices Remain Stable [SMM EMM Daily Review]

  [SMMElectrolyticManganeseDailyReview:Electrolyticmanganesemarketstrugglestoovercomeseasonalpattern,pricesremainstable]OnAugust25,thespotaveragepriceofelectrolyticmanganesefrommainproductionareasremainedat13,500-13,650yuan/mt,flatMoM;theexportFOBpriceaverageremainedat$1,900-1,940/mt,alsoflatMoM.Costside,corerawmaterialsmanganesecarbonateoreandsulphuricacidpricescontinuedtofluctuateathighs,showingthatEMMplantshaveaverystrongreluctancetobudgeonprices,expectingthecostsidetoholdhighlevels,leadingtoapersistentshortageoflow-pricedgoods.Onthedemandside,thereisadichotomybetween"policybenefitsandseasonalreality."Althoughpositivepolicysignalsreleasedfromamacroperspectivehaveboostedmarketconfidenceandprovidedpotentialsupportforlong-termrecoveryindownstreamdemand,actualshort-termneedsinAuguststillreflecttraditionalconsumptionoff-season,withsteelmillsslowingdownproductionduetotheuncertaintyaboutfuturemarkettrends,creatingastrongwait-and-seesentimentamongthem,whichlimitsanyupwardpressureonprices.