Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - The recent sharp decline of the Shanghai Composite Index after hitting 3700 points was due to some funds taking profits. However, the medium - term outlook remains optimistic as continuous capital inflows will drive the stock market upward. The trend of global non - US dollar asset allocation is deepening, with many central banks increasing their holdings of RMB and euro assets. RMB assets, especially RMB bonds, have become a preferred allocation for international investors. The view of investors towards the Chinese market has become more positive, while the Indian stock market has fallen out of favor [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, the Shanghai Composite Index hit 3700 points and then tumbled. The trading volume of the two markets reached 2.15 trillion yuan, showing a rapid increase. Among the indices, the CSI 1000 Index closed at 6976 points, down 87 points (-1.24%); the CSI 500 Index closed at 6429 points, down 78 points (-1.20%); the SSE 50 Index closed at 2829 points, up 16 points (0.59%); the CSI 300 Index closed at 4173 points, down 3 points (-0.08%). In the industry and theme ETFs, chip - related ETFs led the gains, while aerospace - related ETFs led the losses. In the two - market sector indices, the sports, insurance, and semiconductor indices led the gains, while the ground military equipment, components, and energy metals indices led the losses. The settlement funds of CSI 300 and SSE 50 index stock index futures had net inflows of 1500 million and 700 million yuan respectively [1]. 3.2 Important Information - In July, non - banking financial institutions had a net increase of 2.14 trillion yuan in RMB deposits, while household RMB deposits decreased by 1.11 trillion yuan, indicating that household savings are flowing into the stock market at an accelerated pace. The National Data Bureau stated that China's digital infrastructure is world - leading in scale and technology, with 4.55 million 5G base stations and 226 million gigabit broadband users by the end of June, and the total computing power ranks second globally. According to a UBS survey, many central banks have been increasing their holdings of RMB and euro assets this year, deepening the global trend of non - US dollar asset allocation. The Indian stock market has fallen from the most favored Asian market to the least popular one among fund managers, while investors' view of the Chinese market has become more positive. The Tianmen government in Hubei Province offers rewards, subsidies, and free services worth up to 287,000 yuan for two - child families and 355,000 yuan for three - child families. The International Energy Agency reported that global oil supply is expanding significantly, and demand growth has slowed to less than half of that in 2023, leading to a serious imbalance in the market. The demand for Japanese five - year government bond auctions hit a record low since 2020, and the 10 - year government bond had no transactions for the first time in over two years. The Japanese CPI has exceeded the central bank's 2% target for over three years, and some central bank governors suggest a shift in inflation - monitoring indicators, which may pave the way for an interest - rate hike in October. Market investors are betting on a Fed rate cut through various means, and the probability of a Fed rate cut in September has risen to 100% [1][2]. 3.3 Market Logic - The recent sharp decline of the Shanghai Composite Index was due to some funds taking profits. The global trend of non - US dollar asset allocation is deepening, and RMB assets have become a preferred choice for international investors. The worst period of the economic cycle is passing, and the attractiveness of stock allocation has significantly increased as households shift from excessive savings to normal savings [2]. 3.4 Market Outlook - The short - term sharp decline of the Shanghai Composite Index at the 3700 - point mark does not affect the medium - term optimism. The continuous inflow of funds will drive the stock market upward. The Chinese humanoid robot industry is iterating products at an amazing speed, and its commercialization path is becoming clearer. The global financial asset re - allocation trend of "de - Americanization" is expected to accelerate the inflow of international funds into the A - share market [2]. 3.5 Trading Strategies - For stock index futures directional trading, the short - term volatility at the 3700 - point mark of the Shanghai Composite Index does not affect the medium - term upward trend. For stock index option trading, with continuous capital inflows, investors can consider buying out - of - the - money long - term call options on growth - oriented stock indices [2].

Group 1: Report Summary - The report is an EIA crude oil weekly data report from Green大华 Futures Co., Ltd. dated August 14, 2025 [1] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - OPEC raised the 2026 global oil demand growth forecast to 1.38 million barrels per day and slightly increased the 2025 global economic growth rate to 3.0% due to global economic resilience [1] - EIA is more cautious about demand and prices, predicting lower global daily demand in 2025 and 2026 than OPEC and lowering Brent oil price forecasts [1] - IEA expects a record - high oil supply surplus next year, and with OPEC + gradually increasing production, there is a large downward pressure on oil prices [1] Group 4: Data Summary Inventory Data - US commercial crude oil inventory as of August 8, 2025, was 426,698 thousand barrels, an increase of 3,036 thousand barrels (0.72%) from August 1 [2] - Cushing crude oil inventory was 23,051 thousand barrels, an increase of 45 thousand barrels (0.20%) [2] - US gasoline inventory was 226,290 thousand barrels, a decrease of 792 thousand barrels (- 0.35%) [2] - US distillate oil inventory was 113,685 thousand barrels, an increase of 714 thousand barrels (0.63%) [2] - US total oil product inventory was 1,267,347 thousand barrels, an increase of 7,522 thousand barrels (0.60%) [2] - US strategic petroleum reserve inventory was 403,202 thousand barrels, an increase of 226 thousand barrels (0.06%) [2] Production and Trade Data - US refinery utilization rate was 96.4%, a decrease of 0.5 percentage points (- 0.52%) [2] - US crude oil production was 13,327 thousand barrels per day, an increase of 43 thousand barrels per day (0.32%) [2] - US crude oil imports were 6,920 thousand barrels per day, an increase of 958 thousand barrels per day (16.07%) [2] - US crude oil exports were 3,577 thousand barrels per day, an increase of 259 thousand barrels per day (7.81%) [2]

Report Industry Investment Rating - The short - term investment rating of treasury bond futures is "oscillation" [1] Report's Core View - On Wednesday, treasury bond futures rebounded after opening lower and stopped falling in the short - term. The short - term treasury bond futures may oscillate. Traders are advised to conduct band operations [1][2] Summary According to Related Content Market Performance - On Wednesday, most of the main contracts of treasury bond futures opened lower and fluctuated upward throughout the day. The 30 - year treasury bond futures main contract TL2509 rose 0.10%, the 10 - year T2509 rose 0.02%, the 5 - year TF2509 rose 0.05%, and the 2 - year TS2509 rose 0.03% [1] - On Wednesday, the Wande All - A stock index rose unilaterally in the morning and fluctuated horizontally in the afternoon. Treasury bond futures did not show a seesaw effect with the stock index. After two consecutive days of corrections on Monday and Tuesday, treasury bond futures opened lower and then rebounded [2] Important Information Open Market - On Wednesday, the central bank conducted 118.5 billion yuan of 7 - day reverse repurchase operations, with 138.5 billion yuan of reverse repurchases maturing on the same day, resulting in a net withdrawal of 20 billion yuan [1] Money Market - On Wednesday, the overnight interest rate in the inter - bank money market was basically flat compared with the previous trading day. The weighted average of DR001 throughout the day was 1.32%, the same as the previous trading day; the weighted average of DR007 throughout the day was 1.45%, compared with 1.44% in the previous trading day [1] Cash Bond Market - On Wednesday, the closing yields of inter - bank treasury bonds fluctuated narrowly compared with the previous trading day. The yield to maturity of 2 - year treasury bonds decreased by 1.00 BP to 1.40%, the 5 - year decreased by 0.46 BP to 1.56%, the 10 - year decreased by 0.09 BP to 1.73%, and the 30 - year increased by 0.30 BP to 2.02% [1] Social Financing and Credit Data in July - The social financing scale increased by 1.16 trillion yuan, with a market expectation of 1.41 trillion yuan, 389.3 billion yuan more than the same period last year. The net financing of government bonds increased by 1.244 trillion yuan, 555.9 billion yuan more year - on - year; the RMB loans issued to the real economy decreased by 426.3 billion yuan, 345.5 billion yuan more year - on - year; the net financing of corporate bonds was 279.1 billion yuan, 75.5 billion yuan more year - on - year; the undiscounted bank acceptance bills decreased by 163.9 billion yuan, 56.4 billion yuan more year - on - year. The RMB loans in the credit caliber decreased by 50 billion yuan, with a market expectation of a 15 - billion - yuan decrease, 310 billion yuan more year - on - year [1] - Corporate medium - and long - term loans decreased by 260 billion yuan, 390 billion yuan more than the same period last year; corporate short - term loans decreased by 550 billion yuan, the same as the decrease in the same period last year; corporate bill financing increased by 871.1 billion yuan, 312.5 billion yuan more than the same period last year. Resident short - term loans decreased by 382.7 billion yuan, 167.1 billion yuan more than the same period last year; resident medium - and long - term loans decreased by 110 billion yuan, 120 billion yuan more than the same period last year [1] - At the end of July, the balance of broad - money (M2) was 329.94 trillion yuan, a year - on - year increase of 8.8%, with a market expectation of 8.3% and 8.3% at the end of June. The balance of narrow - money (M1) was 111.06 trillion yuan, a year - on - year increase of 5.6%, with a market expectation of 5.3% and a year - on - year increase of 4.6% in June [1] Other Economic Data - China's exports denominated in US dollars increased by 7.2% year - on - year in July, better than the market forecast of 5.8% and the previous value of 5.9%. It is expected that China's export growth rate will probably decline in the future [2] - China's CPI was flat year - on - year in July, slightly exceeding the market expectation of a 0.1% decrease; the PPI decreased by 3.6% year - on - year, lower than the market expectation of a 3.4% decrease. The overall price level continued to hover at a low level [2] - On August 12, it was announced that China and the US would suspend the implementation of a 24% tariff for 90 days from August 12, 2025, which is beneficial for stabilizing bilateral trade and market confidence [2] Trading Strategy - Traders are advised to conduct band operations [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report explores the price spread between pure benzene and styrene, aiming to understand its fluctuation patterns and influencing factors. By analyzing the supply - demand relationship of the two products and their price spread, it provides investment suggestions and risk warnings for market participants [3][6]. - The price spread between pure benzene and styrene can reflect the expansion or contraction of processing profits. Studying this spread can help avoid the interference of crude oil and macro - factors [3][6]. - In 2024, the spread fluctuated greatly due to external factors like the blending logic and the lag in industrial chain transmission. In 2025, the spread first widened and then narrowed, affected by phased mismatches and seasonal patterns [3][7]. - Short - term, the fundamentals of pure benzene are better than those of styrene. If the import negative impact of pure benzene leads to the spread expanding to the upper limit of the range, one can consider shorting the styrene - pure benzene spread. Attention should be paid to the risk of unplanned production cuts or shutdowns of styrene plants [18]. Summary by Directory I. Pure Benzene Supply and Demand Situation - China has become the world's largest pure benzene producer. By December 2024, the national pure benzene production capacity increased to 25.73 million tons, a year - on - year increase of 6.9%, and the output increased to 20.9347 million tons, a year - on - year increase of 9.5% [4]. - China has a high import dependence on pure benzene. In 2024, the national pure benzene import volume was 4.313 million tons, a year - on - year increase of 28.2%. South Korea, Brunei, and Thailand are the main import sources. It is expected that the import volume in 2025 will remain high [4]. - In 2025, there are many planned new projects in the downstream of pure benzene. New styrene devices are expected to increase the consumption of pure benzene by 2.44 million tons, new caprolactam devices by 0.67 million tons, and new phenol devices by 0.46 million tons [4]. - In July - August 2025, the domestic pure benzene supply decreased while demand increased, and the static fundamentals improved slightly. However, due to high imports, the inventory reduction slope may be slow. In the medium - to - long - term, the upward space of the absolute price of pure benzene may be limited [5]. II. Analysis of the Price Spread Law between Pure Benzene and Styrene - The price spread between pure benzene and styrene can reflect the expansion or contraction of processing profits. Studying this spread can avoid the interference of crude oil and macro - factors [3][6]. - In 2020, the spread narrowed by 40% in a few days due to the impact of the epidemic. In 2022, during the Russia - Ukraine conflict, pure benzene prices soared while styrene followed the increase weakly. From 2023 - 2024, due to over - capacity of styrene, the spread center decreased from 3,300 yuan/ton to below 1,200 yuan/ton [6]. - In 2024, the spread fluctuated between [- 200, 1,800], which was related to external factors such as the blending logic and the lag in industrial chain transmission [7]. - In 2025, the price spread between styrene and pure benzene remained above 1,000 yuan/ton. Due to the frequent faulty maintenance of some large - scale styrene plants and strong downstream demand, styrene inventory reduction exceeded expectations [10]. - In 2025, the slow de - stocking of pure benzene in East China ports and high invisible inventory dragged down the price. However, from early July, the port began to de - stock, and the price rebounded from a low level [13]. - In August - September 2025, multiple downstream devices of pure benzene are planned to be put into production, and the supply - demand fundamentals of the spot market are affected by the progress of new devices. Styrene has increased supply pressure, and the inventory accumulation expectation remains unchanged in August [15][17]. - The price spread between styrene and pure benzene has fluctuated between 1,000 - 2,000 yuan this year. Short - term, the fundamentals of pure benzene are better than those of styrene. If the spread expands to the upper limit of the range, one can consider shorting the styrene - pure benzene spread [18].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of platinum and palladium futures and options contracts in China's futures market is a key step in diversification and internationalization, offering new risk - management tools and investment opportunities. The report focuses on platinum's consumption demand [1]. - Platinum demand has shown significant cyclical fluctuations in the past decade. In 2025, total demand is expected to decline by 5% year - on - year, with structural pressure from the automotive and industrial sectors. The market faces a high - level supply - demand gap and price volatility risks [4][5][7]. - Different sectors have different impacts on platinum demand. The automotive sector is under pressure from electrification; the industrial sector is affected by the end of the glass industry's capacity cycle; the jewelry sector is expected to grow moderately; the investment sector may recover due to increased risk - aversion demand; and the hydrogen energy sector is expected to be the core driver of long - term platinum demand growth [12][13][22][27][34]. Summary by Directory 1. Overall Platinum Demand - Platinum has a wide range of applications, and its industry demand structure is relatively dispersed, with automotive demand accounting for 37%, jewelry demand 24%, industrial demand about 30%, and investment demand 8.5% [3]. - In the past decade, global platinum demand has shown cyclical fluctuations. From 2016 - 2019, demand contracted with a CAGR of - 1%. In 2020, total demand dropped by 7%. From 2023 - 2024, the market entered a recovery cycle with a CAGR of 6%. In 2025, total demand is expected to decline by 5% to 7840000 ounces, and the market faces a high - level supply - demand gap [4][5]. 2. Automotive Field - The automotive industry is the largest demand end for platinum, contributing 29% - 42% of global total demand in the past five years. In 2024, automotive platinum demand decreased by 2% year - on - year, and in 2025, it is expected to contract marginally to 3080000 ounces due to factors such as the increase in pure - electric vehicle production and import tariffs [12]. 3. Industrial Field - The industrial field is the second - largest demand end for platinum, accounting for 27% - 36% in the past five years. In 2024, global demand was stable at 2470000 ounces, and in 2025, it is expected to drop by 14% to 2120000 ounces, mainly due to the decline in the glass industry and chemical consumption [13]. - **Chemical Industry**: Platinum is mainly used as a catalyst in the chemical industry. In 2024, demand was 940000 ounces, and in 2025, it is expected to decline by 14% to 810000 ounces [14][17]. - **Petroleum Industry**: Platinum is used as a catalyst in the petroleum refining process. In 2024, the demand was about 707300 ounces, and the growth rate slowed down to 1.5% [17]. - **Electrical and Electronic Industry**: Platinum is used in core components such as HDDs and MLCCs. With the recovery of AI and other demands, the demand for platinum is showing a restorative growth [17]. - **Glass Industry**: Platinum is an irreplaceable material in the glass - making industry. In 2024, demand decreased by 42.97% year - on - year, and in 2025, it is expected to increase by 13.45% [18]. - **Medical Industry**: Platinum is widely used in cancer treatment, implantable devices, and diagnostic equipment. The global demand for platinum in the medical field is expected to expand due to the aging population and the development of precision medicine [19]. 4. Industrial Hydrogen Production - Platinum is a core catalyst material in the hydrogen - energy industry, covering the entire "hydrogen production - storage - utilization" chain. In 2024, demand increased by 92% year - on - year, and in 2025, it is expected to grow by 35%. By 2030, it is expected to become the core incremental engine of global platinum demand [21][22]. 5. Jewelry - Jewelry is an important elastic contribution sector for platinum demand, accounting for about 24% of the total demand. In 2024, global platinum jewelry demand increased by 8% year - on - year, and in 2025, it is expected to grow moderately by 1% - 3% [26][27]. 6. Investment - The investment sector is the most volatile part of the platinum demand structure, with the net investment volume accounting for 8% - 21% of the total demand. In 2024, it showed a pattern of "low physical investment and growing ETF investment", and in 2025, investment demand is expected to continue to recover due to increased risk - aversion demand [31][32][34].

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Core Viewpoints - The August USDA supply and demand report tightened the supply of oilseeds in the fourth quarter [1]. - In the domestic market, the supply of oilseeds will tighten in the fourth quarter, and the vegetable oil and soybean meal sectors are likely to rise, suggesting buying on dips [5]. - The August USDA supply - and - demand report was overall bullish, laying the foundation for a tightened global soybean supply in the second half of the year [8]. Group 3: Summary by Related Content US Soybean Supply and Demand - The US soybean planting area was 80.9 million acres (July expectation: 83.4 million acres), the harvest area was 80.1 million acres (July expectation: 82.5 million acres), the yield per acre was 53.6 bushels (July expectation: 52.5 bushels), the production was 4.292 billion bushels (July expectation: 4.335 billion bushels), and the ending stocks were 290 million bushels (July expectation: 310 million bushels) [8]. - Argentina's soybean production was 50.9 million tons (July expectation: 49.9 million tons), Brazil's was 169 million tons (July expectation: 169 million tons), and the global ending stocks were 124.9 million tons (July expectation: 126.07 million tons) [8]. Domestic Situation - As of the report, China had not purchased US soybeans. The inventories of domestic soybeans and soybean meal had reached a phased peak and would decline later, tightening the supply. Coupled with the anti - dumping of Canadian rapeseed, the overall supply of domestic oilseeds would tighten in the fourth quarter [5].

Report Summary 1. Industry Investment Rating - The report does not explicitly mention an industry investment rating. 2. Core View - The USDA's August supply - demand report is overall bullish, laying the foundation for a tightening of global soybean supply in the second half of the year. In the fourth quarter, the domestic overall oilseed supply will tighten, and the vegetable oil and double - low rapeseed sectors are likely to rise and difficult to fall, suggesting buying on dips [5][8]. 3. Key Points by Category Global Situation - The USDA's August supply - demand report is bullish, with the planted area unexpectedly reduced. The US soybean planted area is 80.9 million acres (July expectation: 83.4 million acres), the harvested area is 80.1 million acres (July expectation: 82.5 million acres), the yield per acre is 53.6 bushels (July expectation: 52.5 bushels), the production is 4.292 billion bushels (July expectation: 4.335 billion bushels), and the ending inventory is 290 million bushels (July expectation: 310 million bushels). Argentina's soybean production is 50.9 million tons (July expectation: 49.9 million tons), Brazil's is 169 million tons (July expectation: 169 million tons), and the global ending inventory is 124.9 million tons (July expectation: 126.07 million tons) [8]. Domestic Situation - As of the time of writing, China has not purchased US soybeans. Domestic soybean and soybean meal inventories have reached a phased peak and will decline later, laying the foundation for a tightening supply. Coupled with the anti - dumping of Canadian canola, the domestic overall oilseed supply will tighten in the fourth quarter [5].

Report Summary Report Industry Investment Rating - Global economy in the macro and financial sector is rated as (Bullish) [1] Core Viewpoints - The Chinese humanoid robot industry is rapidly iterating products, with clear commercialization paths and strong potential demand in consumer - grade markets [1] - AI is creating wealth at an unprecedented pace and scale, with numerous high - value "unicorn" companies globally [1] - Nvidia has launched world models, application libraries and infrastructure for robot developers, with Cosmos Reason enabling robots to "reason like humans" [1] - The real test of an AI bubble burst is the credit spread of tech companies, and a widening spread may signal a crash [1] - The US market is facing stagflation risks, and it is recommended to short 10 - year US Treasury bonds [1] - The Chinese market is a value -洼地 favored by analysts [1] - Younger US stock retail investors are more risk - taking and less likely to panic - sell [1] - The global economy maintains an upward trend [1][2] Key Information from Different Perspectives Industry Trends - The Chinese humanoid robot industry is experiencing rapid product iteration, and its overall performance has significantly improved in just a few months [1] - AI is creating wealth on a large scale, with 498 AI "unicorn" companies valued over $10 billion globally, worth a total of $2.7 trillion, including 100 founded in 2023 or later, and over 1300 valued over $100 million [1] - Nvidia has introduced a series of products for robot developers, including the notable Cosmos Reason model [1] Market Risks and Opportunities - The credit spread of tech companies is the key indicator for an AI bubble burst [1] - The US market faces stagflation risks due to supply - side shocks [1] - The Chinese market is regarded as a value -洼地 and an attractive investment target [1] Economic Data and Policies - China's exports in July increased by 7.2%, and Sino - US reciprocal tariffs were extended for 90 days [1] - Maersk's Q2 performance exceeded expectations, with strong import growth in Europe, Latin America, West Asia, Central Asia and Africa offsetting the decline in North American imports [1] - The US Bureau of Statistics significantly revised down non - farm payroll data, and the market expects the Fed to cut interest rates by 50 basis points in September and accelerate rate cuts in 2026 [1] - China is comprehensively rectifying involution - style competition, which is expected to boost the performance of relevant listed companies [1] - The European Central Bank has cut interest rates 8 times, and Germany is expanding its military by 30%, which is expected to drive European economic growth [1]

Report Summary Core View - The safety incident at Albemarle's lithium carbonate production line in Chile has affected its overall capacity utilization, and if the shutdown period is long, it may lead to a decline in the amount of lithium carbonate exported to China in August and imported by China in September, which will boost the upward sentiment of lithium carbonate prices, and the recent price center of lithium carbonate has been running strongly around 85,000 yuan/ton [4][5] Company Information - Albemarle in Chile currently has a lithium carbonate production capacity of approximately 80,000 tons. Due to a serious safety incident in the production process, some production lines have entered a suspension state, and the specific recovery time is to be determined after safety assessment and rectification work [4] - Albemarle has an annual production capacity of 84,000 tons in the Atacama Salt Lake, of which the expanded production capacity of 40,000 tons/year has contributed an increase as scheduled. The total production capacity of the La Negra Phase I to Phase IV projects is 84,000 tons/year, and the production capacity of Phase I and Phase II is 44,000 tons/year LCE. The Phase III and Phase IV projects need to complete the expansion through the Salar production increase project, and the production capacity utilization rate climbed to 50% in 2024 [4] Industry Data - According to Chilean customs, Chile's lithium export volume in July was 23,824 tons, of which the lithium carbonate export volume was 20,930 tons, and 13,633 tons of lithium carbonate were exported to China. The export volume of lithium carbonate from Chile was low in May and June and increased in July with the rise in lithium carbonate prices [5]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The safety incident at Albemarle's lithium carbonate production line in Chile may lead to a decline in Chile's lithium carbonate exports in August and China's imports in September, and in the short - term, it will boost the upward sentiment of lithium carbonate prices, with the long - term price center running strongly around 85,000 yuan/ton [2][3]. 3. Summary According to Related Content Albemarle's Production Situation in Chile - Albemarle's lithium carbonate production line in Chile has suffered a safety incident, causing some production lines to suspend operations. The current lithium carbonate production capacity is approximately 80,000 tons, and the incident has had a phased impact on overall capacity utilization. The specific recovery time depends on safety assessment and rectification work [2]. - Albemarle has an 84,000 - ton/year capacity in the Atacama Salt Lake, with a 40,000 - ton/year expansion capacity contributing as scheduled. The total capacity of the La Negra Phase I to Phase IV projects is 84,000 tons/year, with Phase I and Phase II having a combined capacity of 44,000 tons/year LCE. Phase III and IV projects need to complete the expansion through the Salar production increase project, which achieved mechanical completion and entered the trial - operation stage in mid - 2023, and the capacity utilization reached 50% in 2024 [2]. Chile's Lithium Export Situation - In July, Chile's lithium export volume was 23,824 tons, of which lithium carbonate export volume was 20,930 tons, and the export volume to China was 13,633 tons. The export volume of lithium carbonate in May and June was low, and it increased in July with the rise in lithium carbonate prices [3].