光大期货金融期货日报 光大期货金融期货日报（2025 年 05 月 13 日） 一、研究观点 | 品种 | 点评 昨日，A 股市场涨幅明显，Wind 全 A 上涨 1.3%，成交额 1.34 万亿元。中证 | 观点 | | --- | --- | --- | | | 1000 指数上涨 1.4%，中证 500 指数上涨 1.26%，沪深 300 指数上涨 1.16%， | | | | 上证 50 指数上涨 0.69%。中美发布联合声明，为后续进一步贸易协商奠定良 | | | | 好开局，超过市场预期。近期三部门召开联合新闻发布会，央行宣布降准降 | | | | 息政策，降低企业负债端成本。金融监管总局强调将大力推动中长期资金入 | | | | 市，通过类平准基金的方式支持、稳定和活跃资本市场，具体措施包括鼓励 | | | 股指 | 保险资金加大入市力度、设立新的金融资产投资公司、支持汇金公司在必要 | 震荡 | | | 时增持股票指数基金等。证监会表示将优化主动权益类基金的收费模式，扭 | | | | 转基金公司"旱涝保收"的现象。内部政策发力是股指 2025 年的主线。财 | | | | 报方面，一季度，A ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 5 月 13 日） 一、研究观点 | 元/吨，折人民币价格 6520 元/吨，基差收窄 86 元/吨至-4 元/吨。 | | | --- | --- | | 江浙涤丝产销局部放量，平均产销估算在 110-120%。国内一套年 | | | 产 75 万吨聚酯瓶片新装置已于上周末出料，目前负荷仍在提升 | | | 中；另一年产 75 万吨装置于 4 月初停车检修，目前也在重启出料 | | | 中。5.12 华东主港地区 MEG 港口库存约 75.1 万吨附近，环比上 | | | 期减少 3.9 万吨。PX 集中检修，供应较前期明显收紧，下游 PTA | | | 检修还在继续，但聚酯开工负荷未下降，需求持续支撑价格偏强。 | | | PTA 加工差有所修复，自身检修继续，下游聚酯端高开工高库存， | | | 需求持续存在支撑，短期内 PTA 现货价格则跟随成本端偏强震 | | | 荡，后市关注 PTA 装置变动及原油市场波动。五月上半月乙二醇 | | | 外盘到货稀少，国内装置检修与重启交替，国产货增量较为有限。 | | | 供需预期修正下，五月乙二醇去库将 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 1 2 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 761.0 | 756.0 | 5.0 | I05-I09 | 65.0 | 62.5 | 2.5 | | I09 | 696.0 | 693.5 | 2.5 | I09-I01 | 26.0 | 25.5 | 0.5 | | I01 | 670.0 | 668.0 | 2.0 | I01-I05 | -91.0 | -88.0 | -3.0 | 图表1：09-01合约价差（单位：元/吨） 图表2：05-09合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight, copper first declined and then rose, with LME copper up 0.73% to $9,474.5/ton and SHFE copper up 0.72% to 78,140 yuan/ton. The domestic spot import window remained open. With the market focusing on US tariff progress and the improvement expectation continuing, and the short - term boost from China - US economic and trade talks, along with the strong demand in the copper peak season since April, there is no reason to be significantly bearish on copper prices in the short - term. Copper prices are expected to reach the range of 78,000 - 80,000 yuan/ton. However, investors should pay attention to the downstream's acceptance when copper prices enter the high - price range again and the performance of fundamentals and inventory when the peak season weakens [1]. - Aluminum: Alumina fluctuated higher, with AO2509 closing at 2,854 yuan/ton, up 4.05%. SHFE aluminum fluctuated strongly, with AL2506 closing at 19,570 yuan/ton, up 0.46%. Due to new maintenance in Shanxi and Guangxi and the acceleration of downstream stocking after the festival, alumina showed an upward correction in the short - term. In the medium - to - long - term, a strategy of shorting on rallies is recommended. For aluminum, due to limited inventory accumulation during the festival and weakening post - festival demand, short - term narrow - range adjustments are expected [1][2]. - Nickel: Overnight, LME nickel fell 0.35% to $15,575/ton, while SHFE nickel rose 0.26% to 124,000 yuan/ton. Short - term nickel ore is relatively strong, but if domestic primary nickel continues to accumulate inventory, the pressure on nickel prices will gradually emerge [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight, LME copper rose 0.73% to $9,474.5/ton, SHFE copper rose 0.72% to 78,140 yuan/ton. US three - year inflation expectations reached a nearly three - year high, and the EU plans to sue the US at the WTO. LME copper inventory increased by 300 tons to 194,275 tons, COMEX copper inventory increased by 1,899 tons to 143,987 tons, and SHFE copper warehouse receipts decreased by 2,001 tons to 19,540 tons. Copper prices are expected to reach 78,000 - 80,000 yuan/ton, but pay attention to downstream acceptance and inventory performance when the peak season weakens [1]. - **Aluminum**: Alumina AO2509 closed at 2,854 yuan/ton, up 4.05%, and SHFE aluminum AL2506 closed at 19,570 yuan/ton, up 0.46%. SMM alumina price slightly adjusted down to 2,895 yuan/ton. New maintenance in Shanxi and Guangxi and accelerated downstream stocking after the festival led to short - term upward adjustment of alumina. In the long - term, short on rallies. Aluminum inventory accumulation was limited during the festival, and post - festival demand is weak [1][2]. - **Nickel**: LME nickel fell 0.35% to $15,575/ton, SHFE nickel rose 0.26% to 124,000 yuan/ton. LME nickel inventory decreased by 1,470 tons to 198,312 tons, and SHFE warehouse receipts decreased by 145 tons to 23,564 tons. Nickel iron prices weakened, and if domestic primary nickel accumulates inventory, it will pressure nickel prices [2]. 3.2 Daily Data Monitoring - **Copper**: On May 8, 2025, the price of flat - copper was 78,420 yuan/ton, with a decline in premium. LME registered + cancelled inventory increased by 300 tons, SHFE warehouse receipts decreased by 2,001 tons, and the total inventory decreased by 27,446 tons on a weekly basis [3]. - **Lead**: The average price of 1 lead in the Yangtze River was 16,750 yuan/ton, up 50 yuan/ton. LME registered + cancelled inventory decreased by 1,550 tons, and SHFE warehouse receipts decreased by 50 tons [3]. - **Aluminum**: The Wuxi and Nanhai quotes increased, and the Nanhai - Wuxi spread decreased. LME registered + cancelled inventory decreased by 2,000 tons, and SHFE warehouse receipts decreased by 2,752 tons [4]. - **Nickel**: The price of Jinchuan nickel decreased. LME registered + cancelled inventory decreased by 1,470 tons, and SHFE nickel warehouse receipts decreased by 145 tons [4]. - **Zinc**: The main settlement price decreased slightly, and the SMM 0 and 1 spot prices increased. LME inventory decreased by 750 tons, and SHFE inventory increased by 793 tons [5]. - **Tin**: The main settlement price decreased, and the SMM spot price increased. SHFE inventory decreased by 340 tons, and LME inventory remained unchanged [5]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][8][11] - **SHFE Near - Far Month Spread**: Charts display the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][18] - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25] - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32] - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [34][36][38] - **Smelting Profit**: Charts show the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [41][43][45]

光大期货煤化工商品日报 光大期货煤化工商品日报 二、市场信息 尿素 1、郑商所数据：5 月 8 日尿素期货仓单数量 4970 张，较上一交易日持平，有效预报 511 张。 2、隆众数据：5 月 8 日尿素行业日产 19.95 万吨，较上一工作日增加 0.03 万吨，较去年同期 增加 1.93 万吨；行业开工 86.50%，较去年同期 83.19%回升 3.31 个百分点。 光大期货煤化工商品日报（2025 年 5 月 9 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周 尿素期货价格震荡走强，主力09合约收盘价1882元/吨，微幅下跌0.11%。现货 | 看涨 | | | 市场局部价格继续 涨，另有部分企业暂 对 报价。目前山东、河南公开市场价 | | | | 格均为1900元/吨，日环比持平。基本面来看，尿素日产量小幅回升至19.95万吨， | | | | 需求端有 跟进，昨日主流地区产销率分化明 ，仅个 地区 100%。近期出口消 | | | | 息扰动加强，最新消息表明后期尿素出口 松基本确定，前提 国内保供和稳价落 | | | | 实到位， ...

工业硅日报 工业硅&多晶硅日报（2025 年 5 月 9 日） 一、研究观点 点评 8 日多晶硅先抑后扬，主力 2506 收于 36950 元/吨，日内涨幅 2.43%，持 仓增仓 4212 手至 67502 手；SMM 多晶硅 N 型硅料价格 40500 元/吨，最 低交割品 N 型硅料价格 40500 元/吨，现货对主力升水收至 3550 元/吨。 工业硅震荡偏弱，主力 2506 收于 8315 元/吨，日内跌幅 0.36%，持仓减仓 1671 手至 18.11 手。百川工业硅现货参考价 9565 元/吨，较上一交易日下 调 52 元/吨。最低交割品#553 价格降至 8450 元/吨，现货升水收至 200 元 /吨。节前贸易商清货压价，下游备货意愿低于往年。节后下游需求失速 压力仍在，短期工业硅受下游负反馈难以摆脱探底节奏，多晶硅生产调节 度较高，仓单不足添加博弈筹码，短期内大跌有限，区间震荡为主。关注 企业限产动态，以及是否新出台大规模基建或光伏装机强制考核政策，有 望引发新一轮超跌反弹。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 工业硅日报 二、日度数据监测 | | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: The rebar futures market decreased with increased positions. Spot prices dropped, and trading volume declined. This week's production, inventory, and apparent demand data were worse than expected. Considering export challenges and rumors of crude steel production cuts, the short - term rebar futures market is expected to trade in a narrow range [1]. - Iron Ore: The main iron ore futures contract showed a weak and volatile trend. Supply decreased due to port maintenance in Australia, while demand increased with rising pig iron production. With high pig iron output, port inventories decreased. The iron ore futures price is expected to continue to fluctuate, and attention should be paid to information on crude steel production cuts [1]. - Coking Coal: The coking coal futures market declined. Spot prices in some areas decreased, and market transactions were average. Supply was normal, but downstream procurement slowed down, and coal enterprise inventories increased slightly. Although demand remained stable due to high pig iron production, market participants were cautious about terminal demand. The short - term coking coal futures market is expected to be weak and volatile [1]. - Coke: The coke futures market decreased. Spot prices at ports remained unchanged. Supply was high as coke enterprises had some profits, but sales slowed down after the holiday, and inventory pressure increased slightly. Demand was good due to high blast furnace operating rates, but market confidence was weak. The short - term coke futures market is expected to be weak and volatile [1]. - Manganese Silicon: The manganese silicon futures price rebounded. After the holiday, production cuts continued, and manganese ore prices varied. The price rebound was driven by low prices and production cut news, but there is no clear trend in the short term. Attention should be paid to production changes in major producing areas [3]. - Ferrosilicon: The ferrosilicon futures price strengthened. There were marginal changes in the fundamentals, with continued production cuts in major producing areas but slower than expected. Cost and demand factors limited price fluctuations. The price has limited downside but lacks upward momentum in the short term, and attention should be paid to production changes in major producing areas [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Contract Spreads: For example, the 10 - 1 spread of rebar was - 22.0, up 6.0; the 9 - 1 spread of iron ore was 25.5, down 1.5 [4]. - Basis: The basis of the 10 - contract of rebar was 148.0, up 26.0; the basis of the 09 - contract of iron ore was 103.7, up 3.5 [4]. - Spot Prices: The Shanghai rebar price was 3200.0, down 20.0; the PB powder price at Rizhao Port was 752.0, down 10.0 [4]. - Profits and Spreads: The rebar futures profit was 125.7, down 7.6; the spread between hot - rolled coil and rebar was 139.0, up 20.0 [4]. 3.2 Chart Analysis - Main Contract Prices: Included price trends of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][9][10][12][15]. - Main Contract Basis: Showed the basis trends of various commodities over different contract periods [17][18][21][23]. - Inter - period Contract Spreads: Displayed the spread trends of different contract periods for each commodity [25][28][30][33][35][36][39]. - Inter - commodity Contract Spreads: Included the spread trends between different commodities such as hot - rolled coil and rebar, rebar and iron ore, etc. [41][42][43][45]. - Rebar Profits: Presented the profit trends of rebar in different processes (futures, long - process, short - process) [46][47][49]. 3.3 Black Research Team Members - Qiu Yuecheng: Assistant Director of Everbright Futures Research Institute and Director of Black Research. With nearly 20 years of experience in the steel industry, he has won many industry awards [52]. - Zhang Xiaojin: Director of Resource Product Research at Everbright Futures Research Institute, with rich experience in the coal futures field [52]. - Liu Xi: Black researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis based on industrial chain data [52]. - Zhang Chunjie: Black researcher at Everbright Futures Research Institute, with experience in investment and futures - cash trading, and has passed the CFA Level 2 exam [53].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - **Stock Index Futures**: The index has support both up and down, and is expected to remain volatile in the short - term. The joint press conference of three departments announced policies such as RRR and interest rate cuts, promoting the entry of long - term funds into the market, which helps stabilize market confidence and lift stock market valuations. The revenue growth rate decline of A - share listed companies has narrowed for three consecutive quarters, and net profit has rebounded, but ROE is still at the bottoming - out stage. Sino - US tariff negotiations are ongoing, and the issue is not expected to be fully resolved in the short term [1]. - **Treasury Bond Futures**: The bond market is expected to run bearishly. The RRR and interest rate cuts have been implemented, and the bond market has priced in the expectations of weakening fundamentals and monetary policy efforts. The yield curve is expected to steepen again, with short - term bonds benefiting from the RRR and interest rate cuts and long - term bonds being relatively bearish under the background of rising risk appetite [2]. 3. Summary by Directory 3.1 Research Views - **Stock Index Futures**: The central bank announced RRR and interest rate cuts to relieve the pressure on commercial bank spreads and reduce the debt - side costs of enterprises. The financial regulatory authority will promote long - term funds to enter the market, which helps stabilize market confidence and enhance the allocation value of A - share assets. The CSRC will optimize the fee model of active equity funds. The revenue growth rate decline of A - share listed companies has narrowed for three consecutive quarters, and net profit has increased by about 4% year - on - year, but ROE is still at the bottoming - out stage. Sino - US tariff negotiations are ongoing [1]. - **Treasury Bond Futures**: On the previous trading day, the 30 - year, 10 - year, 5 - year, and 2 - year treasury bond futures main contracts rose by 0.26%, 0.17%, 0.16%, and 0.05% respectively. The central bank conducted 158.6 billion yuan of 7 - day reverse repurchase operations with the interest rate lowered to 1.4%. The DR001 and DR007 interest rates declined. The bond market is expected to run bearishly, and the yield curve is expected to steepen [1][2]. 3.2 Daily Price Changes - **Stock Index Futures**: On May 8, 2025, IH rose by 0.70%, IF by 0.82%, IC by 0.71%, and IM by 1.07%. Among stock indices, the Shanghai Composite 50 rose by 0.33%, the CSI 300 by 0.56%, the CSI 500 by 0.41%, and the CSI 1000 by 0.76% [3]. - **Treasury Bond Futures**: On May 8, 2025, TS rose by 0.05%, TF by 0.17%, T by 0.19%, and TL by 0.24% [3]. 3.3 Market News - The Fed FOMC statement and Chairman Powell's press conference indicated that the interest rate decision remained unchanged for the third consecutive time this year, and Powell reiterated that the Fed did not need to rush to cut interest rates [4]. - The National Development and Reform Commission will launch high - quality projects with a total investment scale of about 3 trillion yuan this year [4]. 3.4 Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IM, and IC main contracts, as well as the trends of the Shanghai Composite 50, CSI 300, CSI 500, and CSI 1000 stock indices [6][7][10]. - **Treasury Bond Futures**: The report includes charts of the trends, basis, inter - period spreads, cross - variety spreads, and funding rates of treasury bond futures main contracts, as well as the yields of treasury bond cash bonds [13][15][17]. - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [20][24][25].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The prices of most energy and chemical products are expected to fluctuate. Crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride are all forecasted to have an oscillatory trend [1][3][5][6]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, oil prices rose significantly. OPEC's oil production in April may have slightly decreased due to the US's attempt to curb oil flow, leading to reduced supply from Venezuela, Iraq, and Libya. The US's expanded sanctions have increased market concerns and caused oil prices to rebound. The oil market will continue to fluctuate [1]. - **Fuel Oil**: On Thursday, the main fuel oil contracts on the Shanghai Futures Exchange rose. Singapore and Fujeirah's fuel oil inventories decreased. The reduction in East - West arbitrage arrivals in May will support the low - sulfur market in the short term. High - sulfur fuel oil is also supported by the expected improvement in Middle Eastern summer power generation demand, but low raw material procurement demand will still pressure the market [3]. - **Asphalt**: On Thursday, the main asphalt contract on the Shanghai Futures Exchange fell. This week, the shipment volume of domestic asphalt enterprises decreased, while the capacity utilization rate of modified asphalt increased. With the improvement of processing profits, supply is expected to increase. The issuance of special bonds is expected to accelerate, and terminal demand is supported, but attention should be paid to the pressure brought by increased supply [3]. - **Polyester**: PTA, EG, and PX futures prices rose on Thursday. PTA's load decreased and then is expected to rise. The overall ethylene glycol start - up load increased. Some MEG devices restarted or plan to shut down. The production and sales of polyester yarn in the Yangtze River Delta are weak. The prices of PX and PTA will follow cost fluctuations, and ethylene glycol is relatively resistant to decline [5]. - **Rubber**: On Thursday, the main rubber contracts on the Shanghai Futures Exchange fell. The start - up loads of domestic tire enterprises' semi - steel and all - steel tires decreased. The rubber market fundamentals are weak, but the delayed rubber tapping in Thailand will support prices in the short term [6]. - **Methanol**: On Thursday, methanol prices showed certain trends. In May, domestic supply is expected to increase, while demand will remain relatively stable, and price support will weaken [6]. - **Polyolefin**: On Thursday, the average national price of polypropylene (PP) was reported, and the prices of polyethylene (PE) in different regions decreased. Supply is expected to decline due to refinery maintenance, but demand will enter the off - season, and the decline in inventory will slow down. Polyolefin prices are expected to fluctuate weakly [7]. - **Polyvinyl Chloride (PVC)**: On Thursday, PVC prices in East, North, and South China decreased. The real estate construction off - season will drag down the demand for PVC downstream products, and exports may decline. In May, the PVC market fundamentals are loose, and prices are expected to remain low and fluctuate [7]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on May 8th and 9th, including spot prices, futures prices, basis, basis rate, and their changes and historical quantiles [8]. 3.3 Market News - OPEC's oil production in April may have slightly decreased, despite the relaxation of voluntary production cuts. The organization plans to accelerate production increases in May and June, but the impact of the US's restrictions on Iran and Venezuela remains uncertain. Kazakhstan has no plan to cut crude oil and condensate production in May [11]. 3.4 Chart Analysis - **Main Contract Prices**: The report presents the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [13][14][17]. - **Main Contract Basis**: The basis charts of main contracts such as crude oil, fuel oil, and asphalt are provided, showing the basis trends over the years [28][32][33]. - **Inter - period Contract Spreads**: The report shows the spread charts of different contracts of fuel oil, asphalt, and other products, such as the spreads between 05 - 09 and 09 - 01 contracts of fuel oil [44][45][46]. - **Inter - variety Spreads**: The spread charts between different varieties are presented, including the spreads between domestic and foreign crude oil, B - W spreads of crude oil, and the spreads between fuel oil and asphalt [60][64][65]. - **Production Profits**: The production profit charts of ethylene - made ethylene glycol, PP, and LLDPE are provided [68][69][72]. 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, along with their positions, educational backgrounds, honors, and professional experiences [74][75][76].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate futures 2507 contract dropped 1.99% to 64,160 yuan/ton yesterday. Spot prices of various lithium products also declined, and the warehouse receipt inventory increased by 1,008 tons to 36,244 tons [3]. - On the supply side, under low - price pressure, upstream producers have started to cut production. The weekly output is 14,483 tons, a 3 - ton decrease compared to the previous 7 - day period. The overall supply in May is expected to decline month - on - month, but there are still projects in the ramping - up and commissioning process, and the costs of mines/integrated projects have decreased significantly. On the demand side, the expected output of lithium iron phosphate in May will increase by 4.5% to 276,150 tons, and the output of ternary materials will increase by 3% to 63,745 tons. The daily consumption of lithium carbonate has increased by 1% month - on - month. Downstream players have some actions of replenishing inventory at low prices, but the actual purchasing power will be limited due to the continuously increasing inventory levels. The overall social inventory is still accumulating, and whether the inventory inflection point has arrived remains to be observed [3]. - With lithium prices continuously falling to the lowest levels in recent years and a weak supply - demand pattern, if there is no large - scale production cut, the outlook for prices is still pessimistic [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract decreased by 1,100 yuan/ton to 64,160 yuan/ton, and the closing price of the continuous contract decreased by 980 yuan/ton to 64,120 yuan/ton. The price of lithium spodumene concentrate (6%, CIF China) dropped by 17 US dollars/ton to 750 US dollars/ton, and the prices of various lithium ores and lithium salts also showed different degrees of decline [5]. - Price differences: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate decreased by 50 yuan/ton to 1,650 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 150 yuan/ton to 410 yuan/ton [5]. - Other products: The prices of some products such as ternary precursors and lithium hexafluorophosphate also changed. For example, the price of lithium hexafluorophosphate decreased by 550 yuan/ton to 54,950 yuan/ton [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [6][7][8]. - Lithium and lithium salt prices: Charts display the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, and other lithium products during the same period [9][10][11]. - Price differences: Charts present the price differences between different lithium products, such as the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, and the difference between battery - grade lithium carbonate and industrial - grade lithium carbonate [16][17]. - Precursor & cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium [21][22][24]. - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries [30][31][32]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from September 2024 to April 2025 [35][36][37]. - Production costs: Charts present the production profit trends of lithium carbonate from different raw materials, such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, and 外购锂辉石精矿 [39][40].