碳酸锂：3 月行情震荡 4 月或仍偏弱

Group 1 - As of March 31, lithium carbonate futures closed at 74,160 CNY/ton, with a price drop of 1.38% over the month [1] - The trading volume for the main lithium carbonate futures contract was 83,911 lots, with an open interest of 210,611 lots, reflecting a slight increase [1] - The overall market for lithium carbonate fluctuated between 72,000 and 78,000 CNY/ton during March [1] Group 2 - The price of battery-grade lithium carbonate was reported at 74,000 CNY/ton, while industrial-grade was at 72,100 CNY/ton, both showing a slight decline compared to the previous month [1] - Domestic lithium spodumene imports totaled 1.16 million tons in January-February 2025, equivalent to 95,000 tons of lithium carbonate [1] - The lithium market is experiencing a decrease in demand acceptance from domestic buyers due to falling lithium carbonate prices, leading to lower overseas mine quotations [1] Group 3 - The production of lithium carbonate is expected to remain high, with strong supply from first and second-tier lithium salt manufacturers despite some reductions from smaller firms [1] - Downstream demand is relatively stable, with slight increases in production for lithium iron phosphate, while the growth in ternary materials remains limited [1] - As of March 27, SMM reported lithium carbonate inventory at 127,900 tons, an increase of 1,511 tons from the previous week [1] Group 4 - The average market price for industrial-grade lithium carbonate was 72,000 CNY/ton, down 2.04% from the same period last month, while battery-grade averaged 73,500 CNY/ton, down 2.65% [1] - The market is expected to continue facing oversupply, with weak price performance anticipated for lithium carbonate in April [1] - Cobalt market conditions are showing strength, with rising prices driven by supply disruptions from the Democratic Republic of Congo [1]