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Core Viewpoint - The lithium carbonate market is experiencing significant price fluctuations, with futures prices showing a notable increase followed by a slight decline, while the spot market is witnessing a decrease in average prices despite improved trading activity earlier in the week [1][3][9]. Supply Summary - As of December 11, lithium carbonate production reached 21,500 tons, reflecting a 0.9% increase week-on-week, with a capacity utilization rate of 48.75% [3][10]. - The production adjustment by some companies is attributed to regular procurement rhythms, while most production lines are operating at standard levels [3][10]. - The expected increase in lithium carbonate production aligns with a strengthening demand outlook, leading to a scenario where supply growth lags behind demand growth [4][10]. Demand Summary - The utilization rates for lithium iron phosphate and ternary materials are 75% and 56%, respectively, indicating varied demand levels [4][10]. - Retail sales of new energy vehicles in December showed a year-on-year decline of 17% and a month-on-month decline of 10% [4][11]. - The demand for ternary batteries remains strong, with an anticipated increase in production for high-end models in December [4][10]. Price Dynamics - The average price for battery-grade lithium carbonate decreased to 92,220 yuan/ton, down 920 yuan/ton from the previous period, while industrial-grade lithium carbonate fell to 91,060 yuan/ton, down 1,080 yuan/ton [3][9]. - Despite high prices suppressing immediate purchases, the market is supported by underlying demand from downstream sectors [7][12]. - The market is expected to experience a slowdown in inventory depletion due to a marginal easing of supply and demand dynamics in December [5][11]. Market Outlook - Analysts suggest that the current market is characterized by a mix of bullish and bearish factors, with expectations of inventory accumulation by the end of December and a potential decline in demand in January due to seasonal factors [5][11]. - The overall sentiment remains cautious, with ongoing monitoring of production recovery among major manufacturers influencing market volatility [5][11].