能源金属＆新材料周报：碳酸锂价震荡走弱，关注软磁材料配置机会

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals industry [1] Core Viewpoints - Lithium carbonate prices have weakened, with a focus on opportunities in soft magnetic materials [1] - The supply of lithium carbonate has increased steadily since the beginning of the year, but production has fluctuated since June [2] - The demand side shows improvement in downstream production, accelerating inventory reduction, while Australian mining reductions are expected to support price rebounds [2] - The report suggests monitoring the demand during the peak season next year [2] - The rare earth permanent magnet market is expected to operate with a strong bias due to improved downstream orders and supply disruptions from Myanmar [2] - The cobalt market is characterized by a long-term oversupply, with prices expected to fluctuate [3] - The nickel-manganese market is facing cost pressures and weak demand, but prices are supported by inventory levels [4] - The report highlights the dual prosperity of the soft magnetic materials sector due to trends in the electronics and power industries [5] Summary by Sections 1. Market Performance - The top three performing sub-sectors this week are copper alloys (5.87%), permanent magnets (5.73%), and aluminum alloys (3.89%) [22] - The bottom three are lithium (0.11%), diamonds (0.77%), and soft magnets (1.16%) [22] 2. Energy Metals - Lithium prices: - Spodumene down 0.49% to $811/ton - Lithium carbonate down 1.66% to ¥76,900/ton - Hydroxide up 0.48% to ¥68,610/ton [28][29] - Cobalt prices: - MB cobalt stable at $11.05/lb - Domestic cobalt down to ¥176,000/ton [3][45] - Rare earth prices: - Praseodymium-neodymium oxide down 0.36% to ¥412,000/ton - Dysprosium oxide down 1.20% to ¥1,645,000/ton [28][65] 3. New Materials - Phosphate iron price increased to ¥10,700/ton, while lithium iron phosphate decreased to ¥33,900/ton [84][85] - The average price of welding strips remained stable at ¥4.15/kg, while the average price of industrial silicon decreased to ¥11,785/ton [90][91]