Guo Tai Jun An Qi Huo·2025-04-09 01:53Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The price of lithium carbonate is oscillating at the bottom, and downstream players are adopting a wait - and - see attitude. The spot transaction price of lithium carbonate continues to move downward. The production of lithium iron phosphate has increased in the traditional peak season, but the growth rate in April 2025 is expected to be limited [3][4][5]. 3. Summary by Related Catalogs 3.1 Lithium Carbonate Fundamental Data - Futures Contracts: For the 2505 contract, the closing price is 70,280 yuan, down 780 yuan; the trading volume is 150,076 lots, down 4,031 lots; the open interest is 174,172 lots, down 5,659 lots. For the 2507 contract, the closing price is 70,540 yuan, down 740 yuan; the trading volume is 39,389 lots, down 9,926 lots; the open interest is 92,298 lots, up 8,353 lots [3]. - Warehouse Receipts: The warehouse receipt volume is 28,403 lots, up 1,380 lots [3]. - Basis: The basis between spot and 2505 contract is 2,120 yuan, up 580 yuan; between spot and 2507 contract is 1,860 yuan, up 540 yuan. The basis between 2505 and 2507 contracts is - 260 yuan, down 40 yuan [3]. - Raw Materials and Lithium Salts: The price of spodumene concentrate (6%, CIF China) is 812 yuan, down 2 yuan; lithium mica (2.0% - 2.5%) is 1,725 yuan, unchanged. The price of battery - grade lithium carbonate is 72,400 yuan, down 200 yuan; industrial - grade lithium carbonate is 70,450 yuan, down 200 yuan [3]. 3.2 Macro and Industry News - Lithium Carbonate Price: The SMM battery - grade lithium carbonate index price is 72,456 yuan/ton, down 242 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate is 72,400 yuan/ton, down 200 yuan/ton; industrial - grade lithium carbonate is 70,450 yuan/ton, down 200 yuan/ton [4]. - Lithium Iron Phosphate Production: In March 2025, the production of lithium iron phosphate was 27.01 tons, with the operating rates of leading and second - tier lithium iron manufacturers remaining high, up 15.48% month - on - month. It is expected that the production in April 2025 will be 27.28 tons, with a relatively limited month - on - month increase [5]. - Corporate News: Ganfeng Lithium has achieved large - scale mass production of lithium sulfide, a key raw material for solid - state electrolytes, and has become the first lithium ecological enterprise in the industry to complete the "minerals - electrolyte raw materials - electrolyte - anode - cell - system" closed - loop [5]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 0, indicating a neutral trend [5].