碳酸锂日报：碳酸锂消费未能获得明确政策支持，期现市仍缺积极因素-20250428

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The consumption of lithium carbonate has not received clear policy support, and the futures and spot markets still lack positive factors. The lithium carbonate market remains in a state of continuous inventory accumulation [1]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - On April 25, the lithium carbonate futures fluctuated narrowly below 70,000 yuan. The main contract LC2507 closed at 68,180 yuan/ton, down 0.18% from the previous trading day's close. The spot price of lithium carbonate was loose and fluctuated at a low level, with the average transaction price of battery-grade lithium carbonate down 100 yuan/ton from the previous trading day [1]. - According to SMM data, the weekly output of lithium carbonate in the week of April 25 was 16,900 tons, a 2.81% decrease from the previous week, but still at a relatively high historical level. As of the week of April 25, the weekly inventory of lithium carbonate was 131,864 tons, a 0.20% increase from the previous week. Meanwhile, the weekly output of lithium iron phosphate batteries was 17.37 GWh, a 10.71% increase from the previous week [1]. - According to the Passenger Car Association, from April 1 - 20, the retail sales of the new energy vehicle market increased by 20% year-on-year but decreased by 11% month-on-month. The wholesale of new energy vehicles by national passenger car manufacturers increased by 23% year-on-year but decreased by 7% month-on-month [1]. 3.2 Lithium Carbonate Price Monitoring - Futures Data: The main contract price of lithium carbonate decreased from 68,300 yuan/ton on April 24 to 68,180 yuan/ton on April 25, a decrease of 120 yuan/ton or 0.18%. The open interest of the main contract increased by 4,914 lots to 217,370 lots, a 2.31% increase. The trading volume increased by 3,793 lots to 108,177 lots, a 3.63% increase. The number of lithium carbonate futures warehouse receipts increased by 240 to 31,795, a 0.76% increase [3]. - Spot Data: The market price of battery-grade lithium carbonate remained unchanged at 69,600 yuan/ton on April 25 compared to April 24. The market price of lithium spodumene concentrate and lithium mica concentrate remained unchanged at 790 yuan/ton-degree and 930 yuan/ton-degree respectively. The price of lithium hexafluorophosphate decreased by 200 yuan/ton to 57,800 yuan/ton, a 0.34% decrease. The prices of power-type ternary materials and power-type lithium iron phosphate decreased slightly [5]. - Weekly Data: The capacity utilization rate of lithium carbonate decreased by 0.1 percentage points to 62.6%. The weekly output of lithium carbonate decreased by 488 tons to 16,900 tons, a 2.81% decrease. The output of lithium iron phosphate batteries increased by 1.68 GWh to 17.37 GWh, a 10.71% increase. The inventory of lithium carbonate increased by 259 tons to 131,864 tons, a 0.20% increase [5]. 3.3 Industry Dynamics and Interpretation - Spot Market Quotations: On April 25, the spot price of battery-grade lithium carbonate was reported at 68,200 - 71,400 yuan/ton, with an average price of 69,800 yuan/ton, down 100 yuan/ton from the previous trading day [6]. - Downstream Consumption: From April 1 - 20, the retail sales of the national passenger car new energy market were 478,000 units, a 20% year-on-year increase but an 11% month-on-month decrease. The wholesale of new energy vehicles by national passenger car manufacturers was 530,000 units, a 23% year-on-year increase but a 7% month-on-month decrease [7]. - Industry News: Kodal Minerals' Bougouni lithium project in southern Mali is nearing completion, and it has produced over 11,000 tons of lithium spodumene concentrate. Trump announced a 25% tariff on imported cars, which took effect on April 2. Tianhua New Energy's subsidiary obtained a mining license for a ceramic clay (lithium-containing) mine. Sibanye Stillwater terminated its lithium project in Nevada. China discovered a 2,800-kilometer lithium deposit, increasing its global lithium reserves share from 6% to 16.5%. Keliyuan's Yichun lithium mine expanded its production capacity [8][9][10]. 3.4 Industrial Chain Data Charts - The report includes multiple charts showing the price trends of lithium carbonate futures, battery-grade and industrial-grade lithium carbonate, lithium concentrate, lithium hexafluorophosphate, ternary precursors, ternary materials, lithium iron phosphate, as well as the inventory, output, and capacity utilization rate of lithium carbonate, and the output of batteries [11][17][19].