Report Industry Investment Rating - No information provided Core Viewpoints - Downstream demand is mainly driven by rigid purchases, with no improvement in stocking willingness. Social inventories continue to accumulate, raw material inventories in downstream sectors are at a high level, and warehouse receipt inventories are sufficient. In the short term, the futures price is expected to be affected [3] Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 68,850 yuan/ton, down 950 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 67,100 yuan/ton, down 950 yuan/ton [1] - The closing prices of lithium carbonate futures contracts 2505, 2506, 2507, 2508, and 2509 are 67,100 yuan/ton (-2.07%), 66,960 yuan/ton (-2.19%), 66,960 yuan/ton (-2.11%), 68,100 yuan/ton (-1.84%), and 68,320 yuan/ton (-1.81%) respectively [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 779 yuan/ton, down 14 yuan/ton; the average price of lithium mica (Li20: 1.5% - 2.0%) is 915 yuan/ton, down 25 yuan/ton; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1560 yuan/ton, down 30 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6625 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7725 yuan/ton, down 75 yuan/ton [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,390 yuan/ton, down 230 yuan/ton; the average price of ternary material 811 (polycrystalline/power type) is 146,600 yuan/ton, down 70 yuan/ton; the average price of ternary material 523 (single - crystal/power type) is 117,425 yuan/ton, down 250 yuan/ton; the average price of ternary material 613 (single - crystal/power type) is 123,865 yuan/ton, down 90 yuan/ton [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1750 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is 1890 yuan/ton, up 270 yuan/ton; the price spread between the near - month and the first - continuous contract is 140 yuan/ton, down 60 yuan/ton; the price spread between the near - month and the second - continuous contract is 140 yuan/ton, down 60 yuan/ton [2] Inventories - The total inventory (weekly, tons) is 131,864 tons, up 259 tons; the smelter inventory (weekly, tons) is 52,400 tons, up 270 tons; the downstream inventory (weekly, tons) is 42,823 tons, up 1089 tons; the other inventory (weekly, tons) is 36,641 tons, down 1100 tons; the registered warehouse receipt inventory (daily, tons) is 32,847 tons, up 1292 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 72,573 yuan/ton, and the profit is - 4671 yuan/ton; the cash cost of purchasing lithium mica concentrate is 74,053 yuan/ton, and the profit is - 7815 yuan/ton [3] Industry News - Huayou Cobalt will take over a 60 - billion - yuan battery project in Indonesia, replacing LG Energy Solution as the strategic investor [3] - Galan Lithium rejected a $150 - million acquisition offer from Huayou Cobalt and Renault Group, believing the offer was "opportunistic and undervalued" [3]
碳酸锂数据日报-20250429
Guo Mao Qi Huo·2025-04-29 07:39