碳酸锂日报-20250513

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Yesterday, the 2507 contract of lithium carbonate futures rose 0.53% to 64,040 yuan/ton. The average price of battery-grade lithium carbonate dropped 650 yuan/ton to 64,600 yuan/ton, industrial-grade lithium carbonate dropped 650 yuan/ton to 62,950 yuan/ton, battery-grade lithium hydroxide (coarse particles) fell 220 yuan/ton to 66,090 yuan/ton, and battery-grade lithium hydroxide (micropowder) fell 220 yuan/ton to 71,235 yuan/ton. The warehouse receipt inventory decreased by 157 tons to 36,194 tons [3]. - In April, the production and sales of new energy vehicles reached 1.251 million and 1.226 million respectively, with year-on-year increases of 43.8% and 44.2%. The sales of new energy vehicles accounted for 47.3% of the total sales of new vehicles. Among them, domestic sales were 1.025 million, a month-on-month decrease of 5% and a year-on-year increase of 39.3%, accounting for 49.5% of domestic vehicle sales [3]. - On the supply side, weekly production cuts continue, and the total supply in May is expected to be lower than expected. On the demand side, the consumption of lithium carbonate by ternary and lithium iron phosphate in May is expected to increase slightly month-on-month. The inventory turnover days of lithium iron phosphate cathode materials have been continuously decreasing, and the ternary materials show a slight upward trend. The cell end remains prosperous. In terms of inventory, there was a slight destocking during the week, but the overall inventory level remains high, especially the downstream inventory [3]. - Overall, against the backdrop of a lack of obvious incremental demand, the decline in lithium ore prices and the relatively low reduction in supply still lead to a strong bearish sentiment in the market. Be vigilant against capital disturbances under short-term low valuations [3]. Summary by Directory 1. Research Views - Futures, spot prices, and warehouse receipt inventory changes of lithium carbonate and related products [3] - New energy vehicle production, sales, and market share data in April [3] - Supply, demand, and inventory situation analysis in May [3] - Overall market sentiment and risk warning [3] 2. Daily Data Monitoring - Price changes of various products in the lithium battery industry chain from May 9 - 12, 2025, including futures, lithium ores, lithium carbonates, lithium hydroxides, and other materials [5] - Price differentials between different grades of lithium carbonate and lithium hydroxide, and their changes [5] 3. Chart Analysis 3.1 Ore Prices - Charts showing the price trends of lithium spodumene concentrate, lithium mica, and other ores in 2024 - 2025 [6][8] 3.2 Lithium and Lithium Salt Prices - Charts presenting the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate in 2024 - 2025 [9][11][13] 3.3 Price Differentials - Charts depicting the price differentials between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant differentials in 2024 - 2025 [16][17][19] 3.4 Precursor & Cathode Materials - Charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium in 2024 - 2025 [21][24][27] 3.5 Lithium Battery Prices - Charts presenting the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries in 2024 - 2025 [29][31] 3.6 Inventory - Charts showing the inventory trends of downstream, smelters, and other links in 2024 - 2025 [34][36] 3.7 Production Costs - Chart depicting the production profit trends of lithium carbonate from different raw materials in 2024 - 2025 [38][39] 4. Research Team Introduction - Introduction of the non - ferrous research team members, including their educational backgrounds, positions, research directions, and professional achievements [42][43] 5. Contact Information - Company address, phone number, fax, customer service hotline, and postal code [46]