碳酸锂日报-20250514

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On May 13, 2025, the 2507 contract of lithium carbonate futures dropped 0.69% to 63,220 yuan/ton. The average price of battery - grade lithium carbonate remained at 64,600 yuan/ton, and the average price of industrial - grade lithium carbonate remained at 62,950 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton to 65,990 yuan/ton, and that of battery - grade lithium hydroxide (micropowder) also decreased by 100 yuan/ton to 71,135 yuan/ton. The warehouse receipt inventory increased by 250 tons to 36,444 tons [3]. - On the supply side, weekly production cuts continued, and the total supply in May was lower than expected. On the demand side, the consumption of lithium carbonate by ternary and lithium iron phosphate in May was expected to increase slightly month - on - month. The inventory turnover days of lithium iron phosphate cathode materials decreased continuously, and the ternary materials showed a slight upward trend. The cell end remained prosperous. In terms of inventory, there was a slight destocking during the week, but the overall inventory level remained high, especially the downstream inventory [3]. - In general, against the background of a lack of obvious increase in demand, the decline in lithium ore prices and the relatively small reduction in supply still led to a strong bearish sentiment in the market. Attention should be paid to the capital disturbance under short - term low valuations [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 63,220 yuan/ton, down 820 yuan from the previous day; the closing price of the continuous contract was 63,200 yuan/ton, down 960 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 714 US dollars/ton, down 5 US dollars; the price of lithium mica (Li₂O: 1.5% - 2.0%) was 760 yuan/ton, down 10 yuan; the price of lithium mica (Li₂O: 2.0% - 2.5%) was 1360 yuan/ton, down 15 yuan; the price of amblygonite (Li₂O: 6% - 7%) was 6300 yuan/ton, down 75 yuan; the price of amblygonite (Li₂O: 7% - 8%) was 7340 yuan/ton, down 85 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 64,600 yuan/ton, and the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 62,950 yuan/ton [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 65,990 yuan/ton, down 100 yuan; the price of battery - grade lithium hydroxide (micropowder) was 71,135 yuan/ton, down 100 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 59,980 yuan/ton, down 100 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 8.55 US dollars/kg, down 0.1 US dollars [5]. - Lithium hexafluorophosphate: The price remained at 54,000 yuan/ton [5]. - Spread: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 1650 yuan/ton; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was 1390 yuan/ton, down 100 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 4437.7 yuan/ton, down 685 yuan [5]. - Precursor and cathode materials: Most prices remained unchanged, with only slight decreases in some products such as ternary material 523 (single - crystal/power type), ternary material 622 (polycrystalline/consumer type), ternary material 811 (power type), and cobalt acid lithium (60%, 4.35V/domestic) [5]. - Cells and batteries: The price of 523 cylindrical ternary batteries increased by 0.2 yuan, while most other cell and battery prices remained unchanged [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. - Lithium and lithium salt prices: Charts display the price trends of metal lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [9][11][13]. - Spread: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide - battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) - domestic, and basis from 2024 to 2025 [16][17][19]. - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [21][24][27]. - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from September 12, 2024, to May 1, 2025 [35][36][38]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, and 外购锂辉石精矿 from 2024 to 2025 [39][40]