锂价进入磨底区间，关税下调抢出口或提振需求

Investment Rating - The report maintains a "Strong Buy" rating for the lithium sector, indicating a positive outlook for the industry [3]. Core Insights - Lithium prices have entered a bottoming phase, with recent tariff reductions between China and the US potentially boosting demand for lithium carbonate and related products [1]. - Domestic lithium carbonate production is projected to reach approximately 75,500 tons in May, reflecting a month-on-month increase of 20.7% [1]. - The production of lithium iron phosphate is expected to be 276,000 tons, with a month-on-month increase of 39.7% [1]. - The report highlights a significant year-on-year growth in new energy vehicle sales, with a 48.3% increase in production and sales in April [1]. - The recent decline in lithium futures prices to 61,800 CNY/ton and spot prices to 64,500 CNY/ton indicates a challenging market environment, but the underlying demand from the automotive sector remains strong [1]. Summary by Sections Lithium Market - The average market price for industrial-grade lithium carbonate is reported at 63,700 CNY/ton, a week-on-week increase of 0.39%, while battery-grade lithium hydroxide has decreased by 1.5% to 66,000 CNY/ton [2][13]. - Supply remains stable with high operating rates among self-owned mining companies, although some recycling enterprises have reduced production due to cost pressures [2][14]. - Demand from downstream sectors is high, but growth rates are slowing, with many companies focusing on inventory consumption rather than new purchases [2][14]. Nickel Market - The LME nickel price has decreased by 1.0% to 15,648 CNY/ton, while SHFE nickel inventory has dropped by 1.1% to 22,300 tons [17][19]. - Domestic nickel sulfate production is expected to be 31,000 tons, reflecting a decrease in operating rates due to cost pressures [18]. Rare Earth & Magnetic Materials - Rare earth prices have shown an upward trend, with praseodymium-neodymium oxide averaging 436,000 CNY/ton, a 3.07% increase [21]. - Supply expectations are declining, with most upstream separation enterprises maintaining normal production levels [24]. - Demand is gradually releasing, with improved expectations for exports due to reduced tariffs, although concerns about export controls remain [24].