碳酸锂日报（2025 年 5 月 28 日）-20250528

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The lithium carbonate futures 2507 contract rose 0.86% to 60,920 yuan/ton yesterday. The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 62,000 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 500 yuan/ton to 60,400 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 200 yuan/ton to 64,220 yuan/ton, and the price of battery - grade lithium hydroxide (micronized) dropped 200 yuan/ton to 69,365 yuan/ton. The warehouse receipt inventory decreased by 825 tons to 34,154 tons [3]. - Lithium ore prices continued to decline, with FM lithium spodumene quoted at around 645 US dollars/ton. The weekly output decreased compared to the previous period. A lithium salt plant's technical renovation was expected to affect the output by 1,500 tons per month, but some enterprises planned to resume production in June after previous overhauls. On the demand side, the inventory of cathode materials was continuously digested, especially the inventory turnover days of lithium iron phosphate had significantly decreased. The cell end slowed down, but the terminal sales were still strong, and the penetration rate remained high. The weekly inventory decreased compared to the previous period, with an increase in the upstream and a decrease in other links and downstream inventory [3]. - The downstream raw material inventory still needs to be digested, and the procurement activity is not strong. The upstream mines have not substantially reduced production, and lithium carbonate can be considered to exist in the form of lithium ore. The fundamental situation is still bearish. However, from the capital side, on one hand, the ratio of positions to inventory is quite deviated, and on the other hand, the current lithium carbonate price is basically in the lower - end range, resulting in intensified price fluctuations due to the game between long and short positions [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 60,920 yuan/ton, up 820 yuan from the previous day; the closing price of the continuous contract was 60,900 yuan/ton, up 640 yuan [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) was 686 US dollars/ton, down 2 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained unchanged at 700 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,250 yuan/ton, down 10 yuan; the price of lithiophilite (Li2O: 6% - 7%) was 5,950 yuan/ton, down 25 yuan; the price of lithiophilite (Li2O: 7% - 8%) was 6,950 yuan/ton, down 25 yuan [5]. - Lithium Carbonate: The average price of battery - grade lithium carbonate was 62,000 yuan/ton, down 500 yuan; the average price of industrial - grade lithium carbonate was 60,400 yuan/ton, down 500 yuan [5]. - Lithium Hydroxide: The price of battery - grade lithium hydroxide (coarse particles, domestic) was 64,220 yuan/ton, down 200 yuan; the price of battery - grade lithium hydroxide (micronized) was 69,365 yuan/ton, down 200 yuan; the price of industrial - grade lithium hydroxide (coarse particles, domestic) was 58,200 yuan/ton, down 200 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged at 8.4 US dollars/kg [5]. - Lithium Hexafluorophosphate: The price was 53,500 yuan/ton, down 150 yuan [5]. - Price Differences: The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 300 yuan to 2,220 yuan/ton; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide increased by 236 yuan to - 3,844.16 yuan/ton [5]. - Precursors and Cathode Materials: The prices of various precursors and cathode materials such as ternary precursors and lithium iron phosphate generally decreased slightly, while some remained unchanged [5]. - Cells and Batteries: The prices of most cells and batteries remained stable, with only a slight decrease in the price of 523 square ternary cells [5]. 3.2 Chart Analysis - Ore Prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and lithiophilite from 2024 to 2025 [6][8][10]. - Lithium and Lithium Salt Prices: Charts display the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][13][15]. - Price Differences: Charts present the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025 [18][19][20]. - Precursors and Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [22][25][28]. - 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 [31][33]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from September 2024 to May 2025 [36][37][38]. - Production Costs: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [40][41].