碳酸锂日报（2025 年 5 月 30 日）-20250530

1. Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the content 2. Core Viewpoints of the Report - On May 29, 2025, the 2507 contract of lithium carbonate futures dropped 2.23% to 58,860 yuan/ton. The average price of battery - grade lithium carbonate decreased by 600 yuan/ton to 60,900 yuan/ton, and the average price of industrial - grade lithium carbonate also fell by 600 yuan/ton to 59,300 yuan/ton. The prices of battery - grade lithium hydroxide (coarse particles) and battery - grade lithium hydroxide (micronized powder) decreased by 400 yuan/ton each. The warehouse receipt inventory increased by 30 tons to 33,884 tons [3]. - Lithium ore prices continued to decline. The weekly output increased by 487 tons to 16,580 tons, with mica output increasing by 370 tons to 4,382 tons. Some enterprises plan to resume production in June, and the output is expected to increase further. On the demand side, the inventory of cathode materials has been continuously digested, especially the inventory turnover days of lithium iron phosphate have significantly decreased. The terminal sales are still strong, and the penetration rate remains high. The weekly inventory decreased by 208 tons to 131,571 tons, with downstream, intermediate, and upstream inventories all decreasing [3]. - The fundamentals are still bearish. However, from the capital side, the ratio of positions to inventory is deviated, and the current lithium carbonate price is basically at a relatively low level. The game between long and short positions has intensified price fluctuations [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - Price changes: Futures, spot, and various lithium - related product prices showed a downward trend, while the price of battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) remained unchanged. The price difference between battery - grade and industrial - grade lithium carbonate remained stable, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 200 yuan/ton [3][5]. - Supply and demand: Supply increased, and some enterprises plan to resume production in June. Demand showed a situation where cathode inventory was digested, the cell end slowed down, but terminal sales were strong [3]. - Inventory: The overall inventory decreased, with downstream, intermediate, and upstream inventories all showing a downward trend [3]. 3.2 Daily Data Monitoring - A detailed list of price changes of various products in the lithium - battery industry chain from May 28 to May 29, 2025, is provided, including futures, lithium ore, lithium carbonate, lithium hydroxide, lithium hexafluorophosphate, precursors, cathode materials, cells, and batteries [5]. 3.3 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and amblygonite from 2024 to 2025 [6][7][8]. - Lithium and lithium salt prices: Charts display the price trends of metallic lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][10][11]. - Price differences: Charts present the price differences 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 [16][17][19]. - Precursors and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [21][22][24]. - 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 [29][30][31]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from September 26, 2024, to May 15, 2025 [34][35][36]. - Production cost: A chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39]