Report Industry Investment Rating - No information provided Core View of the Report - The industry is expected to be weak in the short term. Supply increased due to price hikes, while material demand remained stable. The cost of lithium carbonate decreased, creating a negative feedback loop that requires mine-side production cuts to break, but this has not occurred yet [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 60,700 yuan, down 200 yuan; SMM industrial - grade lithium carbonate average price is 59,100 yuan, down 200 yuan [1] - Futures contracts: lithium carbonate 2506 closed at 59,840 yuan, up 1.39%; lithium carbonate 2507 closed at 59,800 yuan, up 1.22%; lithium carbonate 2508 closed at 59,860 yuan, up 0.81%; lithium carbonate 2509 closed at 59,840 yuan, up 0.84%; lithium carbonate 2510 closed at 59,960 yuan, up 1.11% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 676 yuan, down 1 yuan; lithium mica (Li20: 1.5% - 2.0%) is 297 yuan, down 5 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1200 yuan, down 10 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 5790 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 6765 yuan, down 50 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 30,480 yuan, down 40 yuan; the average price of ternary material 811 (polycrystalline/power type) is 144,870 yuan, down 140 yuan; the average price of ternary material 523 (single - crystal/power type) is 115,005 yuan, down 80 yuan; the average price of ternary material 613 (single - crystal/power type) is 122,205 yuan, down 130 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is 900 yuan, down 1140 yuan; the price spread between the near - month and the first - continuous contract is 40 yuan, down 20 yuan; the price spread between the near - month and the second - continuous contract is - 20 yuan, up 240 yuan [2] Inventory - Total inventory (weekly, tons) is 131,571 tons, down 208 tons; smelter inventory (weekly, tons) is 56,235 tons, down 780 tons; downstream inventory (weekly, tons) is 41,616 tons, up 752 tons; other inventory (weekly, tons) is 33,720 tons, down 180 tons; registered warehouse receipts (daily, tons) is 33,457 tons, down 427 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 65,481 yuan, with a profit of - 5626 yuan; the cash cost of purchasing lithium mica concentrate is 65,565 yuan, with a profit of - 7208 yuan [3] Industry News - South Africa launched a critical minerals development strategy, classifying minerals into different levels of criticality, including lithium as a medium - criticality mineral [3]
碳酸锂数据日报-20250603
Guo Mao Qi Huo·2025-06-03 09:51