碳酸锂日报-20250606

Report Title - Carbonate Lithium Daily Report (June 6, 2025) [1] Report Investment Rating - Not mentioned Core Viewpoints - The previous day, the 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Spot prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and battery-grade lithium hydroxide (micropowder) all declined. The warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - Lithium ore prices continued to fall. On the supply side, the weekly output increased by 891 tons to 17,471 tons, with expected further increase in June. On the demand side, cathode production data was average, but cathode inventory was digested, and terminal sales were strong. The weekly inventory increased by 861 tons to 132,432 tons, with downstream inventory slightly decreasing and upstream and intermediate inventories increasing [3]. - Overall, the fundamentals have not substantially improved, and intensified gaming should be noted at current price levels [3]. Summary by Directory 1. Research Views - Futures and Spot Prices: The 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Battery-grade lithium carbonate average price dropped 50 yuan/ton to 60,200 yuan/ton, industrial-grade lithium carbonate average price fell 50 yuan/ton to 58,600 yuan/ton, battery-grade lithium hydroxide (coarse particles) decreased 150 yuan/ton to 62,270 yuan/ton, and battery-grade lithium hydroxide (micropowder) dropped 150 yuan/ton to 67,415 yuan/ton. Warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - Supply - Side Analysis: Weekly output increased by 891 tons to 17,471 tons. Lithium extraction from spodumene, mica, and salt lakes increased, while that from recycled materials decreased. With some enterprises planning to resume production in June, the output is expected to increase by 9.4% to 78,900 tons [3]. - Demand - Side Analysis: Cathode production data was average, but cathode inventory was continuously digested, especially the inventory turnover days of lithium iron phosphate significantly decreased. The cell end continued to slow down, but terminal sales were still remarkable, and the penetration rate remained high [3]. - Inventory Analysis: Weekly inventory increased by 861 tons to 132,432 tons. Downstream inventory decreased slightly, while upstream and intermediate inventories increased [3]. 2. Daily Data Monitoring - Lithium - Related Product Prices: Most prices of lithium - related products in the lithium - ion battery industry chain declined, such as lithium carbonate, lithium hydroxide, and some precursors. Some prices remained unchanged, like lithium mica, battery - grade lithium hydroxide (CIF China, Japan, and South Korea), and hexafluorophosphate lithium [5]. - Price Spreads: The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan/ton, while the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged [5]. 3. Chart Analysis - Ore Prices: Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and lithiophilite from 2024 to 2025 [6][8]. - Lithium and Lithium Salt Prices: Charts present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][15]. - Price Spreads: Charts display the spreads between different lithium - related products, including battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc., from 2024 to 2025 [18][19][20]. - Precursor 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 [22][24][27]. - Lithium Battery Prices: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32]. - Inventory: Charts show the inventory trends of downstream, smelters, and other sectors from October 2024 to May 2025 [35][37]. - Production Costs: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [39][40]