TMD(SZ:000762) Guo Mao Qi Huo·2025-06-10 03:36Report Industry Investment Rating - Not provided Core Viewpoint - Boosted by sentiment and minor restocking by downstream industries, the price of lithium carbonate rebounded. However, the contradiction of continuous decline in ore prices remains unchanged. After the price rebound, the supply of lithium carbonate increased rapidly while demand leveled off. It is expected that the price of lithium carbonate will return to a weaker trend following the downstream restocking rhythm [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 60,250 yuan, up 50 yuan; the average price of SMM industrial - grade lithium carbonate is 58,650 yuan, up 50 yuan [1] Futures Contract Prices - The closing price of lithium carbonate 2506 is 60,540 yuan, with a 0.2% increase; lithium carbonate 2507 is 60,700 yuan, with a - 0.16% decrease; lithium carbonate 2508 is 60,980 yuan, with a - 0.2% decrease; lithium carbonate 2509 is 60,960 yuan, with a - 0.33% decrease; lithium carbonate 2510 is 61,140 yuan, with a - 0.23% decrease [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 628 yuan, up 2 yuan; lithium mica (Li20: 1.5% - 2.0%) is 675 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1185 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 5620 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 6540 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,385 yuan, up 80 yuan; ternary material 811 (polycrystalline/power type) is 144,280 yuan, down 170 yuan; ternary material 523 (single - crystal/power type) is 114,705 yuan, down 50 yuan; ternary material 613 (single - crystal/power type) is 121,705 yuan, down 150 yuan [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the difference between battery - grade lithium carbonate and the main contract product is - 450 yuan, down 210 yuan; the difference between the near - month and the next - month contract is - 280 yuan, up 140 yuan; the difference between the near - month and the second - next - month contract is - 260 yuan, up 220 yuan [2] Inventory - The total inventory (weekly, tons) is 132,432 tons, up 861 tons; the inventory of smelters (weekly, tons) is 57,116 tons, up 881 tons; the inventory of downstream industries (weekly, tons) is 41,076 tons, down 540 tons; other inventory (weekly, tons) is 34,240 tons, up 520 tons; the registered warehouse receipts (daily, tons) is 33,119 tons, down 190 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,831 yuan, and the profit is - 1421 yuan; the cash cost of purchasing lithium mica concentrate externally is 64,355 yuan, and the profit is - 6439 yuan [3] Industry News - Tibet Mining cut the price by 75% and continued to sell its lithium assets. On June 2nd, it adjusted the listing price of 100% equity of Ziyin Zhabuye Lithium Industry Co., Ltd. to 176.9213 million yuan. Since September 2022, it has tried to sell this subsidiary multiple times. The initial listing price of 684 million yuan received no bids, and now the price has dropped by 75% compared to the first listing price but still has no takers [3]