碳酸锂日报（2025 年 6 月 20 日）-20250620

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On June 19, 2025, the 2509 contract of lithium carbonate futures fell 0.17% to 60,060 yuan/ton. The average price of battery - grade lithium carbonate remained at 60,450 yuan/ton, and the average price of industrial - grade lithium carbonate remained at 58,850 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 250 yuan/ton to 59,170 yuan/ton, and the price of battery - grade lithium hydroxide (micropowder) dropped 250 yuan/ton to 64,320 yuan/ton. The warehouse receipt inventory decreased by 10 tons to 29,957 tons [4]. - On the supply side, the weekly output increased by 335 tons to 18,462 tons, with the increase mainly from lithium extraction from spodumene. Lithium extraction from lepidolite and salt lakes increased slightly, while lithium extraction from recycling decreased slightly. The supply in June showed a significant month - on - month growth rate. On the demand side, the actual consumption of lithium carbonate increased slightly month - on - month. On the inventory side, the weekly inventory increased by 1,352 tons to 134,901 tons, with upstream inventory increasing by 972 tons to 58,265 tons, downstream inventory decreasing by 320 tons to 40,366 tons, and intermediate inventory increasing by 700 tons to 35,910 tons. Currently, there are no new production suspension or reduction actions at the mine end, and the oversupply situation will expand in June. Also, the price of lithium ore lags behind. If the price of lithium salt rises rapidly, production and hedging incentives will emerge again, putting pressure on prices [4]. - The current price is basically at the stage - bottom range. The game between long and short positions intensifies, and the price may be affected by capital fluctuations, but there is no inflection point in the actual fundamentals [4]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - The report presents the price changes of various products in the lithium - battery industry chain from June 18 to June 19, 2025, including futures, lithium ores, lithium carbonates, lithium hydroxides, lithium hexafluorophosphate, etc. For example, the main contract closing price of futures increased by 180 yuan/ton to 60,060 yuan/ton, and the price of lithium hexafluorophosphate decreased by 100 yuan/ton to 52,150 yuan/ton [6]. - It also shows price differences such as the difference between battery - grade and industrial - grade lithium carbonate, and the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate. For instance, the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 250 yuan/ton to - 1,280 yuan/ton [6]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate (6%, CIF China), lepidolite (with different Li₂O contents), and lithiophilite (with different Li₂O contents) from 2024 to 2025 [7][9]. 3.2.2 Lithium and Lithium Salt Prices - Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [13][15][17]. 3.2.3 Price Differences - Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc., from 2024 to 2025 [20][22]. 3.2.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [24][27][30]. 3.2.5 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 [33][35]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from October 31, 2024, to June 19, 2025 [38][40]. 3.2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉, lithium mica concentrate, and spodumene concentrate from 2024 to 2025 [42]. 3.3 Research Team Introduction - The research team includes Zhan Dapeng, the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience and many awards [46]. - Wang Heng, a non - ferrous researcher at Everbright Futures Research Institute, focuses on aluminum and silicon research and has made contributions to risk management for listed companies [47]. - Zhu Xi, a non - ferrous researcher at Everbright Futures Research Institute, focuses on lithium and nickel research and the integration of non - ferrous metals and new energy [47].