Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The current core contradiction lies in the downstream's strategy of "purchasing only for immediate needs + multiple small - batch purchases", and there is no production cut at the mining end. In the short term, the purchase by downstream traders drives the price to rebound, but the inventory is not actually absorbed by the end - users, giving hedging space to the lithium salt end and further creating upward pressure. In the short term, the futures price of lithium carbonate is expected to be mainly in a weak oscillation [3]. 3. Summary by Relevant Content Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 61,150 with an increase of 550; SMM industrial - grade lithium carbonate has an average price of 59,550 with an increase of 550 [1]. Lithium Futures - Futures contracts such as lithium carbonate 2507, 2508, 2509, 2510, and 2511 all show price increases, with price increases of 3.03%, 3.06%, 3.33%, 3.23%, and 3.27% respectively [1]. Lithium Ore Prices - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) has an average price of 629 with an increase of 4; lithium mica (Li20: 1.5% - 2.0%) has an average price of 720 with an increase of 20; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1255 with an increase of 20; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 4450 with a decrease of 200; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 5300 with a decrease of 200 [1][2]. Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,455 with an increase of 130; the average price of ternary material 811 (polycrystalline/power type) is 142,600 with a decrease of 30; the average price of ternary material 523 (single - crystal/power type) is 114,455 with an increase of 130; the average price of ternary material 613 (single - crystal/power type) is 120,235 with a decrease of 20 [2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 with no change; the price spread between battery - grade lithium carbonate and the main contract is - 2150 with a decrease of 1250; the price spread between the near - month and the first - continuous contract is - 100 with a decrease of 20; the price spread between the near - month and the second - continuous contract is - 60 with a decrease of 140 [2]. Inventory - The total inventory (weekly, tons) is 136,837 with an increase of 1936; the inventory of smelters (weekly, tons) is 59,032 with an increase of 407; the inventory of downstream (weekly, tons) is 40,635 with an increase of 269; the inventory of others (weekly, tons) is 37,170 with an increase of 1260; the registered warehouse receipts (daily, tons) is 21,998 with a decrease of 592 [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,767, and the profit is - 466; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 7131 [3]. Industry News - Zimbabwe will ban the export of lithium concentrate from 2027 to further promote local processing. It has already banned the export of lithium ore in 2022 [3].
碳酸锂数据日报-20250630
Guo Mao Qi Huo·2025-06-30 06:21