花旗：中国电池材料_锂进入 7 月第二周 - 电池制造商、贸易商库存持续增加

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [2]. Core Insights - The inventory of lithium held by battery makers and traders has increased by 6% week-over-week (WoW) and 18% month-over-month (MoM), reaching 41,430 tons, indicating a potential accumulation strategy by major battery makers in anticipation of strong production or possible future disruptions [1]. - The average selling price (ASP) for lithium carbonate (Li2CO3) and lithium hydroxide (LiOH) showed mixed results, with Li2CO3 priced at Rmb63.7k/ton and LiOH at Rmb57.4k/ton as of July 10, 2025, compared to Rmb62.1k/ton and Rmb57.6k/ton the previous week [1]. - China's Li2CO3 production increased by 4% WoW to 18,813 tons, with contributions from various sources: brine (+2%), lepidolite (+5%), spodumene (+5%), and recycling (-1%) [1]. Summary by Sections Inventory Analysis - Total inventory of Li2CO3 reached 140,793 tons this week, reflecting a 2% increase WoW. The inventory breakdown includes downstream players (40,765 tons, +1% WoW), smelters (58,598 tons, 0% change), and battery makers/traders (41,430 tons, +6% WoW) [1]. Production Insights - The production of Li2CO3 in China was reported at 18,813 tons, marking a 4% increase WoW. The production from brine, lepidolite, and spodumene sources saw increases of 2%, 5%, and 5% respectively, while recycling output decreased by 1% WoW [1].