碳酸锂：仓单延续下行，关注供给实质变化

Group 1: Report Overview - Report date: July 17, 2025 [1] - Report title: Lithium Carbonate: Warehouse Receipts Continue to Decline, Focus on Substantial Changes in Supply [1] Group 2: Investment Rating - Not provided Group 3: Core Viewpoints - The trend strength of lithium carbonate is 1, indicating a neutral market sentiment [4] Group 4: Fundamental Tracking Futures Market - 2509 contract: The closing price was 66,420, down 240 from the previous day; the trading volume was 478,114, down 285,914; the open interest was 340,618, down 1,528 [2] - 2511 contract: The closing price was 65,840, down 260 from the previous day; the trading volume was 52,548, down 34,089; the open interest was 108,026, down 606 [2] Warehouse Receipts - The warehouse receipt volume was 10,655 hands, down 548 from the previous day [2] Basis - Spot - 2509: -1,470, up 290 from the previous day [2] - Spot - 2511: -890, up 310 from the previous day [2] - 2509 - 2511: 580, up 20 from the previous day [2] Raw Materials - Lithium spodumene concentrate (6%, CIF China): 685, up 4 from the previous day [2] - Lithium mica (2.0% - 2.5%): 1,450, unchanged from the previous day [2] Lithium Salts - Battery - grade lithium carbonate: 64,950, up 50 from the previous day [2] - Industrial - grade lithium carbonate: 63,350, up 50 from the previous day [2] Other Products - Lithium iron phosphate (power type): 31,345, up 15 from the previous day [2] - Ternary material 523 (polycrystalline/consumer type): 106,300, up 30 from the previous day [2] Group 5: Macro and Industry News - SMM battery - grade lithium carbonate index price was 64,779 yuan/ton, up 90 yuan/ton from the previous day; the average price of battery - grade lithium carbonate was 64,950 yuan/ton, up 50 yuan/ton; the average price of industrial - grade lithium carbonate was 63,350 yuan/ton, up 50 yuan/ton [3] - In June 2025, the production and sales of new energy vehicles increased rapidly year - on - year. Domestic sales increased both month - on - month and year - on - year, while exports decreased month - on - month but increased year - on - year. Production was 1.268 million vehicles, up 26.4% year - on - year; sales were 1.329 million vehicles, up 26.7% year - on - year; exports were 205,000 vehicles, down 3.6% month - on - month and up 140% year - on - year [3][4]