Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The lithium carbonate futures 2509 contract rose 2.53% to 71,280 yuan/ton yesterday. The average price of battery - grade lithium carbonate increased by 1,350 yuan/ton to 68,000 yuan/ton, the average price of industrial - grade lithium carbonate increased by 1,300 yuan/ton to 66,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose by 600 yuan/ton to 63,379 yuan/ton. The warehouse receipt inventory decreased by 270 tons to 9,969 tons [3]. - Jiangte Motor's wholly - owned subsidiary, Yichun Yinli New Energy Co., Ltd., will shut down for equipment maintenance on July 25, 2025, with an expected maintenance time of 26 days. Zimbabwe's state - owned mining enterprise Kuvimba Mining House plans to break ground on a concentrator with an annual processing capacity of 600,000 tons of lithium concentrate at its Sandawana mine in the third quarter of this year, with a total investment of $270 million and is expected to be put into operation in early 2027 [3]. - In terms of supply, the output in July is expected to increase by 3.9% month - on - month to 81,150 tons, and the weekly output increased by 302 tons to 19,115 tons. Among them, lithium extraction from spodumene increased by 330 tons to 9,324 tons, lithium extraction from lepidolite increased by 25 tons to 5,100 tons, lithium extraction from salt lakes increased by 17 tons to 3,282 tons, and lithium extraction from recycled materials decreased by 70 tons to 1,409 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3% and a year - on - year decrease of 9.6%. In terms of demand, the production schedule in July increased slightly month - on - month, and the consumption of lithium carbonate by the two major main materials increased by 3% month - on - month to about 80,800 tons. In terms of inventory, the weekly inventory increased by 1,827 tons to 142,620 tons, among which the downstream inventory increased by 506 tons to 41,271 tons, the intermediate link inventory increased by 1,880 tons to 43,310 tons, and the upstream inventory decreased by 559 tons to 58,039 tons [3]. - The market sentiment continues to improve, the news is constantly fermenting, the warehouse receipts continue to decrease, and the price of lithium ore continues to rise. In the short term, it may still stimulate the price to rise. Attention should be paid to the warehouse receipt inventory [3]. Group 3: Summary by Relevant Catalogs 2. Daily Data Monitoring - Futures: The closing price of the main contract was 71,280 yuan/ton, up 1,320 yuan from July 18; the closing price of the continuous contract was 71,260 yuan/ton, up 1,380 yuan [5]. - Lithium ore: The price of spodumene concentrate (6%, CIF China) was $730/ton, up $19; the price of lepidolite (Li2O: 1.5% - 2.0%) was 990 yuan/ton, up 45 yuan; the price of lepidolite (Li2O: 2.0% - 2.5%) was 1,545 yuan/ton, up 40 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,175 yuan/ton, up 225 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,075 yuan/ton, up 250 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 68,000 yuan/ton, up 1,350 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 66,350 yuan/ton, up 1,300 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 58,220 yuan/ton, up 600 yuan; the price of battery - grade lithium hydroxide (micropowder) was 63,370 yuan/ton, up 600 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 52,870 yuan/ton, up 600 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was $8.05/kg, unchanged [5]. - Lithium hexafluorophosphate: The price was 50,250 yuan/ton, up 750 yuan [5]. - Price differences: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 1,650 yuan/ton, up 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 9,780 yuan/ton, down 750 yuan; CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 644.79 yuan/ton, down 581 yuan [5]. - Precursor and cathode materials: The prices of ternary precursor 523 (polycrystalline/power type) and ternary precursor 523 (single - crystal/consumer type) were unchanged at 75,375 yuan/ton and 75,760 yuan/ton respectively; the price of ternary material 523 (polycrystalline/consumer type) was 107,000 yuan/ton, up 300 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 111,210 yuan/ton, up 170 yuan [5]. - Cells and batteries: The prices of 523 square ternary cells, 523 soft - pack ternary cells, 523 cylindrical ternary batteries, square lithium iron phosphate cells, square lithium iron phosphate cells (small power type), and square lithium iron phosphate batteries were unchanged, while the price of cobalt - acid lithium cells was 5.53 yuan/Ah, up 0.01 yuan [5]. 3. Chart Analysis - 3.1 Ore Prices: The report provides charts of the prices of spodumene concentrate (6%, CIF), lepidolite (1.5% - 2.0%), lepidolite (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. - 3.2 Lithium and Lithium Salt Prices: Charts of the prices of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 are presented [11][13][15]. - 3.3 Price Differences: Charts of the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide, and the basis from 2024 to 2025 are shown [18][20]. - 3.4 Precursor & Cathode Materials: Charts of the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt - acid lithium from 2024 to 2025 are included [22][25][28]. - 3.5 Lithium Battery Prices: Charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 are provided [31][33]. - 3.6 Inventory: Charts of downstream inventory, smelter inventory, and other环节 inventory of lithium carbonate from November 2024 to July 2025 are presented [36][38]. - 3.7 Production Cost: A chart of the production cost of lithium carbonate, including cash production profit from purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from 2024 to 2025, is shown [40].
碳酸锂日报（2025年7月22日）-20250722
Guang Da Qi Huo·2025-07-22 02:42