光大期货碳酸锂日报-20250723

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The 2509 contract of lithium carbonate futures rose 2.71% to 7,2880 yuan/ton yesterday. The average price of battery - grade lithium carbonate increased by 1,100 yuan/ton to 6,9100 yuan/ton, the average price of industrial - grade lithium carbonate increased by 1,100 yuan/ton to 6,7450 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose by 500 yuan/ton to 5,8720 yuan/ton. The warehouse receipt inventory increased by 120 tons to 10,089 tons [3]. - In July, the output 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. 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 July, the production schedule 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. The weekly inventory increased by 1,827 tons to 142,620 tons [3]. - The market sentiment continues to improve, the news is fermenting, the warehouse receipts continue to decrease, and the price of lithium ore continues to rise. In the short term, it may still stimulate price increases. Attention should be paid to the warehouse receipt inventory [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 7,2880 yuan/ton, up 1,600 yuan; the closing price of the continuous contract was 7,2800 yuan/ton, up 1,540 yuan [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) was 742 US dollars/ton, up 12 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,030 yuan/ton, up 40 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,590 yuan/ton, up 45 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,400 yuan/ton, up 225 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,325 yuan/ton, up 250 yuan [5]. - Lithium Carbonate and Lithium Hydroxide: The price of battery - grade lithium carbonate increased by 1,100 yuan/ton, the price of industrial - grade lithium carbonate increased by 1,100 yuan/ton, and the price of battery - grade lithium hydroxide increased by 500 yuan/ton [5]. - Hexafluorophosphate Lithium: The price of hexafluorophosphate lithium was 50,750 yuan/ton, up 500 yuan [5]. - Price Spreads: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 1,650 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 10,380 yuan/ton, down 600 yuan [5]. - Precursors and Cathode Materials: The prices of various precursors and cathode materials generally increased slightly, with increases ranging from 30 yuan/ton to 500 yuan/ton [5]. - Cells and Batteries: Most cell and battery prices remained unchanged, except for the cobalt - acid lithium cell, which increased by 0.01 yuan/Ah [5]. 3.2 Chart Analysis - Ore Prices: Charts 1 - 4 show the price trends of lithium spodumene concentrate, lithium mica, and amblygonite from 2024 to 2025 [6][8] - Lithium and Lithium Salt Prices: Charts 5 - 10 show the price trends of metal lithium, lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [12][14][16] - Price Spreads: Charts 11 - 15 show the price spreads between different lithium products and the basis from 2024 to 2025 [19][20][21] - Precursors and Cathode Materials: Charts 16 - 20 show the price trends of precursors and cathode materials from 2024 to 2025 [23][26][29] - Lithium Battery Prices: Charts 21 - 24 show the price trends of lithium battery cells and batteries from 2024 to 2025 [32][34] - Inventory: Charts 25 - 27 show the inventory trends of downstream, smelters, and other links from November 2024 to July 2025 [37][39] - Production Costs: Chart 28 shows the production cost trends of lithium carbonate from different raw materials from 2024 to 2025 [41] 3.3 Research Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily & Securities Times [45]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [46]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [46]