碳酸锂日报（2025年7月30日）-20250730

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Yesterday, the 2509 contract of lithium carbonate futures dropped 5.9% to 70,840 yuan/ton. The average price of battery - grade lithium carbonate decreased by 750 yuan/ton to 73,150 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 700 yuan/ton to 71,000 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) was 65,420 yuan/ton. The warehouse receipt inventory remained at 12,276 tons [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 decreased by 485 tons to 18,630 tons. In June 2025, China's lithium carbonate import volume was 17,700 tons, a month - on - month decrease of 16.3%. On the demand side, 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 550 tons to 143,170 tons. Among them, the downstream inventory increased by 1,544 tons to 42,815 tons, the intermediate link inventory increased by 1,660 tons to 44,970 tons, and the upstream inventory decreased by 2,654 tons to 55,385 tons [3]. - The core contradiction in the short - term fundamentals lies in the concern about supply disruptions. Currently, there is still no clear announcement, and affected by the overall market, the market volatility is relatively large. Opportunities to short volatility in the future market can be monitored [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 70,840 yuan/ton, down 2,280 yuan from the previous day; the closing price of the continuous contract was 70,460 yuan/ton, down 1,240 yuan [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 777 US dollars/ton, down 28 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,140 yuan/ton, down 25 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,775 yuan/ton, down 30 yuan; the price of amblygonite (Li2O: 6% - 7%) was 5,600 yuan/ton, down 300 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,500 yuan/ton, down 350 yuan [5]. - Lithium carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 73,150 yuan/ton, down 750 yuan; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 71,000 yuan/ton, down 700 yuan [5]. - Lithium hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) remained at 65,420 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) remained at 70,570 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) remained at 60,320 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained at 8.28 US dollars/kg [5]. - Lithium hexafluorophosphate: The price of lithium hexafluorophosphate remained at 53,250 yuan/ton [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate was 2,150 yuan/ton, down 50 yuan; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 7,730 yuan/ton, up 750 yuan; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 6,208.89 yuan/ton, up 36 yuan [5]. - Precursors and cathode materials: The prices of some ternary precursors and cathode materials changed slightly. For example, the price of ternary precursor 523 (polycrystalline/power type) increased by 40 yuan/ton to 75,795 yuan/ton, and the price of cobalt acid lithium (60%, 4.35V/domestic) increased by 50 yuan/ton to 220,450 yuan/ton [5]. - Batteries: The price of 523 square ternary battery cells increased by 0.001 yuan/Wh to 0.384 yuan/Wh, and the price of square lithium iron phosphate battery cells increased by 0.002 yuan/Wh to 0.323 yuan/Wh [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts present the price trends of metal 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 [9][11][13]. 3.2.3 Price Differences - Charts display the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and the basis from 2024 to 2025 [16][17][19]. 3.2.4 Precursors and Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [21][24][27]. 3.2.5 Lithium Battery Prices - Charts present the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [29][31]. 3.2.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from December 2024 to July 2025 [34][36]. 3.2.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, purchased lithium iron phosphate pole piece black powder, purchased lithium mica concentrate, and purchased lithium spodumene concentrate from 2024 to 2025 [38][39]. 3.3 Research Team and Contact Information - The non - ferrous research team members include Zhan Dapeng, Wang Heng, and Zhu Xi, each with their own educational backgrounds, research directions, and professional qualifications [42][43]. - The company's address is in Shanghai, with a phone number, fax number, customer service hotline, and postal code provided [46].