碳酸锂日报-20250801

Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The 2509 contract of lithium carbonate futures dropped 4.66% to 6,8280 yuan/ton. The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate fell by 950 yuan/ton to 69,900 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton. The warehouse receipts were concentrated for cancellation, and the inventory decreased by 7,586 tons to 5,545 tons [3]. - Recently, Australian mining companies have successively disclosed their financial reports, with many companies showing a month - on - month increase in production and sales. Overseas lithium ore supply remains stable and abundant. At the performance interpretation meeting of CATL's semi - annual report, the company's management stated that its lithium ore project is operating normally, and the application materials for the renewal of the mining right have been submitted to provincial and municipal authorities a month ago, and the enterprise is relatively optimistic [3]. - On the supply side, the weekly output decreased by 1,362 tons to 17,268 tons, with a significant decline in lithium extraction from mica. 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 decreased by 1,444 tons to 141,726 tons, with an increase in downstream inventory and a decrease in upstream and other links [3]. - There is a game between market sentiment and fundamentals. With low warehouse receipt inventory and high market volatility, opportunities to short volatility in the future market can be considered, and attention should be paid to position management [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract dropped from 70,600 yuan/ton to 68,280 yuan/ton, a decrease of 2,320 yuan/ton; the closing price of the continuous contract decreased from 70,260 yuan/ton to 68,000 yuan/ton, a decrease of 2,260 yuan/ton [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) decreased from 776 US dollars/ton to 766 US dollars/ton, a decrease of 10 US dollars/ton; the price of lithium mica (Li2O: 1.5% - 2.0%) decreased from 1,140 yuan/ton to 1,120 yuan/ton, a decrease of 20 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) decreased from 1,775 yuan/ton to 1,750 yuan/ton, a decrease of 25 yuan/ton; the price of petalite (Li2O: 6% - 7%) decreased from 5,675 yuan/ton to 5,325 yuan/ton, a decrease of 350 yuan/ton; the price of petalite (Li2O: 7% - 8%) decreased from 6,625 yuan/ton to 6,250 yuan/ton, a decrease of 375 yuan/ton [5]. - Lithium Carbonate: The average price of battery - grade lithium carbonate decreased by 950 yuan/ton to 72,000 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 950 yuan/ton to 69,900 yuan/ton [3][5]. - Lithium Hydroxide: The price of battery - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 65,670 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) rose by 200 yuan/ton to 70,820 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles) rose by 200 yuan/ton to 60,570 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) remained unchanged at 8.28 US dollars/kg [5]. - Lithium Hexafluorophosphate: The price remained unchanged at 53,250 yuan/ton [5]. - Price Spreads: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,100 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate increased from - 7,480 yuan/ton to - 6,330 yuan/ton, an increase of 1,150 yuan/ton; the difference between CIF China, Japan and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide decreased from - 6,316.85 yuan/ton to - 6,472.97 yuan/ton, a decrease of 156 yuan/ton [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 70 yuan/ton to 75,865 yuan/ton [5]. - Cells and Batteries: The prices of most cells and batteries remained stable, with only a few showing minor increases, such as the 523 square ternary cell price increasing by 0.001 yuan/Wh to 0.384 yuan/Wh [5]. 3.2 Chart Analysis - 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%), petalite (6% - 7%) from 2024 to 2025 [6][8]. - Lithium and Lithium Salt Prices: Charts display the price trends of metallic lithium, average price of battery - grade lithium carbonate, average price of industrial - grade lithium carbonate, etc. from 2024 to 2025 [9][10]. - Price Spreads: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [16][17]. - Precursors and Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, cobalt acid lithium from 2024 to 2025 [21][22]. - Lithium Battery Prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, square lithium iron phosphate batteries from 2024 to 2025 [30][31]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from December 2024 to July 2025 [34][35]. - Production Costs: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39].