碳酸锂日报（2025年8月5日）-20250805

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report - On August 4, 2025, the 2509 contract of lithium carbonate futures rose 0.09% to 68,920 yuan/ton. The average price of battery - grade lithium carbonate remained at 71,350 yuan/ton, and the average price of industrial - grade lithium carbonate remained at 69,250 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 65,620 yuan/ton. Warehouse receipts were concentrated for cancellation, and inventory increased 5,998 tons to 12,603 tons [3]. - The supply - demand balance in August may further narrow. Weekly production continued to slow down, with a week - on - week decrease of 1,362 tons to 17,268 tons. However, with the price rebound, it is expected that the supply in August will still increase slightly by 3% to 84,200 tons. The lithium consumption of two major cathode materials in August is expected to increase 8% month - on - month to 86,000 tons of LCE. Social inventory has seen its first destocking since the end of May, but there is still about 142,000 tons [3]. - After the market sentiment subsided, lithium prices have fallen from their highs. The market focus is on the uncertainty of whether Jiaxiaowo will stop production. After the concentrated destocking of warehouse receipt inventory, there is a certain re - inflow, but the current total remains low. In the long term, attention should be paid to the further cost - reduction and production - increase actions of overseas mines [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 68,920 yuan/ton, unchanged from the previous day; the closing price of the continuous contract was 69,200 yuan/ton, up 700 yuan [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) was 760 US dollars/ton, up 5 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,085 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) remained at 1,710 yuan/ton; the price of amblygonite (Li2O: 6% - 7%) was 5,350 yuan/ton, up 75 yuan; the price of amblygonite (Li2O: 7% - 8%) was 6,280 yuan/ton, up 85 yuan [5]. - Lithium Carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 71,350 yuan/ton; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 69,250 yuan/ton [5]. - Lithium Hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) dropped 50 yuan/ton to 65,620 yuan/ton; the price of battery - grade lithium hydroxide (micropowder) dropped 50 yuan/ton to 70,770 yuan/ton; the price of industrial - grade lithium hydroxide (coarse particles/domestic) dropped 50 yuan/ton to 60,520 yuan/ton; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 8.2 US dollars/kg, down 0.03 US dollars [5]. - Lithium Hexafluorophosphate: The price of lithium hexafluorophosphate remained at 52,750 yuan/ton [5]. - Price Spreads: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,100 yuan/ton; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5,730 yuan/ton, down 50 yuan; CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 7,076.1 yuan/ton, down 247 yuan [5]. - Precursors & Cathode Materials: The prices of various ternary precursors and cathode materials showed small increases, while the prices of lithium iron phosphate and lithium manganate remained unchanged, and the price of cobalt acid lithium remained unchanged [5]. - Cells & Batteries: The prices of various cells and batteries remained unchanged [5]. 3.2 Chart Analysis - Ore Prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and amblygonite from 2024 to 2025 [6][8]. - Lithium and Lithium Salt Prices: Charts display the price trends of metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][11][13]. - 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, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, and other price spreads from 2024 to 2025 [16][17][19]. - Precursors & Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [21][24][27]. - Lithium Battery Prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. - Inventory: Charts show the inventory trends of downstream, smelters, and other sectors from December 12, 2024, to July 31, 2025 [34][35][37]. - Production Costs: Charts present the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39]