碳酸锂：周库存再度去化，区间震荡

Report Summary 1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core Viewpoints - The weekly inventory of lithium carbonate has been depleted again, and the price is in a range - bound oscillation [1] - The trend strength of lithium carbonate is 0, indicating a neutral stance [4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - 2509 Contract: The closing price is 81,040, down 6,540 compared to T - 1; the trading volume is 55,748, up 27,298 compared to T - 1; the open interest is 65,157, down 11,043 compared to T - 1 [2] - 2511 Contract: The closing price is 80,980, down 6,560 compared to T - 1; the trading volume is 838,879, up 103,950 compared to T - 1; the open interest is 395,102, down 18,995 compared to T - 1 [2] - Warehouse Receipts: The quantity is 24,045 hands, up 430 compared to T - 1 [2] - Raw Materials: The price of spodumene concentrate (6%, CIF China) is 951, down 27 compared to T - 1; the price of lepidolite (2.0% - 2.5%) is 2,125, down 60 compared to T - 1 [2] - Lithium Salts: The price of battery - grade lithium carbonate is 85,700, unchanged compared to T - 1; the price of industrial - grade lithium carbonate is 83,400, unchanged compared to T - 1 [2] 3.2 Macro and Industry News - Price Changes: The SMM battery - grade lithium carbonate index price is 85,224 yuan/ton, down 528 yuan/ton compared to the previous working day; the average price of battery - grade lithium carbonate is 85,200 yuan/ton, down 500 yuan/ton compared to the previous working day; the average price of industrial - grade lithium carbonate is 82,900 yuan/ton, down 500 yuan/ton compared to the previous working day [3] - Production and Inventory: This week, the lithium carbonate production is 19,138 tons, a decrease of 842 tons from last week; the industry inventory is 141,543 tons, a reduction of 713 tons from last week [3] - Company News: SQM, one of the world's largest lithium producers, raised its annual sales target after a 28% drop in core profit in Q2 and is optimistic about price recovery. It expects a quarterly sales volume increase of over 10% and a higher selling price in Q3 than in Q2. Its Australian joint - venture refinery has achieved commercial production, with a planned annual lithium hydroxide capacity of 50,000 tons in 2026. Sigma Lithium's Q2 lithium concentrate production reached 68,368 tons, a 38% year - on - year increase, but its sales volume decreased by 23% year - on - year to 40,350 tons due to a stockpiling strategy during volatile lithium prices. The company's second - phase plant construction has started, and the annual production capacity will double to 520,000 tons after commissioning [4]