碳酸锂日报-20250826

Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On August 25, 2025, the 2511 contract of lithium carbonate futures dropped 0.3% to 79,380 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,400 yuan/ton to 82,500 yuan/ton, and the average price of industrial - grade lithium carbonate also dropped 1,400 yuan/ton to 80,200 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) fell 160 yuan/ton to 77,330 yuan/ton. The warehouse receipt inventory increased by 640 tons to 25,630 tons [3]. - Fundamentally, on the supply side, production slowed down slightly, mainly due to the suspension of mica production. In the future, with the previous price increase and the increase in overseas imports, lithium extraction from spodumene is expected to continue to increase. Currently, the high成交 price of ore still supports the price of lithium carbonate. On the demand side, the total demand in August increased by 6% month - on - month. September is the traditional peak season, downstream production scheduling is expected to remain strong, and downstream inventory replenishment willingness is strong. The social inventory remains at 141,000 tons, showing a two - week slight de - stocking state, and the downstream procurement behavior has increased [3]. - The production problems of known resource projects have basically been settled. After the rapid price increase last week, there is short - term callback pressure, waiting for new disturbing factors to drive the price. In the short term, pay attention to the成交 price of lithium ore, and in the medium term, focus on the progress of other projects that need to complete report compilation and submission by September 30 [3]. 3. Summary According to the Directory 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 79,380 yuan/ton, up 420 yuan from August 22; the closing price of the continuous contract was 79,580 yuan/ton, up 400 yuan [5]. - Lithium Ore: The price of spodumene concentrate (6%, CIF China) was $925/ton, down $9; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,265 yuan/ton, down 20 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,995 yuan/ton, down 60 yuan; the price of amblygonite (Li2O: 6% - 7%) was 6,685 yuan/ton, down 65 yuan; the price of amblygonite (Li2O: 7% - 8%) was 7,735 yuan/ton, down 90 yuan [5]. - Lithium Carbonate and Lithium Hydroxide: The average price of battery - grade lithium carbonate was 82,500 yuan/ton, down 1,400 yuan; the average price of industrial - grade lithium carbonate was 80,200 yuan/ton, down 1,400 yuan; the price of battery - grade lithium hydroxide (coarse particles) was 77,330 yuan/ton, down 160 yuan; the price of battery - grade lithium hydroxide (micropowder) was 82,300 yuan/ton, down 160 yuan; the price of industrial - grade lithium hydroxide (coarse particles) was 72,210 yuan/ton, down 160 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was $8.85/kg, unchanged [5]. - Lithium Hexafluorophosphate: The price was 56,300 yuan/ton, unchanged [5]. - Price Difference: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 2,300 yuan/ton, unchanged; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5,170 yuan/ton, up 1,240 yuan; CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 14,352.52 yuan/ton, up 18 yuan [5]. - Precursor and Cathode Materials: The price of ternary precursor 523 (polycrystalline/power type) was 77,265 yuan/ton, up 120 yuan; the price of ternary precursor 523 (single - crystal/consumer type) was 76,830 yuan/ton, unchanged; the price of ternary precursor 622 (polycrystalline/consumer type) was 72,620 yuan/ton, up 70 yuan; the price of ternary precursor 811 (polycrystalline/power type) was 90,795 yuan/ton, up 100 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,460 yuan/ton, unchanged; the price of ternary material 523 (single - crystal/power type) was 119,525 yuan/ton, down 300 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 117,890 yuan/ton, unchanged; the price of ternary material 811 (power type) was 145,950 yuan/ton, down 60 yuan; the price of lithium iron phosphate (power type) was 35,810 yuan/ton, down 340 yuan; the price of lithium iron phosphate (mid - high - end energy storage) was 34,410 yuan/ton, down 340 yuan; the price of lithium iron phosphate (low - end energy storage) was 31,550 yuan/ton, down 320 yuan; the price of lithium manganate (power type) was 36,000 yuan/ton, unchanged; the price of lithium manganate (capacity type) was 33,000 yuan/ton, unchanged; the price of cobalt acid lithium (60%, 4.35V/domestic) was 227,600 yuan/ton, down 200 yuan [5]. - Cells and Batteries: The price of 523 square ternary cells was 0.385 yuan/Wh, unchanged; the price of 523 soft - pack ternary cells was 0.4 yuan/Wh, unchanged; the price of 523 cylindrical ternary batteries was 4.33 yuan/piece, up 0.01 yuan; the price of square lithium iron phosphate cells was 0.325 yuan/Wh, up 0.002 yuan; the price of square lithium iron phosphate cells (small power type) was 0.33 yuan/Wh, unchanged; the price of cobalt acid lithium cells was 5.75 yuan/Ah, up 0.2 yuan; the price of square lithium iron phosphate batteries was 0.301 yuan/Wh, unchanged [5]. 3.2 Chart Analysis - Ore Price: Charts show the price trends of spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. - Lithium and Lithium Salt Price: Charts display the price trends of metallic 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 [11][13][15]. - Price Difference: Charts present the price difference trends 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 - battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) - domestic, and the basis from 2024 to 2025 [19][22][24]. - Precursor and 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 [25][27][29]. - Lithium Battery Price: 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 [31][34]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from January to August 2025 [38][40][41]. - Production Cost: A chart shows the production cost trends of lithium carbonate from different raw materials (外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, 外购锂辉石精矿) from 2024 to 2025 [44].