碳酸锂日报（2025 年 9 月 10 日）-20250910

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On September 9, 2025, the 2511 contract of lithium carbonate futures dropped 2.62% to 72,900 yuan/ton. The average price of battery - grade lithium carbonate remained at 74,600 yuan/ton, the average price of industrial - grade lithium carbonate remained at 72,350 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,200 yuan/ton. The warehouse receipt inventory increased by 650 tons to 38,101 tons [3]. - Ningde Times' subsidiary held a meeting on the resumption of the Shixiawo lithium mine. The mining permit approval is progressing smoothly, and it is expected to resume production soon, which may reduce the short - term price of lithium carbonate, but the actual resumption time needs further attention [3]. - In terms of supply, the weekly production increased by 389 tons to 19,419 tons, and the expected production in September increased by 1.7% to 86,730 tons. In terms of demand, the expected production of ternary materials in September decreased by 1.5% to 72,330 tons, while the expected production of lithium iron phosphate increased by 6% to 335,250 tons. In terms of inventory, the weekly inventory decreased by 1,044 tons to 140,092 tons [3]. 3. Summary by Directory 3.1 Daily Data Monitoring - Futures: The closing price of the main contract decreased by 1,900 yuan/ton to 72,900 yuan/ton, and the closing price of the continuous contract decreased by 2,440 yuan/ton to 72,820 yuan/ton [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) increased by 3 dollars/ton to 879 dollars/ton, while the prices of other lithium ores remained unchanged [5]. - Lithium and Lithium Salts: The price of battery - grade lithium hydroxide (coarse particles) decreased by 150 yuan/ton to 75,200 yuan/ton, and the prices of other related products were mostly stable [5]. - Price Differences: The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 150 yuan/ton to 600 yuan/ton, and other price differences had different changes [5]. - Precursors and Cathode Materials: The prices of some ternary precursors and cathode materials increased slightly, while the prices of manganese - acid lithium decreased by 500 yuan/ton [5]. - Lithium Batteries: The prices of some lithium battery cells and batteries increased slightly [5]. 3.2 Chart Analysis - Ore Prices: There are charts showing the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [6][8]. - Lithium and Lithium Salt Prices: There are charts showing the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. from 2024 to 2025 [10][13]. - Price Differences: There are charts showing the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [17][18]. - Precursors and Cathode Materials: There are charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [23][25][27]. - Lithium Battery Prices: There are charts showing the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, etc. from 2024 to 2025 [29][32]. - Inventory: There are charts showing the inventory trends of downstream, smelters, and other links from January to September 2025 [36][38]. - Production Costs: There is a chart showing the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [42].