碳酸锂日报（2025 年 9 月 11 日）-20250911

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On September 10, 2025, the 2511 contract of lithium carbonate futures dropped 4.87% to 70,720 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,150 yuan to 73,450 yuan/ton, the average price of industrial - grade lithium carbonate dropped by 1,150 yuan to 71,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) fell by 500 yuan/ton to 74,700 yuan/ton. The warehouse receipt inventory remained at 38,101 tons [3]. - In terms of supply, the weekly production increased slightly. The weekly production rose by 389 tons to 19,419 tons. In September, the expected production of lithium carbonate is estimated to increase by 1.7% to 86,730 tons. In terms of demand, the expected production of ternary materials in September is projected to decline by 1.5% to 72,330 tons, while the production of lithium iron phosphate is expected to increase by 6% to 335,250 tons. Regarding inventory, the weekly inventory depletion accelerated, with a week - on - week decrease of 1,044 tons to 140,092 tons [3]. - Amid news - related disturbances, the futures price opened significantly lower and then rebounded. However, due to the expected resumption of production, the bullish logic has weakened, and there is certain pressure on the upside. Before the actual resumption of projects, strong demand will support the price, and the actual situation of projects in Jiangxi needs continuous attention [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - The prices of most products in the lithium - battery industry chain declined on September 10, 2025. For example, the closing price of the main futures contract dropped by 2,180 yuan/ton, and the price of lithium ore and lithium salts also decreased. However, the prices of some products like battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) and lithium hexafluorophosphate remained unchanged [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - Charts 1 - 4 show the price trends of lithium - bearing ores such as lithium spodumene concentrate, lithium mica, and lithium - phosphorus - aluminum stone from 2024 to September 10, 2025 [6][8]. 3.2.2 Lithium and Lithium Salt Prices - Charts 5 - 10 present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to September 2025 [10][12]. 3.2.3 Spreads - Charts 11 - 22 display the price spreads between different lithium - related products and the basis from 2024 to September 2025 [16][18][19][21]. 3.2.4 Precursor & Cathode Materials - Charts 16 - 20 show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to September 2025 [23][25][27]. 3.2.5 Lithium Battery Prices - Charts 21 - 24 present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to September 2025 [29][32]. 3.2.6 Inventory - Charts 25 - 39 show the weekly inventory trends of downstream, smelters, and other sectors of lithium carbonate from January 16, 2025, to September 4, 2025 [36][38]. 3.2.7 Production Costs - Chart 42 shows the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole - piece black powder, lithium iron phosphate pole - piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to September 2025 [42]. 3.3 Research Team Introduction - The non - ferrous research team of Everbright Futures includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous and new - energy research and have provided services and reports for clients [44][45]. 3.4 Contact Information - The company is located at Building 6, No. 729 Yanggao South Road, Lujiazui Century Financial Plaza, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [48].