碳酸锂：供需双增，承压运行

Report Overview - The report is about the lithium carbonate market, dated September 15, 2025, titled "Lithium Carbonate: Supply and Demand Both Increase, Operating Under Pressure" [1] Industry Investment Rating - No investment rating is provided in the report Core View - The lithium carbonate market shows a situation of both supply and demand increasing, and the price is under pressure. The trend strength of lithium carbonate is -1, indicating a relatively bearish view [1][3] Summary by Related Catalogs Fundamental Tracking - Futures Market Data: For the 2511 contract, the closing price was 71,160, with a decrease compared to previous periods (e.g., -3,100 compared to T - 5). The trading volume was 410,989, also showing a decline. The open interest was 309,402, which decreased as well. Similar trends were observed for the 2601 contract [1] - Basis and Other Data: The basis between spot and 2511 contract was 1,290, with fluctuations over different time intervals. The difference between electric - grade and industrial - grade lithium carbonate was 2,250, remaining stable on the latest day [1] - Raw Material and Lithium Salt Prices: The price of lithium spodumene concentrate (6%, CIF China) was 842, showing a downward trend. Battery - grade lithium carbonate was priced at 72,450, down 400 from the previous day [1] Macro and Industry News - SMM's battery - grade lithium carbonate index price was 72,398 yuan/ton, down 406 yuan/ton from the previous workday. Battery - grade lithium carbonate was in the range of 7.09 - 7.4 million yuan/ton, with an average of 7.245 million yuan/ton, down 400 yuan/ton. Industrial - grade lithium carbonate was in the range of 6.96 - 7.08 million yuan/ton, with an average of 7.02 million yuan/ton, down 400 yuan/ton [2] - On September 12, 2025 (Argentine local time), Zijin Mining's Lithium Industry Kesi 3Q lithium salt lake project with an annual production capacity of 20,000 tons of lithium carbonate was put into operation. The second - phase project with a planned capacity of 40,000 tons/year is in the pre - work stage. After full operation of both phases, the annual capacity is expected to reach 60,000 - 80,000 tons [3] Trend Intensity - The trend intensity of lithium carbonate is -1, within the range of [-2, 2]. A value of -2 represents the most bearish view, and 2 represents the most bullish view [3]