碳酸锂日报-20250916

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 15, the main contract of lithium carbonate futures rose 2.31% to 72,680 yuan/ton. The average price of battery - grade lithium carbonate remained at 72,450 yuan/ton, the average price of industrial - grade lithium carbonate remained at 70,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 74,150 yuan/ton. The warehouse receipt inventory increased 338 tons to 38,963 tons [3]. - On September 12, Sigma Lithium denied any misconduct in its Grota do Cirilo lithium spodumene project in Brazil after being accused by the Brazilian Federal Prosecutor's Office MPF. On September 14, analysts led by Rebecca Wen raised their profit forecast for CATL by about 10% [3]. - In terms of supply, the weekly output increased 544 tons to 19,963 tons. In terms of demand, the weekly output of ternary materials decreased 22 tons to 16,491 tons, and the weekly output of lithium iron phosphate increased 980 tons to 77,513 tons. In terms of inventory, the weekly inventory decreased 1,580 tons to 138,512 tons [3]. - Although the long - position logic is weakened under the expectation of project复产, currently, inventory destocking is accelerating. Before the actual project复产, with strong demand and pre - holiday stocking for the National Day, downstream procurement demand will support prices. The actual situation of projects in Jiangxi needs further attention [3]. 3. Summary by Directory 2. Daily Data Monitoring - Futures: The closing price of the main contract was 72,680 yuan/ton, up 1,520 yuan from September 12; the closing price of the continuous contract was 72,520 yuan/ton, up 1,340 yuan [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) was 848 US dollars/ton, up 6 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 1,075 yuan/ton [5]. - Lithium Carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 72,450 yuan/ton, and the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 70,200 yuan/ton [5]. - Lithium Hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) dropped 100 yuan/ton to 74,150 yuan/ton [5]. - Other Products: The price of lithium hexafluorophosphate was 56,500 yuan/ton, up 500 yuan; the prices of some ternary precursors and cathode materials also had certain increases [5]. 3. Chart Analysis 3.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2025 [7][8][9][10]. 3.2 Lithium and Lithium Salt Prices - 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, and lithium hexafluorophosphate price from 2024 to 2025 [11][12][13][14][15][16]. 3.3 Spreads - Charts present the price difference trends of battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [18][20][21][24]. 3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors and ternary materials from 2024 to 2025, including different types such as 523 (polycrystalline/power type) and 622 (polycrystalline/consumer type) [25][26]. - Charts also display the price trends of lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [28][29][30][32]. 3.5 Lithium Battery Prices - Charts show 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 [34][35][36][37]. 3.6 Inventory - Charts present the inventory trends of downstream, smelters, and other links of lithium carbonate from January to September 2025 [39][40][41][42]. 3.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as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, and外购锂辉石精矿 from 2024 to 2025 [43][44].