碳酸锂日报-20250917

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report [1][2][3] 2. Core Viewpoints - The main contract of lithium carbonate futures rose 1.3% to 73,180 yuan/ton. The average price of battery - grade lithium carbonate increased by 400 yuan/ton to 72,850 yuan/ton, and the average price of industrial - grade lithium carbonate also rose 400 yuan/ton to 70,600 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 74,050 yuan/ton. The warehouse receipt inventory decreased by 139 tons to 38,824 tons [3] - On the supply side, the weekly output increased by 544 tons to 19,963 tons. On the demand side, the weekly output of ternary materials decreased by 22 tons to 16,491 tons, and the weekly inventory decreased by 115 tons to 17,529 tons. The weekly output of lithium iron phosphate increased by 980 tons to 77,513 tons, and the weekly inventory increased by 686 tons to 95,442 tons. In terms of inventory, the weekly inventory decreased by 1,580 tons to 138,512 tons [3] - Although the long - position logic is weakened under the expectation of project复产, currently, the inventory depletion is accelerating. Before the actual复产 of the project, in the context of strong demand and pre - holiday stocking for the National Day, the downstream procurement demand will support the price. Attention should be paid to the actual situation of projects in Jiangxi [3] 3. Summary by Directory 2. Daily Data Monitoring - Futures: The closing price of the main contract was 73,180 yuan/ton, up 500 yuan from the previous day; the closing price of the continuous contract was 73,060 yuan/ton, up 540 yuan [5] - Lithium Ore: The price of lithium ore such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone all increased to varying degrees [5] - Lithium Carbonate and Lithium Hydroxide: The price of battery - grade and industrial - grade lithium carbonate increased by 400 yuan/ton, while the price of battery - grade and industrial - grade lithium hydroxide decreased by 100 yuan/ton [5] - Other Products: The price of lithium hexafluorophosphate increased by 150 yuan/ton, and the prices of some ternary precursors, cathode materials, and other products also changed [5] 3. Chart Analysis - 3.1 Ore Prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][7][8] - 3.2 Lithium and Lithium Salt Prices: Charts present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12] - 3.3 Spreads: Charts display the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17][18][20] - 3.4 Precursor & 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 [24][25][27] - 3.5 Lithium Battery Prices: Charts present 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 [33][34][35] - 3.6 Inventory: Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate in 2025 [38][39][40] - 3.7 Production Costs: Charts display 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 [42][43][44]