碳酸锂日评：低位震荡-20250918

Report Industry Investment Rating - Not provided in the document Core View - The current supply and demand are balanced, with little inventory pressure upstream. As lithium mines are actively resuming production, the expectation of supply contraction weakens. It is expected that the price of lithium carbonate will fluctuate at a low level, and the key lies in the downstream restocking point. The trading strategy suggests shorting on rallies [1]. Summary by Related Content Lithium Carbonate Futures Market - On September 17, 2025, the closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts of lithium carbonate futures increased compared with the previous day, with increases of 440 yuan/ton, 460 yuan/ton, 460 yuan/ton, 460 yuan/ton respectively. The trading volume was 343,863 lots (-156,404), and the open interest was 294,624 lots (-5,813). The inventory was 39,234 tons (+410) [1]. Lithium - Related Product Prices - The average price of lithium spodumene concentrate (6%, CIF China) was 857 US dollars/ton (+4). The average prices of lithium mica remained flat. The average price of battery - grade lithium carbonate (99.5%/domestic) was 73,150 yuan/ton (+300), and the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70,900 yuan/ton (+300). The average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 9.35 US dollars/kg (+0.05) [1]. Supply and Demand - Supply: Last week, the output of lithium carbonate increased, with the output of lithium carbonate from different raw materials all rising. In September, the production and scheduled production of lithium carbonate increased [1]. - Demand: Last week, the output of lithium iron phosphate increased, while the output of ternary materials decreased. In September, the scheduled production of lithium batteries increased, and the output of power batteries increased last week. In August, the year - on - year growth rate of new energy vehicle production slowed down, 3C shipments were average, and the scheduled production of energy - storage batteries increased in September [1]. Inventory - Registered warehouse receipts were 39,234 tons (+410). Social inventory decreased, with inventory in smelters and other sectors decreasing and downstream inventory increasing [1]. Industry News - Pantera Lithium's shareholders voted overwhelmingly in favor of selling its subsidiary Daytona Lithium Pty Ltd to Energy Exploration Technologies (EnergyX). This acquisition will allow EnergyX to further integrate lithium resources in the Smackover area, and analysts estimate that the lithium resources in this area may exceed 4 million tons [1].