新能源及有色金属日报：进口增长较多，碳酸锂盘面震荡运行-20250923

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the given content. 2. Core View of the Report The current short - term supply - demand pattern of the lithium carbonate market is favorable, with inventory continuously decreasing and the futures market having certain support. It is expected that the short - term futures market will fluctuate. However, after the resumption of production at the mining end and the weakening of consumption, the market may decline [3]. 3. Summary by Related Content Market Analysis - On September 22, 2025, the opening price of the lithium carbonate main contract 2511 was 74,580 yuan/ton, and the closing price was 73,420 yuan/ton, a change of - 0.05% compared to the previous day's settlement price. The trading volume was 396,645 lots, and the open interest was 271,624 lots, a decrease of 9,640 lots from the previous trading day. The current basis was 430 yuan/ton, and the number of lithium carbonate warehouse receipts was 38,909 lots, a decrease of 575 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 73,200 - 74,500 yuan/ton, an increase of 350 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate was 71,000 - 72,200 yuan/ton, also an increase of 350 yuan/ton. The price of 6% lithium concentrate was 833 US dollars/ton, an increase of 3 US dollars/ton from the previous day. Downstream material factories were cautiously waiting and seeing, with the overall market trading activity remaining stable. As it was the peak demand season, downstream material factories had certain inventory - building needs before the National Day and were more willing to purchase at relatively low prices [1]. - In August, China imported 22,000 tons of lithium carbonate, a month - on - month increase of 58% and a year - on - year increase of 25%. Among them, 15,600 tons were imported from Chile, accounting for 71% of the total imports, and 4,000 tons were imported from Argentina, accounting for 19%. From January to August, China's cumulative imports of lithium carbonate were 153,000 tons, a cumulative year - on - year increase of 3.5% [1]. - In August, China's lithium spodumene imports were about 619,000 tons, a month - on - month decrease of 17.5%, equivalent to 56,000 tons of lithium carbonate equivalent (LCE). From Australia, Nigeria, and Zimbabwe, the combined import volume accounted for 70.2%, with some showing significant decreases: Australia's imports were 212,000 tons, a month - on - month decrease of 50.5%; Nigeria's imports were 105,000 tons, a month - on - month decrease of 9.6%; Zimbabwe's imports were 118,000 tons, a month - on - month increase of 84%. Imports from Mali and Brazil increased significantly, with 73,000 tons and 18,000 tons respectively, due to concentrated shipments [2]. Strategy - Futures market: It is expected that the short - term market will fluctuate. After the resumption of production at the mining end and the weakening of consumption, the market may decline. For unilateral trading, short - term range operations can be carried out, and selling hedging can be done at high prices. There are no strategies for options, inter - delivery spread, cross - variety, and spot - futures operations [3][4].