碳酸锂日报-20250923

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Viewpoints - On September 22, 2025, the 2511 contract of lithium carbonate futures fell 0.05% to 73,420 yuan/ton. The average price of battery-grade lithium carbonate rose 350 to 73,850 yuan/ton, the average price of industrial-grade lithium carbonate rose 350 to 71,600 yuan/ton, and battery-grade lithium hydroxide (coarse particles) rose 80 yuan/ton to 74,130 yuan/ton. The warehouse receipt inventory decreased by 575 tons to 38,909 tons [3]. - On the supply side, the weekly output increased by 400 tons to 20,363 tons, with increases in lithium extraction from various raw materials. On the demand side, the weekly output of ternary materials and lithium iron phosphate increased, and their inventory showed different trends. In terms of inventory, the weekly inventory decreased by 981 tons to 137,531 tons, with downstream replenishment as the main factor [3]. - Fundamentally, the weekly output increased slightly, the output of cathode materials increased, and the social inventory of lithium carbonate continued to decline. With the support of lithium ore prices and continuous inventory reduction during the peak season, the downside support for lithium salt prices is strong [3]. Group 3: Summary by Directory 2. Daily Data Monitoring - Futures: The closing price of the main contract was 73,420 yuan/ton, down 540 from September 19, and the closing price of the continuous contract was 73,200 yuan/ton, down 560 [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) was 860 US dollars/ton, up 1; the price of lithium mica (Li2O: 1.5%-2.0%) was 1,165 yuan/ton, up 15; the price of lithium mica (Li2O: 2.0%-2.5%) was 1,900 yuan/ton, up 20 [5]. - Lithium Carbonate and Lithium Hydroxide: The prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and other products all increased to varying degrees, while the price of battery-grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged [5]. - Lithium Hexafluorophosphate: The price remained at 57,000 yuan/ton [5]. - Price Spreads: The price spread between battery-grade lithium carbonate and industrial-grade lithium carbonate remained unchanged, while the price spread between battery-grade lithium hydroxide and battery-grade lithium carbonate decreased by 270 [5]. - Precursors and Cathode Materials: The prices of various ternary precursors and cathode materials, as well as lithium iron phosphate, increased to varying degrees, while the prices of manganese acid lithium and some other products remained unchanged [5]. - Cells and Batteries: The prices of some cells and batteries, such as 523 square ternary cells and square lithium iron phosphate cells, increased slightly, while the prices of others remained unchanged [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 lithiophilite (6%-7%) from 2024 to 2025 [6][8]. 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, industrial-grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [11][13][14]. 3.3 Price Spreads - Charts present the price spreads between battery-grade lithium hydroxide and battery-grade lithium carbonate, battery-grade lithium carbonate and industrial-grade lithium carbonate, and other price spreads from 2024 to 2025 [19]. 3.4 Precursors & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][28]. 3.5 Lithium Battery Prices - Charts display 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 [30][33]. 3.6 Inventory - Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from February to September 2025 [37][39]. 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].