Report Industry Investment Rating - Not provided Core View of the Report - The approaching traditional peak season for new energy vehicles and strong energy storage demand, along with the continuous reduction of lithium carbonate social inventory, support the futures price. However, the overall increase in production is the main factor suppressing the futures price. Attention should be paid to whether the market will take advantage of the supply - side issue again in the context of demand improvement and the reported environmental problems in Qinghai salt lakes [3] Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,850 yuan/ton, up 3,000 yuan/ton; the average price of SMM industrial - grade lithium carbonate is 71,600 yuan/ton, with no change [1] - The closing prices of lithium carbonate futures contracts (2510, 2511, 2512, 2601, 2602) are 72,680 yuan/ton (-0.66%), 72,880 yuan/ton (-0.79%), 72,900 yuan/ton (-0.87%), 72,860 yuan/ton (-0.79%), and 72,600 yuan/ton (-1.04%) respectively [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) is 856 yuan/ton, down 4 yuan/ton; the average price of lithium mica (Li20: 1.5% - 2.0%) is 1140 yuan/ton, down 25 yuan/ton; the average price of lithium mica (Li20: 2.0% - 2.5%) is 1875 yuan/ton, down 25 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 6080 yuan/ton; the average price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 7210 yuan/ton, down 55 yuan/ton [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 33,710 yuan/ton; the average prices of ternary materials 811 (polycrystalline/power type), 523 (single - crystal/power type), and 613 (single - crystal/power type) are 147,550 yuan/ton (up 100 yuan/ton), 120,450 yuan/ton (up 100 yuan/ton), and 125,100 yuan/ton (up 100 yuan/ton) respectively [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2250 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is 970 yuan/ton, up 780 yuan/ton; the price spreads between the near - month and the first - continuous contract, and the near - month and the second - continuous contract are - 200 yuan/ton (up 40 yuan/ton) and - 220 yuan/ton (up 40 yuan/ton) respectively [2] Inventory - The total inventory (weekly, tons) is 137,531 tons, down 981 tons; the inventory of smelters (weekly, tons) is 34,456 tons, down 1757 tons; the inventory of downstream (weekly, tons) is 59,495 tons, up 1216 tons; the inventory of others (weekly, tons) is 43,580 tons, down 440 tons; the registered warehouse receipts (daily, tons) is 39,749 tons, up 300 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,297 yuan/ton, with a profit of - 2,519 yuan/ton; the cash cost of purchasing lithium mica concentrate externally is not clearly given, with a profit of - 7,944 yuan/ton [3]
碳酸锂数据日报-20250925
Guo Mao Qi Huo·2025-09-25 02:50