新能源及有色金属日报：碳酸锂继续维持去库，短期供需格局仍较好-20250926

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The short - term supply - demand pattern of lithium carbonate is favorable with continuous inventory reduction, and the futures market is expected to fluctuate in the short term. However, if the mining end resumes production and consumption weakens, the market may decline [1][3]. 3. Summary by Related Catalogs Market Analysis - On September 25, 2025, the lithium carbonate main contract 2511 opened at 72,980 yuan/ton and closed at 74,040 yuan/ton, with a 0.93% change from the previous day's settlement price. The trading volume was 342,719 lots, and the open interest was 261,141 lots (compared to 260,654 lots the previous day). The current basis was 350 yuan/ton, and the lithium carbonate warehouse receipts were 40,309 lots, a change of 560 lots from the previous day [1]. - According to SMM data, the battery - grade lithium carbonate was quoted at 73,100 - 74,400 yuan/ton, a - 100 yuan/ton change from the previous day; the industrial - grade lithium carbonate was quoted at 70,900 - 72,100 yuan/ton, also a - 100 yuan/ton change. The 6% lithium concentrate price was 830 US dollars/ton, a 3 US dollars/ton change from the previous day. The lithium carbonate futures price continued to fluctuate, with the main contract oscillating between 72,700 - 74,500 yuan/ton. As the pre - National Day stocking by downstream material factories nears the end, market wait - and - see sentiment is growing [1]. - The weekly production increased by 153 tons to 20,516 tons, and the production from spodumene slightly increased. The weekly inventory decreased by 706 tons to 136,825 tons. Downstream inventory continued to increase, while the inventory in the intermediate links and smelters decreased as downstream enterprises replenished inventory at low prices [2]. - Tibet Mining's project of comprehensive green development and utilization of the Zabuye Salt Lake with an annual output of 10,000 tons of battery - grade lithium carbonate was officially put into production after a successful 120 - hour functional assessment from September 20 to 24, 2025 [2]. Strategy - The futures market fluctuated widely on the day. Supported by the consumption peak season and continuous inventory reduction, the market is expected to fluctuate in the short term. But if the mining end resumes production and consumption weakens, the market may decline. - For single - side trading, short - term range operation is recommended, and selling hedging can be done at high prices. There are no suggestions for inter - delivery spread, cross - variety, spot - futures, and options trading [3].