新能源及有色金属日报：节前备货基本结束，现货价格持稳运行-20250930

Report Summary 1. Industry Investment Rating - Not provided in the given content 2. Core View - The short - term supply - demand pattern of the lithium carbonate market is good, with consumption in the peak season providing support, downstream export rush being favorable, and continuous inventory reduction. However, the market is prone to be affected by news, and short - term fluctuations may increase. If the mining end resumes production and consumption weakens later, the market may decline [3] 3. Summary by Related Catalogs Market Analysis - On September 29, 2025, the lithium carbonate main contract 2511 opened at 73,100 yuan/ton and closed at 73,920 yuan/ton, with a 0.93% change from the previous day's settlement price. The trading volume was 465,591 lots, and the open interest was 251,749 lots (compared to 248,640 lots the previous day). The basis was 690 yuan/ton, and the number of lithium carbonate warehouse receipts was 41,119 lots, a change of 790 lots from the previous day [1] - Battery - grade lithium carbonate was quoted at 72,800 - 74,300 yuan/ton, a - 50 yuan/ton change from the previous day; industrial - grade lithium carbonate was quoted at 70,700 - 71,900 yuan/ton, also a - 50 yuan/ton change. The price of 6% lithium concentrate was 835 US dollars/ton, a 5 US dollars/ton change from the previous day [1] - Downstream material factories' National Day stocking has basically ended, and market transactions have significantly weakened. Lithium carbonate produced from spodumene accounts for over 60% of the supply, while that from lithium mica has dropped to 15%. In September, the market saw synchronous growth in supply and demand, with demand growing faster and continuous inventory reduction [1] Company News - Tianqi Lithium's 30,000 - ton battery - grade lithium hydroxide project in Zhangjiagang has been officially completed and put into operation. It is the first project in Tianqi Lithium's "five - year strategic plan" to be implemented, completed, and put into production, and the second fully automated battery - grade lithium hydroxide (lithium carbonate) factory in Zhangjiagang [2] Strategy - For the futures market, short - term interval operation is recommended, and selling hedging can be done at high prices. There are no suggestions for inter - delivery spread and cross - variety operations [3]