光大期货碳酸锂日报（2025 年 10 月 10 日）-20251010

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On October 9, 2025, the main contract of lithium carbonate futures rose 0.27% to 73,340 yuan/ton. The average price of battery - grade lithium carbonate remained at 73,550 yuan/ton, the average price of industrial - grade lithium carbonate remained at 71,300 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 73,580 yuan/ton. The warehouse receipt inventory increased 670 tons to 42,379 tons [3]. - On October 9, the Ministry of Commerce and the General Administration of Customs announced export controls on multiple new - energy core materials from November 8, 2025. Three departments jointly announced the technical requirements for new - energy vehicles eligible for vehicle purchase tax exemptions from 2026 - 2027 [3]. - In terms of supply, the weekly output increased 119 tons to 20,635 tons. For demand, the weekly output of ternary materials increased 214 tons to 16,976 tons, and the weekly output of lithium iron phosphate increased 4,644 tons to 84,467 tons. In terms of inventory, the weekly inventory decreased 2,023 tons to 134,802 tons [3]. - After the holiday, the peak demand season, lithium carbonate inventory reduction, and firm lithium ore prices support the price. However, there are still expectations of project复产, and with the supplement of overseas imports, the tight domestic balance will gradually ease, and the price will fluctuate in the short term [3]. 3. Summary by Related Catalogs 3.1 Research Views - Price Changes: The main contract of lithium carbonate futures rose 0.27% to 73,340 yuan/ton. The average price of battery - grade lithium carbonate was stable, while battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton. Warehouse receipt inventory increased 670 tons [3]. - Policy News: Export controls on new - energy core materials will be implemented from November 8, 2025. Technical requirements for new - energy vehicles eligible for purchase tax exemptions from 2026 - 2027 were announced [3]. - Supply - Demand - Inventory Situation: Supply increased 119 tons weekly. Demand for ternary materials and lithium iron phosphate increased. Inventory decreased 2,023 tons weekly [3]. - Price Outlook: Short - term price is expected to fluctuate due to demand support and supply - side factors [3]. 3.2 Daily Data Monitoring - Futures and Spot Prices: Futures prices of lithium carbonate and related products showed various changes. For example, the main contract of lithium carbonate futures rose 540 yuan/ton, and the continuous contract rose 840 yuan/ton. Some lithium ore prices decreased, while the price of six - fluorophosphate lithium increased 3,000 yuan/ton [5]. - Price Spreads: Some price spreads changed, such as the battery - grade lithium hydroxide and battery - grade lithium carbonate spread decreased 50 yuan/ton [5]. 3.3 Chart Analysis - Ore Prices: Charts show the price trends of lithium - containing ores like lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 - 2025 [6][8][9]. - Lithium and Lithium Salt Prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, and lithium hydroxide from 2024 - 2025 [10][11][13]. - Price Spreads: Charts present the trends of various price spreads, including the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, and the spread between battery - grade and industrial - grade lithium carbonate from 2024 - 2025 [17][18]. - Precursor & Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 - 2025 [25][26][29]. - 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 - 2025 [34][35][37]. - Inventory: Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from February 20, 2025 - October 9, 2025 [39][40][42]. - Production Costs: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 - 2025 [43][44]. 3.4 Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and professional titles in the field of non - ferrous metals research and new - energy industry research [47][48]. 3.5 Company Contact Information - The company is located at Building 6, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company's phone number is 021 - 80212222, and the fax is 021 - 80212200. The customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [51][52].