光大期货碳酸锂日报-20251022

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On October 21, 2025, the lithium carbonate futures 2601 contract dropped 0.26% to 75,980 yuan/ton. The average price of battery - grade lithium carbonate rose 100 yuan/ton to 74,100 yuan/ton, and the average price of industrial - grade lithium carbonate also rose 100 yuan/ton to 71,850 yuan/ton. The inventory of warehouse receipts decreased by 813 tons to 29,892 tons [3]. - The overall supply is expected to increase month - on - month. The weekly output increased by 431 tons to 21,066 tons, and the production of lithium carbonate in October increased by 3% month - on - month to about 90,000 tons. On the demand side, the production and inventory of ternary materials, lithium iron phosphate, and battery cells all increased. In October, the consumption of lithium carbonate by the two major cathode materials increased by 2% month - on - month to 104,800 tons, and the total consumption of lithium carbonate by cathode materials, electrolytes, and others increased by 7% month - on - month to 123,800 tons. The total inventory continued to decline to 133,000 tons [3]. - Due to the current peak demand season, lithium carbonate inventory reduction, and firm lithium ore prices, there is still support for short - term prices. However, there is an expectation of project restart in Jiangxi lithium ore projects in November, so the price increase should be viewed with caution [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures and Lithium Ore Prices: The closing prices of the main and continuous contracts of lithium carbonate futures increased. The prices of some lithium ores, such as lithium spodumene concentrate and certain types of lithium mica, also rose, while the prices of some phosphorus - lithium - aluminum ores decreased [5]. - Lithium and Lithium Salt Prices: The average prices of battery - grade and industrial - grade lithium carbonate increased by 100 yuan/ton, while the prices of battery - grade and industrial - grade lithium hydroxide remained unchanged [5]. - Other Product Prices: The price of lithium hexafluorophosphate increased by 3,000 yuan/ton. The prices of some ternary precursors, cathode materials, and battery cells also showed varying degrees of increase [5]. 3.2 Chart Analysis - Ore Prices: Charts show the price trends of lithium spodumene concentrate, different types of lithium mica, and phosphorus - lithium - aluminum ores from 2024 to 2025 [6][8]. - 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 to 2025 [10][12]. - Price Spreads: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, etc. from 2024 to 2025 [17]. - Precursor and 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 [22][23]. - Lithium Battery Prices: Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [29][31]. - Inventory: Charts show the inventory trends of downstream, smelters, and other sectors from February to October 2025 [34][36]. - Production Cost: A chart presents the production profit trends of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [38].