光大期货碳酸锂日报-20251024

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On October 23, 2025, the lithium carbonate futures 2601 contract rose 4.17% to 79,940 yuan/ton. The average price of battery - grade lithium carbonate increased by 450 yuan/ton to 74,800 yuan/ton, and the average price of industrial - grade lithium carbonate increased by 450 yuan/ton to 72,550 yuan/ton. The inventory of warehouse receipts decreased by 260 tons to 28,759 tons [3]. - In terms of supply, the weekly production increased by 242 tons to 21,308 tons. In September, China imported 710,000 physical tons of spodumene, a month - on - month increase of 14.8%, equivalent to about 67,000 tons of LCE; the import volume of lithium carbonate was 19,600 tons, a month - on - month decrease of 10.3%. In terms of demand, the weekly production of ternary materials increased by 519 tons to 17,766 tons, and the inventory increased by 629 tons to 18,592 tons; the weekly production of lithium iron phosphate increased by 1,264 tons to 86,303 tons, and the inventory increased by 1,529 tons to 104,347 tons. The weekly inventory decreased by 2,292 tons to 130,366 tons [3]. - Recently, there have been disturbances in the supply - side news. Demand is still in the peak season. The social inventory and warehouse receipts of lithium carbonate have continued to decline. Coupled with the firm price of lithium ore, the price support has been gradually consolidated, and the bottom price has been raised. With the warming of macro - sentiment, the price may still fluctuate strongly in the short term, but there is still an expectation of project resumption [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - The prices of most products in the lithium - battery industry chain increased on October 23, 2025. For example, the main contract closing price of futures rose by 2,820 yuan/ton to 79,940 yuan/ton, and the price of lithium ore, lithium carbonate, and other products also showed varying degrees of increase [5]. - There were also changes in price differences. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 300 yuan/ton to - 1,420 yuan/ton [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - The report provides charts of the prices of lithium ore products such as spodumene concentrate, lithium mica, and amblygonite from January 2024 to October 2025, including lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) [8][9]. 3.2.2 Lithium and Lithium Salt Prices - Charts show the prices of lithium products such as metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from January 2024 to October 2025 [10][11][12]. 3.2.3 Price Differences - The report presents charts of price differences including the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, and the difference between battery - grade lithium carbonate and industrial - grade lithium carbonate from January 2024 to October 2025 [17][18]. 3.2.4 Precursors & Cathode Materials - Charts show the prices of precursors and cathode materials such as ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from January 2024 to October 2025 [24][25][27]. 3.2.5 Lithium Battery Prices - The report includes charts of lithium battery prices such as 523 square ternary battery cells, square lithium iron phosphate battery cells, lithium cobalt oxide battery cells, and square lithium iron phosphate batteries from January 2024 to October 2025 [33][34][35]. 3.2.6 Inventory - The report provides charts of lithium carbonate inventory in downstream, smelter, and other links from March to October 2025 [38][39][40]. 3.2.7 Production Costs - A chart shows the production profit of lithium carbonate from different raw materials such as recycled ternary pole piece black powder, recycled lithium iron phosphate pole piece black powder, lithium mica concentrate, and spodumene concentrate from January 2024 to October 2025 [42][43]. 3.3 Research Team Introduction - The research team of Everbright Futures Institute consists of Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in the field of non - ferrous metals research [46][47].