碳酸锂：偏强震荡，关注中美磋商结果

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View of the Report The price of lithium carbonate is expected to fluctuate strongly, and attention should be paid to the results of China-US consultations. The trend strength of lithium carbonate is 0, indicating a neutral outlook [1][3]. 3. Summary of Relevant Catalogs 3.1 Fundamental Tracking - Futures Market: The closing prices of the 2511 and 2601 contracts of lithium carbonate showed an upward trend compared to T - 10 and T - 22. The trading volume of the 2601 contract increased significantly, while the 2511 contract decreased. The open interest of the 2601 contract increased, and the 2511 contract decreased [1]. - Spot Market: The spot prices of battery - grade and industrial - grade lithium carbonate increased. The spot - futures basis and the price difference between different contracts and products also changed [1]. - Raw Materials: The prices of lithium spodumene concentrate and lithium mica increased, and the prices of various lithium salts and related products in the industrial chain also showed an upward trend [1]. 3.2 Macroeconomic and Industry News - The SMM battery - grade lithium carbonate index price was 74,821 yuan/ton, with an increase of 458 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 74,800 yuan/ton, and that of industrial - grade lithium carbonate was 72,550 yuan/ton, both increasing by 450 yuan/ton [2]. - Australian lithium mining company Pilbara Minerals produced 224,800 tons of lithium spodumene concentrate in Q3 2025, a 1.7% increase from the previous quarter. The sales price of lithium spodumene SC6 was 841 US dollars, a 19% increase. The quarterly recovery rate was 78%, and the FOB operating cost per ton decreased by 13% to 540 Australian dollars (351 US dollars) [3].