碳酸锂数据日报-20251027

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report's Core View - Terminal demand is strong, social inventory is continuously being depleted, creating a short - term supply - demand mismatch that drives up prices. As prices rise, supply - side hedging positions are gradually released, with lithium mica lithium extraction as the main incremental supply. Due to rising ore prices, the cost support has shifted upward. In the short term, prices are likely to move upward under the supply - demand mismatch, but there is pressure. In the long - term, the pattern of supply surplus remains unchanged, and capacity clearance is still awaited [3]. 3. Summary by Relevant Catalog Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 75,400 yuan with a daily increase of 600 yuan; SMM industrial - grade lithium carbonate has an average price of 73,150 yuan with a daily increase of 600 yuan [1]. - For lithium carbonate futures contracts, the closing price of Li2511 is 78,920 yuan with a 1.26% increase; Li2512 is 79,420 yuan with a 1.4% increase; Li2601 is 79,520 yuan with a 1.33% increase; Li2602 is 79,100 yuan with a 1.28% increase; Li2603 is 79,100 yuan with a 1.18% increase [1]. Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 881 yuan with a daily increase of 11 yuan; lithium mica (Li2O: 1.5% - 2.0%) is 1,175 yuan with a daily increase of 35 yuan; lithium mica (Li2O: 2.0% - 2.5%) is 1,940 yuan with a daily increase of 50 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) is 6,975 yuan with a daily increase of 225 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) is 8,250 yuan with a daily increase of 275 yuan [1][2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,250 yuan/ton. The price spread between battery - grade lithium carbonate and the main futures contract is - 4,120 yuan with a change of 1,020 yuan; the spread between the near - month and the first - continuous contract is - 500 yuan with a change of - 80 yuan; the spread between the near - month and the second - continuous contract is - 600 yuan with a change of - 40 yuan [2]. Inventory - The total weekly inventory is 130,366 tons, a decrease of 2,292 tons. The weekly inventory of smelters is 33,681 tons, a decrease of 602 tons; the weekly inventory of downstream is 55,275 tons, a decrease of 2,460 tons; the weekly inventory of others is 41,410 tons, an increase of 770 tons. The daily registered warehouse receipts are 28,699 tons, a decrease of 60 tons [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 76,653 yuan, with a profit of - 2,342 yuan; the cash cost of externally purchased lithium mica concentrate is 80,139 yuan, with a profit of - 7,835 yuan [3]. Industry News - Apian Capital Advisory, a UK private equity firm, is collaborating with the International Finance Corporation of the World Bank to launch a $1 - billion critical minerals, metals, and mining fund focused on emerging markets [3].