碳酸锂日报-20251030

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The lithium carbonate futures 2601 contract rose 0.8% to 82,900 yuan/ton yesterday. Spot prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide (coarse particles) all increased. The warehouse receipt inventory increased by 190 tons to 27,525 tons [3]. - Supply is expected to increase overall on a month - on - month basis. Weekly production increased by 242 tons to 21,308 tons, with different lithium extraction methods all showing growth. On the demand side, weekly production and inventory of ternary materials and lithium iron phosphate both increased. Weekly inventory decreased by 2,292 tons to 130,366 tons, and the total inventory days dropped to around 32 days, close to the lowest level in the past three years [3]. - With a slight increase in weekly supply, rapid inventory depletion, improved macro - sentiment, repeated disturbances in supply - side news, and the demand side still in the peak season, along with continuous depletion of social and warehouse receipt inventories and firm lithium ore prices, the price support is gradually strengthened, and the bottom price is lifted. In the short term, the price may still be strong, but cautious optimism is needed as there are still expectations of project resumption [3]. 3. Summary by Directory 3.1 Ore Prices - The report presents price charts of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and lithiophilite (6% - 7%, 7% - 8%) from 2024 to 2025, sourced from SMM and the Everbright Futures Research Institute [6][8]. 3.2 Lithium and Lithium Salt Prices - Price charts of metal lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 are provided, with data from SMM and the Everbright Futures Research Institute [10][12][14]. 3.3 Spreads - Charts show the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2025, sourced from SMM, IFinD, and the Everbright Futures Research Institute [17][18][20]. 3.4 Precursor & Cathode Materials - Price charts of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 are presented, with data from SMM and the Everbright Futures Research Institute [23][25][28]. 3.5 Lithium Battery Prices - Charts display the prices of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025, sourced from SMM and the Everbright Futures Research Institute [31][33]. 3.6 Inventory - Charts show the downstream inventory, smelter inventory, and other环节 inventory of lithium carbonate from March to October 2025, with data from SMM and the Everbright Futures Research Institute [36][38]. 3.7 Production Costs - A chart shows the production costs of lithium carbonate, including cash production profits from purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025, sourced from SMM and the Everbright Futures Research Institute [40][41]. 4. Research Team Members - Zhan Dapeng, a science master, is the director of non - ferrous research at the Everbright Futures Research Institute, a senior precious metals researcher, and has won multiple industry awards [44]. - Wang Heng, a finance master from the University of Adelaide, Australia, is a non - ferrous researcher at the Everbright Futures Research Institute, focusing on aluminum and silicon research [45]. - Zhu Xi, a science master from the University of Warwick, UK, is a non - ferrous researcher at the Everbright Futures Research Institute, focusing on lithium and nickel research [45].