Report Industry Investment Rating - Not provided Core View of the Report - The narrative of strong terminal demand continues, the de - stocking of social inventory increases, and the degree of supply - demand mismatch deepens. However, from a fundamental perspective, the hedging pressure at the upper level is gradually released, weakening the upward momentum. The market has begun to show differences (there are rumors of mine restarts), and further stimulation from funds, events, and news is needed to continue to drive up prices. Otherwise, prices will remain low [3] Summary by Relevant Catalogs Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 80,550 yuan, up 550 yuan; the average price of SMM industrial - grade lithium carbonate is 78,350 yuan, up 550 yuan [1] - For lithium carbonate futures contracts, the closing price of lithium carbonate 2511 is 79,300 yuan, with a decline of 3.6%; lithium carbonate 2512 is 80,720 yuan, down 3.33%; lithium carbonate 2601 is 80,780 yuan, down 3.42%; lithium carbonate 2602 is 80,480 yuan, down 3.25%; lithium carbonate 2603 is 80,320 yuan, down 3.21% [1] Lithium Ore - The average price of lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) is 944 yuan, unchanged; lithium mica (Li20: 1.5% - 2.0%) is 1380 yuan; lithium mica (Li20: 2.0% - 2.5%) is 2180 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) is 7400 yuan, down 250 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) is 8825 yuan, down 250 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 35,940 yuan, up 135 yuan; the average price of ternary material 811 (polycrystalline/power type) is 157,850 yuan, up 100 yuan; the average price of ternary material 523 (single - crystal/power type) is 139,300 yuan, up 300 yuan; the average price of ternary material 613 (single - crystal/power type) is 137,950 yuan, up 200 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2200 yuan; the price spread between battery - grade lithium carbonate and the main contract is - 230 yuan, with a change of 3170 yuan; the price spread between the near - month and the first - continuous contract is - 1420 yuan, unchanged; the price spread between the near - month and the second - continuous contract is - 1480 yuan, up 80 yuan [2] Inventory - The total inventory (weekly, tons) is 127,358 tons, down 3008 tons; the inventory of smelters (weekly, tons) is 32,051 tons, down 1630 tons; the inventory of downstream (weekly, tons) is 53,288 tons, down 1987 tons; the inventory of others (weekly, tons) is 42,020 tons, up 610 tons; the registered warehouse receipts (daily, tons) is 27,621 tons, down 20 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 80,623 yuan, with a profit of - 1205 yuan; the cash cost of purchasing lithium mica concentrate externally is 85,678 yuan, with a profit of - 8291 yuan [3]
碳酸锂数据日报-20251103
Guo Mao Qi Huo·2025-11-03 06:36