碳酸锂期货月报：供增未竭需势渐歇去库放缓价强难久-20251107

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [4][70]. 3. Summary by Directory 3.1. Market Review In October, the operating range of the main lithium carbonate contract shifted upward. The demand side maintained moderate growth. Due to capacity bottlenecks, spodumene - based lithium production only increased slightly. Although a large amount of new capacity was put into operation in salt lakes, it took time to reach full production. The mid - month saw the shutdown of the Jiangxi 414 mine and a warm macro - atmosphere, which led to a rise in lithium prices [8]. 3.2. End of Resource - end Disturbances - Overseas Mines Maintain Production Increase: As domestic previously shut - down mines have not resumed production, the dependence on overseas ore imports has increased. As of October 27, the average CIF price of spodumene was $906/ton, a 7.47% increase from the beginning of the month. In September, the import volume of spodumene increased by 14.75% month - on - month. It is expected that the arrival of spodumene in November will increase month - on - month [11]. - Domestic Mines' Production Stabilizes: In September, the output of domestic lepidolite ore decreased by about 6% month - on - month, while the output of domestic spodumene mines increased by about 2% month - on - month. Overall, domestic lepidolite mines' production is stable, and spodumene mines have a slight reduction in production [20]. 3.3. Continued Growth in Lithium Carbonate Supply - Domestic Lithium Carbonate Production May Increase Month - on - Month: In the first three weeks of October, the production of lithium carbonate increased by 5.46% (or 3264 tons) month - on - month. Spodumene - based lithium production increased by 3.72% (or 1415 tons), mica - based lithium production was basically flat, salt - lake - based lithium production increased by 15.66% (or 1252 tons), and recycling - based lithium production increased by 7.35% (or 410 tons). In November, domestic lithium salt factories are expected to maintain an increasing production trend [27]. - Overseas Salt Lakes Increase Production and Shipments Gradually Increase: In November, the import volume from Argentina will increase significantly, and the import volume from Chile is also expected to increase. Overall, the domestic import of lithium salt may increase significantly month - on - month [37]. 3.4. Weak Growth in Power and Slowing Growth in Cathode Materials - Differentiated Terminal Demand: In October, the year - on - year and month - on - month growth rates of new energy vehicle sales narrowed. In September, the total winning bid capacity of domestic energy storage projects decreased by 12.39% month - on - month. In September, the sales of plug - in new energy vehicles in the EU increased by 35.65% month - on - month and 33.35% year - on - year. In November, the growth of domestic and overseas power terminal demand is weak, while the demand for energy storage installation remains good [40][42]. - Slowing Month - on - Month Growth Rate of Cathode Material Scheduling: In October, the scheduling of lithium iron phosphate power cells increased by 9.1% month - on - month, and that of ternary material power cells was basically flat. The scheduling of energy storage cells was also basically flat. In September, the export of power cells increased by 17.1% month - on - month, and that of energy storage cells increased by 21.33% month - on - month. It is expected that the month - on - month growth rate of cathode material scheduling in November will narrow significantly [52]. 3.5. Slowdown in Inventory Reduction Progress From September to October, lithium carbonate was seasonally destocked. As of October 23, the lithium carbonate inventory decreased by 10,800 tons compared with the end of August, 27.07% less than the destocking volume in the same period last year. In November, the supply and demand of lithium carbonate will both increase, but the destocking speed will slow down compared with October [66]. 3.6. Outlook for the Future The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [70].