碳酸锂日报（2025 年 11 月 7 日）-20251107

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - On November 6, 2025, the 2601 contract of lithium carbonate futures rose 1.95% to 80,500 yuan/ton. The average price of battery - grade lithium carbonate decreased by 100 yuan/ton to 80,400 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 100 yuan/ton to 78,200 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped by 250 yuan/ton to 75,680 yuan/ton. The warehouse receipt inventory decreased by 410 tons to 26,420 tons [3]. - In terms of supply, the weekly output increased by 454 tons to 21,534 tons. In November, the supply decreased slightly by 0.2% to 92,080 tons, mainly due to a decline in lithium mica - derived lithium. On the demand side, the weekly output of ternary materials increased by 666 tons to 19,234 tons, and the inventory increased by 663 tons to 19,553 tons; the weekly output of lithium iron phosphate increased by 1400 tons to 88,990 tons, and the inventory increased by 740 tons to 105,719 tons. In November, the output of ternary materials increased slightly by 1% to 85,000 tons, and the output of lithium iron phosphate increased by 4% to 410,000 tons. The total consumption of lithium carbonate by the two main materials increased by 4% to 114,600 tons. The social inventory has been decreasing for 12 consecutive weeks, with a weekly reduction of 3406 tons to 123,953 tons, and the total social inventory turnover days dropped to a historical low of 31.5 days [3]. - After the market on November 6, the Natural Resources Department of Jiangxi Province released a public notice on the assessment report of the mining right transfer income of the Zhenkouli - Jianxiawo Mine in Yifeng County, Jiangxi Province. With the increased expectation of project resumption, the price may face downward pressure, but current demand still supports the price from the bottom [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract and the continuous contract is marked as N/A, while the price of lithium spodumene concentrate (6%, CIF China) decreased by 1 dollar/ton to 919 dollars/ton. Among lithium ores, the price of lithium mica (Li2O: 1.5% - 2.0%) and (Li2O: 2.0% - 2.5%) remained unchanged, while the price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) increased by 55 yuan/ton to 7045 yuan/ton, and (Li2O: 7% - 8%) increased by 65 yuan/ton to 8405 yuan/ton [5]. - Lithium and lithium salts: The price of battery - grade lithium carbonate decreased by 100 yuan/ton to 80,400 yuan/ton, industrial - grade lithium carbonate decreased by 100 yuan/ton to 78,200 yuan/ton, and various types of lithium hydroxide prices decreased by 250 yuan/ton. The price of lithium hexafluorophosphate increased by 1000 yuan/ton to 119,500 yuan/ton. The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 2200 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 150 yuan/ton to - 4720 yuan/ton [5]. - Precursor and cathode materials: The prices of various ternary precursors and cathode materials remained unchanged, while the prices of different types of lithium iron phosphate decreased slightly, and the prices of manganese acid lithium and cobalt acid lithium remained unchanged [5]. - Batteries: The prices of various types of battery cells and batteries remained unchanged [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][8][9]. - Lithium and lithium salt prices: Charts display the price trends of metallic lithium, battery - grade and industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][12][13]. - Price differences: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025 [16][17][18]. - Precursor and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][28]. - Lithium battery prices: Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid lithium battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][33][34]. - Inventory: Charts show the inventory trends of downstream, smelters, and other sectors from March to October 2025 [37][38][39]. - Production cost: A chart presents the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [41][42][43].