碳酸锂：矿价回落，储能采招数量下滑，关注矿山复工带来的下行风险

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - This week, the price of lithium carbonate futures fluctuated widely in the range of 77,000 - 83,000 yuan per ton. The 2511 contract closed at 80,460 yuan per ton, up 1,160 yuan per ton week - on - week, and the 2601 contract closed at 82,300 yuan per ton, up 1,520 yuan per ton week - on - week. The spot price decreased by 150 yuan per ton to 80,400 yuan per ton [1]. - The current market is trading on the increase in mining costs rather than the resumption of supply. After the resumption of work in Jiangxi mines, there is still a downward risk in prices. In terms of energy storage demand, the number of tender projects in October decreased month - on - month, and the price of lithium ore has declined but remains at a high level [3]. - For unilateral trading, it is expected that the price of the futures main contract will move in the range of 70,000 - 83,000 yuan per ton. For inter - period trading, no recommendations are provided. For hedging, it is recommended to reduce the hedging ratio [4][5]. 3. Summaries According to Relevant Catalogs 3.1 Supply and Demand Fundamentals - Raw Materials: The price of lithium ore dropped from the high of $944 per ton last week to $927 per ton. The prices of lithium hexafluorophosphate and electrolyte increased significantly, with the electrolyte for lithium iron phosphate having the largest increase. The prices of downstream batteries and cathodes were weak [2]. - Supply: The weekly output increased to 21,534 tons, and the operating rate rose to 55%. The inventory decreased by 3,405 tons to 124,000 tons compared with last week. Yichun Times New Energy Mining Co., Ltd. needs to pay 247 million yuan in mining rights transfer fees for the lithium ore resources used from February 28, 2022, to August 9, 2025, involving 25.83 million tons of raw ore, and the cost per ton of lithium carbonate is expected to increase by 2,864 yuan [2]. - Demand: In October 2025, the domestic energy storage market completed 10GW/29.4GWh of energy storage systems and EPC general contracting tendering for equipment, showing a decline compared with 11.7GW/33.3GWh in September. The average bid price for 2 - hour energy storage systems was 0.628 yuan/Wh, and the bid price range for 4 - hour energy storage systems was 0.43 - 0.65 yuan/Wh, with an average of 0.52 yuan/Wh [2]. 3.2 Charts and Data - Lithium Salt Upstream Supply - Side (Lithium Ore): There are charts showing the processing profit of spodumene concentrate, the average price trend of spodumene concentrate, the monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate [6][7]. - Lithium Salt Mid - stream Consumption - Side (Lithium Salt Products): Multiple charts display the prices of battery - grade lithium carbonate in different regions, the price trends of domestic battery - grade and industrial - grade lithium carbonate, the processing cost of converting industrial - grade to battery - grade lithium carbonate, the production volume, operating rate, inventory, and import and export volume of lithium carbonate [7][8][9][10]. - Lithium Salt Downstream Consumption - Side (Lithium Batteries and Materials): Charts present the apparent consumption of lithium carbonate in China, the available days of inventory, the monthly production volume and operating rate of lithium iron phosphate and ternary materials, the import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the production volume of various types of power lithium batteries [11][12].