碳酸锂期货日报-20251121

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 21, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - Futures Performance: Carbonate lithium futures rose and then fell, with high capital gaming sentiment. The main contract rose by over 4% during the day, turned negative in the afternoon, and the total open interest decreased by 15,747 lots [8]. - Spot Price Changes: Spot electric carbon rose by 2,400 to 91,300, Australian ore rose by 45 to 1,245, mica ore rose by 125 to 2,700, 6F rose by 4,000, electrolyte remained flat, lithium iron phosphate rose by 560 - 590, and ternary rose by 400 - 700 [8]. - Industry Fundamentals: Weekly production increased by 585 tons to 22,130 tons, social inventory decreased by 2,052 tons, and the weekly destocking volume was lower than last week. Lithium iron phosphate and ternary production continued to increase. The decrease in destocking was likely due to the sharp rise in lithium prices this week. The industry fundamentals remained healthy [8]. - Future Outlook: With the futures price leading the spot price, the pressure of futures - spot convergence was a drag on the short - term rise of futures lithium prices. Short - term futures were expected to fluctuate [8]. Group 3: Industry News - Business Agreement: EVE Energy and Smoore International signed a procurement framework agreement on November 20, 2025. Smoore will continuously purchase battery cells from EVE, but the specific amount is uncertain [11]. - Industry Regulation: The China Chemical and Physical Power Sources Industry Association will issue a notice on referring to the lithium iron phosphate cost index and standardizing industry development. It suggests that enterprises use the industry average cost range disclosed on November 18 as an important reference for quotations and submit production and operation data regularly [11]. - Mining Performance: Greenbushes lithium mine, in which TLEA (a joint - venture of IGO) holds 51%, showed strong profitability in the 2025 fiscal year, producing 1.48 million tons of spodumene concentrate, with a cash cost of 325 Australian dollars per ton, generating 1.5 billion Australian dollars in cash flow and a 66% EBITDA margin. Its third chemical plant is scheduled to be put into operation by the end of the year, increasing the annual production capacity by 500,000 tons [12]