碳酸锂日报（2025 年 11 月 21 日）-20251121

Report Information - Report Title: Carbonate Lithium Daily Report (November 21, 2025) [1] - Report Type: Daily Report - Industry: Carbonate Lithium Investment Rating - No investment rating is provided in the report. Core Viewpoints - The carbon - lithium futures 2601 contract rose 0.84% to 98,980 yuan/ton yesterday. Spot prices of battery - grade carbonate lithium, industrial - grade carbonate lithium, and battery - grade coarse - particle lithium hydroxide all increased. The warehouse receipt inventory increased by 150 tons to 26,916 tons [3]. - On the supply side, weekly production increased. In October, China's carbonate lithium imports rose. On the demand side, the weekly production of ternary materials and lithium iron phosphate increased, with different inventory changes. Carbonate lithium social inventory has been decreasing for 14 weeks [3]. - In November, the inventory is being depleted rapidly. With the increase in prices, spot trading is sluggish. Attention should be paid to the pressure at the 100,000 - yuan mark and positions, and risks such as potential market sentiment weakening, power - end off - seasons, uncertain resumption of Jiangxi lithium mines, and large contract positions should be vigilant [3]. Summary by Section 1. Research Views - Price Changes: Futures 2601 contract rose 0.84% to 98,980 yuan/ton. Battery - grade carbonate lithium average price increased 2,400 yuan/ton to 91,300 yuan/ton, industrial - grade to 88,900 yuan/ton, and battery - grade coarse - particle lithium hydroxide to 80,580 yuan/ton. Warehouse receipt inventory increased by 150 tons to 26,916 tons [3]. - Supply - side Situation: Weekly production increased by 585 tons to 22,130 tons. In October, imports were 23,800 tons, up 21.9% month - on - month and 3.0% year - on - year [3]. - Demand - side Situation: Ternary material weekly production increased by 118 tons to 19,002 tons, inventory by 79 tons to 19,290 tons. Lithium iron phosphate weekly production increased by 118 tons, inventory decreased by 2,154 tons [3]. - Inventory Situation: Social inventory decreased for 14 weeks to 118,400 tons, turnover days dropped to 26.8 days. Downstream inventory decreased by 4,336 tons, other环节 inventory increased by 4,450 tons, and upstream inventory decreased by 2,166 tons [3]. - Market Outlook: In November, inventory depletion continued. Spot trading was cold as prices rose. Attention should be paid to potential risks [3]. 2. Daily Data Monitoring - Price Changes: Most products in the lithium - battery industry chain had price changes. For example, lithium ore prices generally increased, and so did lithium salts and some other products [5]. - Price Differences: Some price differences also changed, such as the difference between battery - grade and industrial - grade lithium hydroxide and carbonate lithium [5]. 3. Chart Analysis - Ore Prices: Charts show the price trends of lithium - containing ores such as lithium - spodumene concentrate and lithium - mica [6][7][8][9]. - Lithium and Lithium Salt Prices: Display price trends of metal lithium, battery - grade and industrial - grade carbonate lithium, etc. [10][11][12][13][14][15]. - Price Differences: Illustrate the trends of various price differences in the industry [17][18][20][21]. - Precursor & Cathode Materials: Show price trends of ternary precursors, ternary materials, lithium iron phosphate, etc. [23][25][26][27][29]. - Lithium Battery Prices: Present price trends of various lithium - battery cells and batteries [31][32][33][34]. - Inventory: Display inventory trends of downstream, smelters, and other环节 [36][37][38][39]. - Production Costs: Illustrate the trends of production profits from different raw materials [40][41]. 4. Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, with rich experience and professional titles in the field of non - ferrous metals research [44][45]. 5. Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729, Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. Company phone: 021 - 80212222, fax: 021 - 80212200, and customer service hotline: 400 - 700 - 7979 [48][49].