碳酸锂：大厂复产渐进叠加去库不及预期，上方承压

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating [1] 2. Core View of the Report The report focuses on the fundamentals of lithium carbonate, presenting price, volume, and inventory data. It shows that the price of battery - grade and industrial - grade lithium carbonate has increased, while production has decreased and inventory has been reduced. The trend strength of lithium carbonate is - 2, indicating a bearish outlook [1][2][3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Market Data: For the 2601 contract, the closing price was 94,000 yuan, down 500 yuan from T - 1; the trading volume was 216,915, down 145,740 from T - 1; the open interest was 280,208, down 22,494 from T - 1. For the 2605 contract, the closing price was 95,820 yuan, down 520 yuan from T - 1; the trading volume was 741,463, down 68,768 from T - 1; the open interest was 507,882, up 29,828 from T - 1 [1] - Basis Data: The basis of spot - 2601 was - 700 yuan; the basis of spot - 2605 was - 2,520 yuan; the basis of 2601 - 2605 was - 1,820 yuan. The difference between electric carbon and industrial carbon was 2,450 yuan; the difference between spot and CIF was 15,748 yuan [1] - Raw Material Data: The price of lithium spodumene concentrate (6%, CIF China) was 1,126 yuan, up 13 yuan from T - 1; the price of lithium mica (2.0% - 2.5%) was 2,590 yuan, up 25 yuan from T - 1 [1] - Lithium Salt Data: The price of battery - grade lithium carbonate was 93,300 yuan, up 500 yuan from T - 1; the price of industrial - grade lithium carbonate was 90,850 yuan, up 450 yuan from T - 1; the price of battery - grade lithium hydroxide (micronized powder) was 86,500 yuan, up 400 yuan from T - 1 [1] - Related Product Data: The price of lithium iron phosphate (power type) was 39,230 yuan, up 120 yuan from T - 1; the price of ternary material 523 (polycrystalline/consumer type) was 156,325 yuan, up 100 yuan from T - 1; the price of hexafluorophosphate lithium was 165,500 yuan, up 2,500 yuan from T - 1 [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 93,958 yuan/ton, up 543 yuan/ton from the previous trading day. Battery - grade lithium carbonate was priced at 90,600 - 96,000 yuan/ton, with an average price of 93,300 yuan/ton, up 500 yuan/ton from the previous trading day. Industrial - grade lithium carbonate was priced at 89,200 - 92,500 yuan/ton, with an average price of 90,850 yuan/ton, up 450 yuan/ton from the previous trading day [2] 3.3 Production and Inventory - This week, the production of lithium carbonate was 21,865 tons, a decrease of 265 tons from last week. The total industry inventory was 115,968 tons, with a de - stocking of 2,452 tons from last week [3] 3.4 Trend Strength - The trend strength of lithium carbonate was - 2, indicating a bearish outlook [3]