碳酸锂：大厂复产消息反复，高位震荡

Report Overview - The report is dated December 11, 2025, focusing on the lithium carbonate market, with insights from analysts Shao Wanyi and contact person Liu Hongru [1]. Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The lithium carbonate market is experiencing high - level fluctuations due to repeated news of major manufacturers resuming production [1]. - The trend strength of lithium carbonate is 0, indicating a neutral stance [3]. Summary by Relevant Catalogs Fundamental Tracking - Futures Contracts: For the 2601 contract, the closing price was 94,080, with a change of 3,080 compared to T - 1; the trading volume was 58,030, and the open interest was 130,924. For the 2605 contract, the closing price was 95,980, trading volume 620,935, and open interest 605,453 [1]. - Warehouse Receipts: The warehouse receipt volume was 13,680, an increase of 760 compared to T - 1 [1]. - Basis: The basis between spot and 2601 contract was - 1,380, and between spot and 2605 contract was - 3,280. The basis between 2601 and 2605 contracts was - 1,900 [1]. - Raw Materials: The price of spodumene concentrate (6%, CIF China) was 1,178, and lithium mica (2.0% - 2.5%) was 2,565 [1]. - Lithium Salts: The price of battery - grade lithium carbonate was 92,700, and industrial - grade lithium carbonate was 90,250 [1]. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 92,627 yuan/ton, down 22 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 92,700 yuan/ton, down 50 yuan/ton, and industrial - grade lithium carbonate was 90,250 yuan/ton, down 100 yuan/ton [2]. - On December 10, the Communist Party of China Qinghai Provincial Committee released suggestions for formulating the 15th Five - Year Plan, aiming to build high - quality industrial clusters, including promoting the high - quality development of the lithium salt industry [3].