碳酸锂期货日报-20251224

Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: December 24, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - Carbonate lithium futures hit a new high for the year, with total positions increasing by 5991 and the pace of capital entry slowing. The 01 - 05 spread widened to 1920. Spot prices across the industry chain rose, but demand showed signs of slowing at the end of the year. With an expected difference in supply and a slight slowdown in demand, the de - stocking intensity of carbonate lithium is expected to stop falling and rise, and carbonate lithium futures are likely to rise rather than fall [9] Summary by Directory 1. Market Review and Operation Suggestions - Carbonate lithium futures reached a new high for the year, with total positions increasing by 5991 and the capital entry pace slowing. The 01 - 05 spread widened to 1920. The price of electric carbonate rose by 500 to 99,500, Australian ore rose by 35 to 1420, mica ore rose by 205 to 3125, ternary materials rose by 200 - 300, iron - lithium materials rose by 115 - 120, and the electrolyte price remained flat. Demand at the end of the year slowed significantly, with the weekly production of power lithium batteries, ternary, and iron - lithium materials all slowing last week, and the weekly de - stocking volume slowing for three consecutive weeks [9] 2. Industry News - Exar Minera, a joint - venture between Ganfeng Lithium and Lithium Argentina (LAR), applied for Argentina's Large - scale Investment Incentive System (RIGI) for its Cauchari - Olaroz lithium salt lake project to support its capacity expansion plan. The project aims to increase the annual production scale by 45,000 tons of carbonate lithium, raising the total capacity to 85,000 tons per year. The project plans to use direct lithium extraction (DLE) technology instead of traditional brine evaporation. The Argentine government stated that RIGI - related decisions will take up to 45 working days if no additional information is required [10] - China's carbonate lithium imports in November 2025 were 22,055.19 tons, a 7.64% decrease from the previous month and a 14.66% increase year - on - year. Chile was the largest import source, with imports of 10,824.66 tons in that month, a 26.84% decrease from the previous month and an 11.19% decrease year - on - year. Argentina was the second - largest import source, with imports of 8,042.91 tons, a 10.57% increase from the previous month and a 28.28% increase year - on - year [10]