Guang Da Qi Huo·2025-12-26 05:14Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - On December 25, 2025, the 2605 contract of lithium carbonate futures rose 0.44% to 123,520 yuan/ton. The average price of battery-grade lithium carbonate increased by 3,400 yuan/ton to 104,900 yuan/ton, the average price of industrial-grade lithium carbonate rose by 3,400 yuan/ton to 102,250 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) increased by 3,500 yuan/ton to 94,280 yuan/ton. The warehouse receipt inventory remained at 17,101 tons [3]. - Starting from January 1, 2026, Tianqi Lithium will adjust the spot trading settlement price of all products to refer to Mysteel's battery-grade lithium salt price or the main contract price of lithium carbonate futures on the Guangzhou Futures Exchange. Hunan Yueneng will conduct maintenance on some production lines starting from January 1, 2026, with an estimated reduction in production of 15,000 - 35,000 tons. Wanrun New Energy will conduct planned production reduction and maintenance on some production lines, with an estimated reduction in lithium iron phosphate production of 5,000 - 20,000 tons [3]. - On the supply side, the weekly production increased by 116 tons to 22,161 tons. Among them, lithium extraction from spodumene increased by 60 tons to 13,864 tons, lithium extraction from lepidolite increased by 40 tons to 2,866 tons, lithium extraction from salt lakes decreased by 20 tons to 3,075 tons, and lithium extraction from recycled materials increased by 36 tons to 2,356 tons. On the inventory side, the weekly inventory decreased by 652 tons to 109,773 tons. Downstream inventory decreased by 239 tons to 39,892 tons, inventory in other links increased by 1,180 tons to 52,030 tons, and upstream inventory decreased by 239 tons to 17,851 tons [3]. - On December 25, the sentiment in the commodity market recovered. Despite the disturbances in the news, the market still showed a pattern of opening low and closing high, with a divergence between futures and spot prices. The pricing mechanism and price transmission have put pressure on the operations of some enterprises. Short - term price competition has intensified, and attention should be paid to whether the strong demand next year can be verified [3]. Summary by Directory 1. Daily Data Monitoring - Futures and Minerals: The closing prices of the main and continuous contracts are not available. The price of spodumene concentrate (6%, CIF China) increased by 6 US dollars/ton to 1,440 US dollars/ton. The prices of lepidolite (Li2O: 1.5% - 2.0%) and lepidolite (Li2O: 2.0% - 2.5%) increased by 55 yuan/ton to 2,140 yuan/ton and 3,265 yuan/ton respectively. The prices of amblygonite (Li2O: 6% - 7%) and amblygonite (Li2O: 7% - 8%) remained unchanged at 11,725 yuan/ton and 13,225 yuan/ton respectively [5]. - Lithium Carbonate and Lithium Hydroxide: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) increased by 3,400 yuan/ton to 104,900 yuan/ton, the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) increased by 3,400 yuan/ton to 102,250 yuan/ton. The prices of various types of lithium hydroxide also increased, while the price of hexafluorophosphate decreased by 1,000 yuan/ton to 167,000 yuan/ton [5]. - Price Spreads: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,650 yuan/ton. The price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 100 yuan/ton to - 10,620 yuan/ton [5]. - Precursors and Cathode Materials: The prices of various ternary precursors and cathode materials increased to varying degrees, and the prices of different types of lithium iron phosphate and manganese acid lithium also rose [5]. - Cells and Batteries: The prices of some cells and batteries increased slightly, such as the 523 cylindrical ternary battery, the square lithium iron phosphate cell (small power type), and the cobalt - acid lithium cell [5]. 2. Chart Analysis - Ore Prices: Charts show the price trends of spodumene concentrate (6%, CIF), lepidolite (1.5% - 2.0%), lepidolite (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][7][8]. - Lithium and Lithium Salt Prices: Charts display the price trends of metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and hexafluorophosphate from 2024 to 2025 [9][10][11]. - Price Spreads: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc. from 2024 to 2025 [16][17][18]. - Precursors and Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt - acid lithium from 2024 to 2025 [23][24][25]. - Lithium Battery Prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [29][30][31]. - Inventory: Charts show the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from May to December 2025 [35][36][37]. - Production Costs: A chart presents the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [40][41]