碳酸锂日报（2026年2月13日）-20260213

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 rose 3.66% to 149,420 yuan/ton. The average price of battery - grade lithium carbonate increased by 4,500 yuan/ton to 142,500 yuan/ton, the average price of industrial - grade lithium carbonate increased by 4,500 yuan/ton to 139,000 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose 2,000 yuan/ton to 136,500 yuan/ton. The warehouse receipt inventory increased by 1,755 tons to 37,282 tons [3]. - On the supply side, the weekly output decreased by 560 tons to 20,184 tons. In February, the production schedule of battery - grade lithium carbonate decreased by 17.6% month - on - month to 58,835 tons, and that of industrial - grade lithium carbonate decreased by 12.7% month - on - month to 23,095 tons. On the demand side, the production schedule of ternary materials in February decreased by 14.6% month - on - month to 69,250 tons, and that of lithium iron phosphate decreased by 10.7% month - on - month to 354,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 2,531 tons to 102,932 tons, with downstream inventory increasing by 835 tons to 44,492 tons, inventory in other links decreasing by 1,930 tons to 41,520 tons, and upstream inventory decreasing by 1,436 tons to 16,920 tons [3]. - The negative sentiment in the news has been weakened, and the expectation of strong post - holiday demand has led to a rapid increase in prices. However, based on the recent trading volume of futures and spot, the downstream's Spring Festival stocking is basically over, and there has been some strategic stocking. If the price remains strong in the short term, the futures and spot prices may diverge again. The shipping data from Chile in January increased significantly month - on - month, but it was due to pre - shipping for the Spring Festival, and the volume is not sustainable. The significant supply pressure on the domestic market may be felt after the Spring Festival. At the same time, domestic production will gradually resume in March. The key will be whether the demand can exceed expectations. A continuous decline in post - holiday inventory levels may be a significant positive support, and the price may fluctuate widely in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 149,420 yuan/ton, down 840 yuan from the previous day; the closing price of the continuous contract was 146,860 yuan/ton, unchanged from the previous day [5]. - Lithium Ore: The price of lithium spodumene concentrate (6%, CIF China) was 2,000 US dollars/ton, up 63 US dollars from the previous day; the price of lithium mica (Li2O: 1.5% - 2.0%) was 3,065 yuan/ton, up 150 yuan from the previous day; the price of lithium mica (Li2O: 2.0% - 2.5%) was 4,575 yuan/ton, up 160 yuan from the previous day; the price of amblygonite (Li2O: 6% - 7%) was 13,250 yuan/ton, up 150 yuan from the previous day; the price of amblygonite (Li2O: 7% - 8%) was 14,200 yuan/ton, up 200 yuan from the previous day [5]. - Lithium Carbonate: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 142,500 yuan/ton, up 4,500 yuan from the previous day; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) was 139,000 yuan/ton, up 4,500 yuan from the previous day [5]. - Lithium Hydroxide: The price of battery - grade lithium hydroxide (coarse particles/domestic) was 136,500 yuan/ton, up 2,000 yuan from the previous day; the price of battery - grade lithium hydroxide (micropowder) was 143,000 yuan/ton, up 2,000 yuan from the previous day; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 125,950 yuan/ton, up 2,000 yuan from the previous day; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) was 17.3 US dollars/kg, up 0.05 US dollars from the previous day [5]. - Lithium Hexafluorophosphate: The price of lithium hexafluorophosphate was 125,000 yuan/ton, unchanged from the previous day [5]. - Price Spreads: The price spread between battery - grade lithium carbonate and industrial - grade lithium carbonate was 3,500 yuan/ton, unchanged from the previous day; the price spread between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 6,000 yuan/ton, down 2,500 yuan from the previous day; the price difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide was - 16,339.39 yuan/ton, down 1,620 yuan from the previous day [5]. - Precursors and Cathode Materials: The prices of some ternary precursors remained unchanged, while the prices of some ternary materials and lithium iron phosphate increased. For example, the price of ternary material 523 (polycrystalline/consumer - type) increased by 1,600 yuan/ton to 185,000 yuan/ton, and the price of lithium iron phosphate (power - type) increased by 1,090 yuan/ton to 51,710 yuan/ton [5]. - Cells and Batteries: The prices of most cells and batteries remained stable, with only the price of square lithium iron phosphate batteries increasing by 0.003 yuan/Wh to 0.318 yuan/Wh [5]. 3.2 Chart Analysis - Ore Prices: There are charts showing the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2026 [6][9]. - Lithium and Lithium Salt Prices: There are charts showing the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2026 [12][14][18]. - Price Spreads: There are charts showing the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF) in Asia and domestic battery - grade lithium carbonate, and the basis from 2024 to 2026 [20][22][25]. - Precursors and Cathode Materials: There are charts showing the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2026 [27][29][31]. - Lithium Battery Prices: There are charts showing 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 2026 [33][36]. - Inventory: There are charts showing the inventory trends of downstream, smelters, and other links from June 26, 2025, to February 12, 2026 [38][41]. - Production Costs: There is a chart showing 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, 外购锂辉石精矿) from 2024 to February 2026 [42].