碳酸锂日报（2026年2月27日）-20260227

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - On February 26, 2026, the lithium carbonate futures 2605 rose 3.47% to 173,660 yuan/ton. The average price of battery - grade lithium carbonate increased by 11,250 yuan/ton to 173,000 yuan/ton, the average price of industrial - grade lithium carbonate increased by 11,250 yuan/ton to 169,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) rose by 10,000 yuan/ton to 163,000 yuan/ton. The warehouse receipt inventory decreased by 74 tons to 38,451 tons [3]. - From February 12 to 26, the lithium carbonate production increased by 1,638 tons to 21,822 tons. It is expected that the lithium carbonate production in February will decrease by 16.3% to 81,930 tons. The production of ternary materials in February decreased by 14.6% to 69,250 tons, and the production of lithium iron phosphate decreased by 10.7% to 354,000 tons. The weekly social inventory of lithium carbonate decreased by 2,839 tons to 100,093 tons [3]. - Due to concerns about exports to Zimbabwe, the lithium carbonate futures price gapped higher. In the short term, the pressure lies in whether the demand side can have unexpected performance. In the medium term, considering the shipping cycle, it may affect the actual supply starting from mid - to late April - May [3]. Group 3: Summary by Directory 1. Research Views - Price Changes: The futures and spot prices of lithium carbonate and related products increased on February 26, 2026. The futures 2605 rose 3.47%, and the spot prices of battery - grade and industrial - grade lithium carbonate and battery - grade lithium hydroxide all increased [3]. - Supply - Demand - Inventory Analysis: Supply increased from February 12 - 26 but is expected to decline in February. Demand for ternary materials and lithium iron phosphate decreased in February. The social inventory decreased weekly, with different trends in downstream, other links, and upstream [3]. - Market Impact: Concerns about Zimbabwe exports affected the futures price. Short - term pressure is on the demand side, and medium - term supply may be affected starting from mid - to late April - May [3]. 2. Daily Data Monitoring - Price Table: It shows the price changes of various products in the lithium - battery industry chain on February 26 and 25, 2026, including futures, lithium ore, lithium carbonate, lithium hydroxide, and other products [5]. 3. Chart Analysis - Ore Prices: Charts show the price trends of lithium ore such as lithium spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 - 2026 [6][9]. - Lithium and Lithium Salt Prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, and lithium hydroxide from 2024 - 2026 [12][14][18]. - Price Spreads: Charts present the price spread trends between different lithium products, such as battery - grade lithium hydroxide and battery - grade lithium carbonate, and the basis from 2024 - 2026 [20][22][25]. - Precursor & Cathode Materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 - 2026 [27][29][31]. - 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 - 2026 [33][36]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from July 2025 - February 2026 [39][41]. - Production Costs: A chart shows the production profit trends of different raw material - sourced lithium carbonate from 2024 - February 2026 [44].