碳酸锂周报 2026/3/2：关注资源进口情况-20260303

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The lithium carbonate market is expected to be volatile. The export ban in Zimbabwe may have a phased impact on the transportation of lithium mines. With the expected improvement in demand in March, high lithium prices can still be supported. Future attention should be paid to whether the increase in imported lithium resources is timely and sufficient. If there are no major disturbances in the resource end, lithium prices may maintain a wide - range oscillation [3][4] Summary by Related Catalogs 1. Lithium Carbonate Price - The futures price of lithium carbonate hit a new high this year. The main LC2605 contract opened at 160,000 yuan/ton, closed at 176,040 yuan/ton, with a high of 187,700 yuan/ton and a low of 157,100 yuan/ton during the week, up 15.33% [10] - The spot price increased week - on - week. The electric carbon spot price rose 28,250 yuan/ton to 172,000 yuan/ton compared with before the holiday. The electric/industrial carbon price difference remained flat week - on - week at 3,500 yuan/ton, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 3,150 yuan/ton to - 9,400 yuan/ton [3][18] 2. Lithium Ore - The spot price of domestic lithium ore and imported lithium ore increased week - on - week. The prices of domestic lithium spodumene concentrates with grades of 3% - 4%, 4% - 5%, and 5% - 5.5% increased by 1,100, 1,575, and 2,475 yuan/ton respectively. The prices of domestic lithium mica concentrates with grades of 1.5% - 2.0% and 2.0% - 2.5% increased by 600 and 960 yuan/ton respectively. The CIF prices of imported lithium spodumene ores with grades of 1.2% - 1.5%, 2% - 2.5%, and 3% - 4% increased by 5, 12.5, and 25 US dollars/ton respectively. The CIF prices of Australian and Brazilian lithium spodumene concentrates increased by 380 and 385 US dollars/ton respectively [25] - The total salable inventory of lithium ore at ports decreased week - on - week. As of February 27, the total inventory of domestic main port traders and warehouses for sale decreased by 11,000 tons to 141,000 tons compared with February 13 [27] 3. Lithium Carbonate - The weekly production increased. Last week, the domestic lithium carbonate production increased by 1,638 tons to 21,822 tons. In March 2026, the production is expected to increase by 23,300 tons to 106,390 tons month - on - month [37] - The production cost of purchasing lithium ore increased. The production cost of purchasing lithium spodumene concentrate (Li₂O:6%) increased by 22,804 yuan/ton to 168,303 yuan/ton, and the profit increased by 5,163 yuan/ton to 1,457 yuan/ton. Similar cost and profit changes were observed for other raw materials [41] - The total inventory decreased. As of February 26, the total lithium carbonate inventory decreased by 2,839 tons to 100,093 tons. The registered warehouse receipts as of February 27 were 38,461 tons, a decrease of 298 tons compared with February 13 [48] 4. Cathode Materials and Electrolytes - Ternary Materials: The price decreased week - on - week. As of February 26, the weekly production decreased by 664 tons to 15,617 tons, and the weekly inventory decreased by 533 tons to 17,234 tons. The production in March is expected to reach 84,360 tons, a 19% increase month - on - month [56] - Lithium Iron Phosphate: The price increased. As of February 26, the weekly production increased by 300 tons to 89,150 tons, and the weekly inventory increased by 459 tons to 92,556 tons. The production in March is expected to reach 430,400 tons, a 23.6% increase month - on - month [62] - Cobalt Acid Lithium and Manganese Acid Lithium: The production in March is expected to increase significantly. The production of cobalt acid lithium in March is expected to reach 8,480 tons, a 26% increase month - on - month. The production of manganese acid lithium in March is expected to reach 10,310 tons, a 32% increase month - on - month [66] - Electrolyte: The price remained flat week - on - week. The production of lithium hexafluorophosphate in February is expected to reach 24,870 tons, an 8% increase month - on - month, and the production of electrolyte in February is expected to reach 190,360 tons, a 10% decrease month - on - month [76] 5. Batteries - The production in March is expected to increase. The total domestic battery production in February was 169.01 GWh, a decrease of 24.99 GWh month - on - month. The total battery production in March 2026 is expected to reach 208.72 GWh, a 23% increase month - on - month [81] - The total inventory of domestic battery cells decreased. As of January 2026, the inventory of domestic power and energy - storage batteries was 143.2 and 34.2 GWh respectively, a decrease of 17.9 and 14.8 GWh respectively [83]