新能源及有色金属日报：周度库存继续去化，碳酸锂盘面高位宽度震荡-20260313

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The lithium carbonate market has both long and short factors. This week, lithium carbonate production increased by 836 tons and inventory decreased by 414 tons. In March, supply and demand were both strong, with the production of lithium carbonate demand materials and battery cells continuing to grow rapidly, and the sales data of new energy vehicles in March improving year-on-year. However, considering the strong price support sentiment of upstream lithium salt factories and the increasing wait-and-see sentiment of downstream material factories after the price increase, the market lacks continuous upward momentum. It is expected that the lithium carbonate price will maintain a volatile pattern in the short term [2]. Group 3: Market Analysis - On March 12, 2026, the main lithium carbonate contract 2605 opened at 155,300 yuan/ton and closed at 156,980 yuan/ton, with a -1.79% change in the closing price compared to the previous day's settlement price. The trading volume was 219,828 lots, and the open interest was 325,382 lots, compared to 330,436 lots in the previous trading day. According to SMM spot quotes, the current basis is 1,620 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 36,455 lots, a change of -284 lots from the previous trading day [1]. - According to SMM data, the price of battery-grade lithium carbonate was quoted at 154,000 - 162,000 yuan/ton, a change of -1,000 yuan/ton from the previous trading day, and the price of industrial-grade lithium carbonate was quoted at 150,000 - 159,000 yuan/ton, a change of -1,250 yuan/ton from the previous trading day. The price of 6% lithium concentrate was 2,230 US dollars/ton, a change of -10 US dollars/ton from the previous day [1]. - According to the latest SMM statistics, the spot inventory was 98,959 tons, a month-on-month decrease of 414 tons. Among them, the smelter inventory was 16,292 tons, a month-on-month decrease of 1,184 tons; the downstream inventory was 45,647 tons, a month-on-month increase of 1,890 tons; other inventories were 37,020 tons, a month-on-month decrease of 1,120 tons. The downstream inventory increased, while the smelter and other inventories decreased, and the overall inventory continued to decline [1]. Group 4: Strategy - The production of lithium carbonate demand materials and battery cells continues to grow rapidly, leading to continuous inventory reduction, but the terminal demand for new energy vehicles and energy storage still needs to be verified. The current market is greatly affected by market sentiment, and short-term interval operations are recommended. - Unilateral: Short-term wait-and-see is recommended. - Inter-period: None. - Cross-variety: None. - Spot-futures: None. - Options: None [3].