碳酸锂日报-20260318

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On March 17, 2026, the lithium carbonate futures 2605 rose 0.39% to CNY 155,320 per ton. The average price of battery - grade lithium carbonate increased by CNY 1,500 per ton to CNY 158,000 per ton, and the average price of industrial - grade lithium carbonate increased by CNY 1,500 per ton to CNY 154,500 per ton. The price of battery - grade lithium hydroxide (coarse particles) rose by CNY 500 per ton to CNY 150,000 per ton. The warehouse receipt inventory increased by 72 tons to 36,465 tons [3]. - In terms of supply, the weekly production data increased by 836 tons to 23,426 tons. It is estimated that the lithium carbonate production in March will increase by 28% month - on - month to 106,390 tons. In terms of demand, the weekly production of ternary materials increased by 406 tons to 16,924 tons and the inventory increased by 208 tons to 18,019 tons. The weekly production of lithium iron phosphate increased by 5,050 tons to 101,725 tons and the inventory increased by 5,251 tons to 105,780 tons. It is estimated that the production of ternary materials in March will increase by 19% month - on - month to 84,360 tons, and the production of lithium iron phosphate will increase by 24% month - on - month to 430,000 tons. In terms of inventory, the weekly social inventory of lithium carbonate decreased by 414 tons to 98,959 tons [3]. - From the perspective of production scheduling, the weekly inventory destocking level met expectations, and the total inventory turnover days decreased to 27.8 days. The decrease in the absolute inventory level and the increasing stocking coefficient of downstream enterprises may be a significant support for prices. However, there is no obvious contradiction in the current market. Attention should be paid to the concentrated shipment situation after Zimbabwe resumes exports. A more definite bullish factor is needed to break through the previous high, but it is still advisable to consider bottom - fishing [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing prices of the main and continuous contracts are N/A, and the price of lithium spodumene concentrate (6%, CIF China) increased by USD 25 to USD 2,185 per ton. The prices of various types of lithium mica and phospho - lithium - aluminum stone remained unchanged [5]. - Lithium carbonate: The average price of battery - grade lithium carbonate increased by CNY 1,500 to CNY 158,000 per ton, and the average price of industrial - grade lithium carbonate increased by CNY 1,500 to CNY 154,500 per ton [5]. - Lithium hydroxide: The prices of different types of lithium hydroxide all increased, with the increase ranging from CNY 500 to CNY 500 per ton [5]. - Other products: The price of lithium hexafluorophosphate remained unchanged. The prices of some ternary precursors remained unchanged, while the prices of some ternary materials, lithium iron phosphate, and cobalt - acid lithium changed. The prices of most types of cells and batteries were stable, except for the square lithium iron phosphate battery, whose price increased by CNY 0.003 per Wh [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate (6%, CIF), different types of lithium mica, and phospho - lithium - aluminum stone from 2024 to 2026 [6][9]. - Lithium and lithium salt prices: Charts display the price trends of battery - grade metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2026 [12][14][18]. - 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, and other relevant price spreads from 2024 to 2026 [18][20]. - 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 to 2026 [26][28][30]. - 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 2026 [32][36]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from July 2025 to March 2026 [38][39][42]. - Production cost: The chart shows the production profit trends of different raw - material - sourced lithium carbonate from 2024 to March 2026 [43][44].