碳酸锂：去库幅度缩小

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - This week, the price of lithium carbonate futures declined, with the 2605 contract closing at 143,860 yuan/ton, down 8,220 yuan/ton week-on-week, and the 2607 contract closing at 143,100 yuan/ton, down 8,300 yuan/ton week-on-week. The spot price dropped 10,000 yuan/ton to 149,000 yuan/ton week-on-week [3]. - The supply of domestic lithium salt plants increased week-on-week, and the shipment volume of Australian mines remained high. The weekly production of domestic lithium carbonate increased slightly, mainly concentrated in the spodumene and mica sectors. Overseas, the situation in Zimbabwe may affect the supply of lithium ore [4]. - Downstream buyers generally replenished their stocks at low prices. In the short term, energy storage is less affected by geopolitical events. With the rise in oil and gas prices, the demand for lithium batteries will further increase. However, the transportation problem of sulfur in the Middle East will affect the production of cathode materials downstream, thereby suppressing lithium prices [5]. - This week, lithium carbonate continued to be destocked, but the destocking amplitude narrowed, with the industry inventory at 98,873 tons, a decrease of 86 tons from last week. Futures warehouse receipts were cancelled in total, with 1,715 lots cancelled this week, and the total number of lots was 34,740 [6]. - The supply side shows a high domestic supply, an increase in the shipment volume of Australian mines overseas, and a marginal boost in raw material imports in the future. The demand side shows that the downstream production schedule in March generally maintained a high - level operation. The market is more concerned about the changes in the demand side. It is recommended to wait for the callback to a low level to make a layout [7][8]. Summary by Relevant Catalogs 1. Market Data - This week, lithium carbonate futures prices fell, and the basis weakened. The 2605 - 2607 contract spread strengthened by 80 yuan/ton week-on-week to +760 yuan/ton [3]. 2. Upstream Supply of Lithium Salt - Lithium Ore - Domestic lithium carbonate weekly production increased slightly, mainly concentrated in the spodumene and mica sectors. The shipment volume of Australian mines remained high, which will supplement the domestic raw material imports to some extent. The situation in Zimbabwe may affect the supply of lithium ore [4]. 3. Mid - stream Consumption of Lithium Salt - Lithium Salt Products - The price of lithium carbonate decreased, and the industry inventory destocking amplitude narrowed. The downstream buyers replenished their stocks at low prices [3][6]. 4. Downstream Consumption of Lithium Salt - Lithium Batteries and Materials - The production schedule of cathode material plants in March increased month - on - month, with the production schedule of lithium iron phosphate cathode increasing by 18% and that of ternary cathode increasing by 21%. The domestic energy storage terminal had 26 project wins last week, with a total winning scale of 1.72GW/5.52GWh, a week - on - week decrease of 10.42% and a year - on - year decrease of 17.99% [5].