碳酸锂数据日报-20260324

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The lithium carbonate futures price is under pressure from macro hedging and the slowdown of inventory reduction, but is supported by demand. Due to the unclear macro situation, investors are advised to participate cautiously [3] Summary by Relevant Catalog 1. Lithium Compounds - SMM battery - grade lithium carbonate average price is 146,500 yuan, down 2,500 yuan; SMM industrial - grade lithium carbonate average price is 143,500 yuan, down 2,500 yuan [1] 2. Lithium Futures Contracts - Carbonate lithium 2604 closed at 147,860 yuan, up 0.71%; carbonate lithium 2605 closed at 149,040 yuan, up 1.02%; carbonate lithium 2606 closed at 148,140 yuan, up 0.95%; carbonate lithium 2607 closed at 148,300 yuan, up 1.26%; carbonate lithium 2608 closed at 146,520 yuan, up 0.4% [1] 3. Lithium Ore - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) average price is 2,028 yuan, down 29 yuan; lithium mica (Li20: 1.5% - 2.0%) average price is 3,020 yuan, down 40 yuan; lithium mica (Li20: 2.0% - 2.5%) average price is 4,400 yuan, down 50 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) average price is 11,750 yuan, down 225 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) average price is 12,750 yuan, down 250 yuan [1][2] 4. Cathode Materials - The average price of lithium iron phosphate (power type) is 52,680 yuan, down 610 yuan; the average price of ternary material 811 (polycrystalline/power type) is 208,500 yuan, down 1250 yuan; the average price of ternary material 523 (single - crystal/power type) is 180,950 yuan, down 1300 yuan; the average price of ternary material 613 (single - crystal/power type) is 183,150 yuan, down 1350 yuan [2] 5. Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate is 3,000 yuan; the price difference between battery - grade lithium carbonate and the main contract is - 2,540 yuan, a change of - 7,680 yuan; the price difference between the near - month and the first continuous contract is - 1,180 yuan, a change of - 2,320 yuan; the price difference between the near - month and the second continuous contract is - 280 yuan, a change of - 1,960 yuan [2] 6. Inventory - The total inventory (weekly, tons) is 98,873 tons, down 86 tons; the smelter inventory (weekly, tons) is 16,608 tons, up 316 tons; the downstream inventory (weekly, tons) is 46,105 tons, up 458 tons; other inventory (weekly, tons) is 36,160 tons, down 860 tons; the registered warehouse receipts (daily, tons) is 33,537 tons, down 781 tons [2] 7. Profit Estimation - The cash cost of purchasing spodumene concentrate externally is 146,443 yuan, and the profit is - 1,854 yuan; the cash cost of purchasing lithium mica concentrate externally is 136,428 yuan, and the profit is 5,025 yuan [3] 8. Industry News - The Delhi government in India plans to announce a new policy during the Delhi budget meeting next week, offering cash subsidies to individuals who scrap locally registered BS - IV and earlier standard fuel vehicles and purchase electric vehicles to accelerate the electrification transformation and reduce the number of old high - emission vehicles [3] 9. Market Situation - Macroscopically, the situation between the US and Iran persists, and capital hedging creates upward pressure. Fundamentally, the new energy vehicle data in February was lower than expected, but the energy storage demand remains strong. Social inventory is continuously being destocked, but the destocking rate has slowed down [3]