碳酸锂日报-20260325

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - Yesterday, the lithium carbonate futures contract 2605 rose 6.11% to 152,940 yuan/ton. The average price of battery - grade lithium carbonate increased by 1,000 yuan/ton to 147,500 yuan/ton, the average price of industrial - grade lithium carbonate rose 1,000 yuan/ton to 144,500 yuan/ton, and the battery - grade lithium hydroxide (coarse particles) rose 500 yuan/ton to 139,000 yuan/ton. The warehouse receipt inventory decreased by 1,459 tons to 32,078 tons [3]. - On the supply side, the weekly production data increased by 760 tons to 24,186 tons; the estimated lithium carbonate production in March increased by 28% month - on - month to 106,390 tons. On the demand side, the estimated output of ternary materials in March increased by 19% month - on - month to 84,360 tons, and the output of lithium iron phosphate increased by 24% month - on - month to 430,000 tons. On the inventory side, the weekly social inventory of lithium carbonate decreased by 86 tons to 98,873 tons, among which the downstream inventory increased by 458 tons to 46,105 tons, other links decreased by 860 tons to 36,160 tons, and the upstream inventory increased by 316 tons to 16,608 tons [3]. - The lagging demand data is difficult to strongly boost the market. The weekly de - stocking speed has significantly slowed down, and the downstream inventory level of spot has significantly rebounded. Therefore, if the price rises sharply in the short term, it may lead to a weakening of downstream purchasing enthusiasm. However, recently, due to geopolitical issues, the long - term energy substitution logic has strengthened, and the stock market has responded more strongly. Concerns about overseas resource supply have resurfaced. In the short term, it is necessary to pay attention to whether there will be a gap in lithium ore supply. In the medium and long term, the price center will still move up, so it is still advisable to consider bottom - fishing [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - Futures, spot prices, and warehouse receipt inventory changes of lithium carbonate and related products are presented. Supply, demand, and inventory data for lithium carbonate in March are also provided, along with an outlook on the market [3]. 3.2 Daily Data Monitoring - A table shows the prices of lithium - related products in the lithium - ion battery industry chain on March 24 and March 23, 2026, including futures, lithium ore, lithium carbonate, lithium hydroxide, and other products. It also includes price differentials and the prices of some battery products [5]. 3.3 Chart Analysis 3.3.1 Ore Prices - Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and amblygonite from 2024 to 2026 [6][7][8][9][10]. 3.3.2 Lithium and Lithium Salt Prices - Charts display the price trends of battery - grade metal lithium, battery - grade and industrial - grade lithium carbonate, and battery - grade and industrial - grade lithium hydroxide from 2024 to 2026 [12][13][14][15]. 3.3.3 Price Differentials - Charts show the price differentials between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differentials from 2024 to 2026 [17][18][19][20]. 3.3.4 Precursor & Cathode Materials - Charts present the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2026 [25][26][27][28][29][30]. 3.3.5 Lithium - Battery Prices - Charts show 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 [31][32][35][36]. 3.3.6 Inventory - Charts display the inventory trends of downstream, smelters, and other links in the lithium - carbonate industry from 2025 to 2026 [38][39][40][41]. 3.3.7 Production Costs - Chart shows the cash production profits of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, lithium mica concentrate, and spodumene concentrate from 2024 to 2026 [43][44]. 3.4 Team Introduction - The introduction of the non - ferrous research team members includes their educational backgrounds, positions, research directions, and professional achievements [46][47][48][49]. 3.5 Contact Information - Company address, phone number, fax, customer service hotline, and postcode are provided [51].