鑫椤锂电一周观察 | 碳酸锂：10月需求超12万吨，明年增幅近30%

Industry Insights - In October, domestic lithium carbonate demand reached 120,000 tons, an 8% month-on-month increase, while inventory fell below 120,000 tons, indicating a supply-demand reversal [2] - The sentiment in the market is driven by expectations that lithium carbonate prices may exceed 150,000 yuan if demand grows by 30% by 2026, with a projected global lithium resource demand of 1.8 million tons (LCE equivalent) [2] - The lithium carbonate market is experiencing a strong upward trend, with futures prices surpassing 100,000 yuan per ton, supported by a lack of new supply [6] Company Developments - Rongbai Technology has been designated as the first supplier of sodium battery cathode powder for CATL, marking a significant partnership [3] - Wanrun New Energy announced a shift in its fundraising project from a 120,000 tons/year lithium iron phosphate project to a high-voltage lithium iron phosphate project, with completion expected by December 2026 [4] Market Prices - As of November 20, battery-grade lithium carbonate prices range from 92,000 to 94,000 yuan per ton, while industrial-grade prices are between 90,500 and 91,500 yuan per ton [7] - The price of ternary materials has seen a slight increase, driven by rising lithium carbonate prices, with 5-series single crystal materials priced at 155,000 to 160,000 yuan per ton [8] - Phosphate lithium prices have also risen slightly, with power-type phosphate lithium priced at 37,400 to 38,800 yuan per ton [9] Electric Vehicle Market - In October, China's automobile exports reached 666,000 units, a 2.1% month-on-month increase and a 22.9% year-on-year increase, with a cumulative export of 5.616 million units from January to October, up 15.7% year-on-year [16] - The penetration rate of new energy vehicles reached 62.5%, indicating strong market demand [16] Energy Storage Sector - The domestic energy storage market is experiencing robust supply and demand, with new projects being launched in Inner Mongolia and upcoming subsidy policies expected in over ten provinces [17]