Summary of Yahua Group Conference Call Company Overview - Yahua Group is a leading player in the domestic civil explosives industry with an industrial explosive production capacity exceeding 260,000 tons and a market share of over 53% in Sichuan [2][4] - The company is actively expanding into markets in Tibet and Yunnan, with the Yaxia Hydropower Station project expected to significantly enhance long-term performance [2][4] Core Business and Development - The core businesses of Yahua Group include civil blasting and lithium mining [4] - The company has lithium mining rights with a capacity corresponding to approximately 25,000 tons of lithium carbonate equivalent from the Lijiagou lithium mine and 350,000 tons/year from the Kamativi mine in Zimbabwe, with major benefits expected from the Kamativi mine in the next two years [2][21] - Yahua Group has a significant capacity in lithium hydroxide production, having already produced 100,000 tons and planning to increase by another 70,000 tons, aiming for a total of 170,000 tons [2][22] Market Dynamics - The lithium carbonate price has bottomed out but may test lower levels again in 2026; however, the long-term outlook suggests a potential price increase due to supply constraints and demand growth [2][19] - The civil explosives industry is under strict regulation, with limited new capacity and increasing demand from mining operations, providing support for the civil blasting business [2][15] Financial Performance - The civil blasting business has shown stable profitability, with a year-on-year growth of 12.21% in 2023, contributing nearly 90% to gross profit [8] - The lithium business has faced challenges due to cyclical price declines, but as prices stabilize and recover, the contribution from lithium is expected to increase significantly [8][24] Cost Management - Yahua Group manages raw material costs in the civil blasting business through local procurement and framework agreements, maintaining lower gross margins compared to industry averages [3][12] Customer Base and Stability - The company’s downstream customers are primarily located in Europe, the United States, Japan, and South Korea, including major firms like Tesla, Panasonic, LG, and CATL, which ensures revenue stability through long-term contracts [2][23] Future Outlook - The company is well-positioned for growth in the next three years, with both civil blasting and new energy sectors showing potential for improvement and significant growth through mergers, acquisitions, and cost reduction strategies [24][25]

投资咨询从业资格号: Z0015722 shaowanyi020696@gtjas.com 本周价格走势:延续跌势,长协基准价高于近月合约价格 线酸锂期货合约价格受永兴材料安许证续证影响再度大跌。2509 合约收于 77000 元/吨,周环比下跌 2180 元/吨,2511 合约收于 77180 元/吨,周环比下跌 1780 元/吨,现货周环比下跌 4250 元/吨为 79650 元/吨。SMM 期现基差（2509 合约）下跌 2070元/吨至+2650 元/吨，富宝贸易商升贴水报价_310 元/吨,周环比持平。2509-2511 合约价差-180元/吨,环比下跌 400元/吨。 供需基本面:去库不及预期 供应:根据中联金,锂矿港口库存 45.6万吨,环比增长6.4万吨。根据钢联、锂矿库存为10.5万 吨,环比减少 2.6万吨。海外向中国发运量来看,8月澳矿持平,约 31.9万吨,智利低于7月水平,为 2.88万吨,马里未进行发运,津巴布韦环比增长至前期高位,尼日利亚维持高发运量,鸟啵反应 Bikita 恢复生产。本周碳酸锂产量 1.9万吨，环比减少 108吨，其中云母较８月７日当周减少 1910吨，辉石和 ...

Report Information - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: August 25, 2025 [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of carbonate lithium was affected by mine shutdowns and permit reviews, while overseas imports showed mixed trends. The cost of some manufacturers was under pressure, and the demand showed an upward trend in August. The inventory was in a destocking state. It is expected that the price of carbonate lithium will be supported in the short term but will continue to fluctuate widely, and cautious trading is recommended [5][6] Summary by Directory 1. Weekly Viewpoint Supply - Last week, the output of carbonate lithium increased by 345 tons to 20,438 tons, and the output in July increased by 5.8% to 85,690 tons. The Ningde Jianxiawo mine was confirmed to be shut down for 3 months, and manufacturers in Yichun and Qinghai received notices for mine - right transfer reviews. The cost - reduction space of Australian mines is limited, and most have reduced their capital expenditure for fiscal year 25. In July 2025, China's lithium ore imports were 751,000 tons, a month - on - month increase of 30.3%. The imports from Australia were about 427,000 tons, a month - on - month increase of 67% and a year - on - year increase of 12.8%. The imports from Zimbabwe decreased by 36% month - on - month, and those from Nigeria increased by 47% month - on - month. The imports of carbonate lithium in July were 14,000 tons, a month - on - month decrease of 22%, and 9,000 tons were imported from Chile, accounting for 62% [5] Cost - The CIF price of imported lithium spodumene concentrate increased week - on - week, causing cost inversion for some manufacturers using purchased lithium ore. Manufacturers with their own ore and salt lakes had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5] Demand - The overall production schedule in August increased month - on - month, with large battery cell manufacturers' production schedules increasing by 7% month - on - month. In July, the total output of power and other batteries in China was 133.8 GWh, a month - on - month increase of 3.6% and a year - on - year increase of 44.3%. The total export was 23.2 GWh, a month - on - month decrease of 4.7% but a year - on - year increase of 35.4%. The sales volume was 127.2 GWh, a month - on - month decrease of 3.2% but a year - on - year increase of 47.8%. Policies are expected to support the sales growth of new energy vehicles in China [6] Inventory - This week, the inventory of carbonate lithium was in a destocking state, with factory inventory decreasing by 1,590 tons, market inventory decreasing by 591 tons, and futures inventory increasing by 1,505 tons [6] Strategy Suggestion - It is expected that South American lithium salt imports will supplement the supply. The terminal demand for energy storage is good, but there are still risks in mine certificates, and the cost center has shifted upward. The proportion of long - term contracts and customer - supplied products for battery manufacturers has increased. It is expected that the price of carbonate lithium will be supported in the short term but will continue to fluctuate widely. Cautious trading is recommended, and attention should be paid to the production reduction of upstream enterprises and the production schedules of cathode material manufacturers [6] 2. Key Data Tracking - The report provides multiple data charts, including the spot tax - included average price of carbonate lithium, weekly and monthly production, weekly and monthly inventory, average production cost, production and output - loading volume differences of power batteries, production of different cathode materials, import volume of lithium spodumene and carbonate lithium, and market prices of related materials [8][10][12] - In July 2024, the production of carbonate lithium from different raw materials accounted for 22.56% from salt lakes, 22.05% from lithium mica, and 43.87% from lithium spodumene [20][21]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The price of lithium carbonate is expected to experience wide - range fluctuations [1]. - The trend strength of lithium carbonate is 0, indicating a neutral outlook [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The 2509 contract's closing price was 79,180 yuan, down 3,820 yuan from T - 1; its trading volume was 23,175 lots, down 7,397 lots; and its open interest was 51,084 lots, down 5,986 lots. The 2511 contract's closing price was 78,960 yuan, down 3,800 yuan; its trading volume was 932,675 lots, up 154,848 lots; and its open interest was 362,254 lots, down 27,815 lots [2]. - **Warehouse Receipts**: The warehouse receipt volume was 24,990 lots, up 670 lots from T - 1 [2]. - **Basis**: The basis of spot - 2509 was 4,720 yuan, up 2,520 yuan; the basis of 2509 - 2511 was 220 yuan, down 20 yuan [2]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 934 dollars, down 14 dollars; the price of lepidolite (2.0% - 2.5%) was 2,055 yuan, down 55 yuan [2]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 83,900 yuan, down 1,300 yuan; the price of industrial - grade lithium carbonate was 81,600 yuan, down 1,300 yuan [2]. - **Related Products**: The price of lithium iron phosphate (power type) was 36,150 yuan, down 265 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,460 yuan, down 100 yuan [2]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 83,925 yuan/ton, down 1,299 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate was 83,900 yuan/ton, down 1,300 yuan/ton, and that of industrial - grade lithium carbonate was 81,600 yuan/ton, down 1,300 yuan/ton [3]. - Zhongwei Co., Ltd. (300919.SZ) is involved in salt - lake lithium mines in Argentina through holding and participating in projects. It controls over 10 million tons of LCE, and the value of its lithium resources has increased with the rising lithium carbonate price [4].

Report Industry Investment Rating - The investment rating for lithium carbonate is "Bullish" [1] Core Views of the Report - Last week (08/18 - 08/22), lithium salt prices first rose and then fell. The closing prices of LC2509 and LC2511 decreased by 8.9% and 9.1% respectively, while the average spot prices of battery - grade and industrial - grade lithium carbonate increased by 1.5%. The prices of lithium hydroxide continued to rise [2][11]. - In July, China imported about 64,100 tons of lithium spodumene equivalent to LCE, a 32% increase from the previous month and a 10% increase from the same period last year. The domestic lithium ore inventory days have declined from the high but are still moderately high, about 4 months [2][14]. - The sharp decline in the futures market last week may be due to the forced liquidation of some high - leverage funds. The impact of increased imports on short - term supply - demand balance is limited. The short - term de - stocking fundamentals can provide bottom support, and downstream buying increased after the price correction. It is recommended to pay attention to the opportunities of buying on dips and positive spreads [3][14][15]. Summary According to Relevant Catalogs 1. Supply Disturbance Not Fully Resolved, Downstream Buying Gradually Released - Lithium salt prices fluctuated last week. Futures prices decreased, while spot prices of lithium carbonate increased slightly, and lithium hydroxide prices continued to rise. The price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate narrowed [2][11]. - In July, China's lithium spodumene imports increased significantly. The domestic lithium ore inventory is still at a moderately high level [2][14]. - The short - term de - stocking fundamentals can support prices, and downstream buying is strong. Supply uncertainty remains, and it is advisable to look for buying opportunities on dips and positive spread opportunities [3][14][15]. 2. Weekly Industry News Review - Yichun Yinli of Jiangte Motor will resume production soon [16]. - In July 2025, China's lithium carbonate imports decreased by 42.67% year - on - year, with significant declines from major suppliers such as Chile and Argentina [16]. - Premier African Minerals' Zulu lithium project has achieved a major breakthrough, producing marketable lithium spodumene concentrate and entering the refining optimization stage [16]. - A closed - door meeting on the lithium iron phosphate industry was held in Shenzhen to discuss solutions to over - capacity [17]. 3. Key High - Frequency Data Monitoring of the Industry Chain 3.1 Resource End: Spot Quotes of Lithium Concentrate Declined - The spot price of lithium spodumene concentrate decreased slightly, with the average price dropping from $940/ton to $934/ton, a 0.6% decline [12]. 3.2 Lithium Salt: Futures Prices Rose and Then Fell - Futures prices of lithium carbonate decreased, with LC2509 down 8.9% and LC2511 down 9.1%. Spot prices of battery - grade and industrial - grade lithium carbonate increased by 1.5% [2][11][12]. 3.3 Downstream Intermediates: Quotes Slightly Rebounded - The prices of downstream materials such as lithium iron phosphate, ternary materials, and cobalt acid lithium all showed a slight upward trend [12]. 3.4 Terminal: China's New Energy Vehicle Penetration Rate Slightly Increased in July - The penetration rate of new energy vehicles in China increased slightly in July, and the production and sales of new energy vehicles maintained a certain growth rate [44][48][50]

Report Overview - Report Title: Supply and Demand Improve, but the Actual Magnitude is Limited. Lithium Carbonate is Difficult to Maintain Long - Term and Significant Increases - Lithium Carbonate Industry Chain Weekly Data Report [1] - Report Date: August 20, 2025 [1] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level, and the marginal change from passive inventory accumulation to passive inventory depletion in lithium carbonate supply and demand has significantly improved the market expectations in the first half of the year, with the price center expected to rise. However, the expected annual inventory depletion of 1 - 2 million tons after the shutdown is limited compared to the current market inventory of 14 million tons. If the market continues to rise significantly, it may open the profit window for imported lithium mines such as those from Australia and Africa, quickly making up for the supply reduction caused by the shutdown of the Jianxiawo Mine and attracting hedging funds, so it may experience short - term significant increases but is difficult to maintain in the long term [4]. 3. Summary by Directory 3.1 Weekly Report Summary 3.1.1 Fundamental Overview - Lithium Ore: The price of spodumene has risen rapidly, leading the increase in ore prices. Affected by administrative orders in Jiangxi and Qinghai, the operating rates of lithium mica and salt lake sectors have significantly declined in July. After the confirmation of the shutdown of Jianxiawo, the market demand for lithium mica has significantly decreased, and the price of spodumene, as an alternative, has led the increase in the lithium ore market. Attention should be paid to the quantity of imported spodumene supplemented due to high prices [3]. - Lithium Salt: It has continued to take advantage of the situation, and the upper integer price levels may be the targets of long - positions. The news of the shutdown of Jianxiawo last week pushed the lithium carbonate LC futures contract to the price range of 80,000 yuan. The marginal reduction may change the domestic lithium carbonate supply - demand from passive inventory accumulation to passive inventory depletion. The market long - positions continue to take advantage of the market rumors of the shutdown of the salt lake sector to drive up prices, with the upper levels of 90,000 and 100,000 yuan being the next targets of long - positions. However, with a high inventory of 14 million tons, it is difficult for lithium carbonate to maintain high prices in the long term [3]. - Cathode Materials and Lithium Batteries: The impact of anti - involution is gradually fading. The impact of anti - involution focused on the new energy vehicle market is gradually fading. Recently, lithium carbonate has been indirectly affected by the sentiment of industries such as photovoltaics, with limited substantial impact [3]. 3.1.2 Market Summary - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level. The marginal change in supply and demand has improved market expectations, but the expected inventory depletion is limited compared to the current inventory. If the market rises significantly, it may attract imported lithium mines and hedging funds, making it difficult to maintain long - term high prices [4]. 3.2 Supply - Demand Balance Sheet 3.2.1 Lithium Carbonate Balance Sheet - Slowing Inventory Accumulation - From July 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium carbonate showed different trends. For example, in July 2025, the supply was 81,530 tons, demand was 96,275 tons, import was 18,000 tons, export was 573 tons, inventory change was 2,682 tons, and the cumulative balance was 164,565 tons [8]. 3.2.2 Lithium Hydroxide Balance Sheet - From August 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium hydroxide also showed different trends. For example, in July 2025, the supply was 25,170 tons, demand was 22,969 tons, import was 750 tons, export was 6,100 tons, inventory change was - 3,149 tons, and the cumulative balance was 25,163 tons [12]. 3.3 Upstream Ore Supply, Demand, and Price 3.3.1 Spodumene Import - From December 2023 to June 2025, the import volume and average import price of lithium concentrate from different countries (Australia, Brazil, etc.) showed different trends. For example, in June 2025, the total import volume was 427,626 tons, with 255,506 tons from Australia and 39,811 tons from Brazil, and the average import price was 639 US dollars per ton [19]. 3.3.2 Chinese Lithium Ore - Spodumene Quotation Leading the Increase - From December 2023 to July 2025, the production of sample lithium mica mines and spodumene mines showed different trends. For example, in July 2025, the production of lithium mica was 16,100 tons with a month - on - month decrease of 4.17%, and the production of spodumene was 6,500 tons with a month - on - month increase of 0.78% [24]. 3.4 Lithium Salt Supply, Demand, and Price 3.4.1 Lithium Salt Spot and Futures Prices - Obvious Impact of Lithium Ore Shutdown - From July 1, 2025, to August 15, 2025, the prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, and the price differences between them showed different trends. For example, on August 15, 2025, the price of battery - grade lithium carbonate was 84,000 yuan, industrial - grade was 83,000 yuan, battery - grade lithium hydroxide was 77,875 yuan, the difference between battery - grade and industrial - grade lithium carbonate was 1,000 yuan, and the difference between lithium carbonate and lithium hydroxide was 6,125 yuan [27]. 3.4.2 Production Cost and Profit - Spodumene Expected to Supplement Market Gap - From July 9, 2025, to August 15, 2025, the production costs and profits of lithium carbonate produced from spodumene, low - grade mica, and high - grade mica showed different trends. For example, on August 15, 2025, the production cost of lithium carbonate from spodumene was 73,053 yuan per ton, with a profit of 10,947 yuan; the production cost from low - grade mica was 91,674 yuan per ton, with a loss of 7,674 yuan; and the production cost from high - grade mica was 53,983 yuan per ton, with a profit of 30,017 yuan [41]. 3.4.3 Lithium Carbonate Production - From July 2023 to July 2025, the weekly and monthly production of lithium carbonate showed different trends. For example, in July 2025, the total monthly production was 81,530 tons, a year - on - year increase of 26% and a month - on - month increase of 4% [50]. 3.4.4 Operating Rate - Obvious Decline in Operating Rates of Mica and Salt Lake Sectors in July - From July 2022 to July 2025, the operating rates of lithium salt, lithium carbonate, and lithium hydroxide showed different trends. The operating rates of lithium carbonate production from different raw materials (spodumene, lithium mica, salt lake) also showed different trends [52][55]. 3.4.5 Lithium Carbonate Monthly Import Volume - From December 2021 to June 2025, the total import volume of lithium carbonate and the import volumes from Argentina and Chile showed different trends. For example, in June 2025, the total import volume was 17,698 tons, with 5,094 tons from Argentina and 11,853 tons from Chile [60]. 3.4.6 Lithium Carbonate Inventory - Attention Needed on the Sustainability of Inventory Depletion - From December 2022 to July 2025, the inventory of lithium carbonate in downstream and smelting plants, weekly inventory, and the number of registered futures warehouse receipts showed different trends [62][63][65]. 3.5 Lithium Salt Downstream Production and Demand 3.5.1 Lithium Iron Phosphate - Slowing Production Growth - From November 2019 to July 2025, the production and operating rate of lithium iron phosphate showed different trends. For example, in July 2025, the production was 290,700 tons, a year - on - year increase of 50.00% and a month - on - month increase of 1.86%, and the operating rate was 57.00% [70]. 3.5.2 Ternary Materials Production and Operating Rate - From December 2023 to July 2025, the production and operating rate of ternary materials showed different trends. For example, in July 2025, the production was 68,640 tons, a year - on - year increase of 16.70% and a month - on - month increase of 5.80% [75]. 3.5.3 Ternary Materials Import and Export Volume - From December 2021 to June 2025, the import, export, and net import volumes of ternary materials showed different trends. For example, in June 2025, the import volume was 5,349 tons, the export volume was 10,636 tons, and the net import volume was - 5,287 tons [80]. 3.5.4 New Energy Vehicle Production and Sales - From November 2021 to July 2025, the production of pure - electric vehicles, plug - in hybrid vehicles, and the inventory warning index of automobile dealers showed different trends. For example, in July 2025, the production of pure - electric vehicles was 807,000, the production of plug - in hybrid vehicles was 436,000, and the inventory warning index was 57.2 [81].

冠通期货分析称，基本面上，据SMM数据，截至8月14日当周，碳酸锂周度产量约2万吨，较前一周上 升424吨。锂辉石现货价报1045元/吨，成本端不断攀升，支撑碳酸锂价格。需求端，市场拿货情绪增 加，价格不断反弹，市场出现挺价惜售情绪，近期供需紧平衡下，盘面上涨动能主要系供应端收缩的影 响，后续进入金九银十旺季，近期矿端扰动频繁，短期碳酸锂价格高位震荡。 目前来看，碳酸锂行情呈现震荡下行走势，盘面表现偏弱。对于碳酸锂后市行情将如何运行，相关机构 观点汇总如下： 国元期货指出，近期江西某矿山因采矿证原因停产落地，叠加青海某在产盐湖有停产预期，资源端扰动 加剧导致锂价大幅上行。从实际情况来看，马里Goulamina矿山第一批发运预计8月到港，澳矿整体维持 增产，叠加国内前期投产矿山仍有提产空间，实际国内矿石供应较难出现紧缺，而正极材料排产的温和 增长已被市场计价，短期内需求端支撑较为有限。考虑到国内矿山及盐湖停产尚未落地，资源端扰动尚 未平息，预计锂价或宽幅震荡 新湖期货表示，短期碳酸锂市场有所隆温，波动率回落。现阶段碳酸锂市场交易核心仍在供给端扰动， 除枧下窝项目外，市场对国内云母端、青海盐湖端、以及智利盐湖端均 ...

据交子期货，目前江西其他七座矿山暂无减产动作，短期需要关注的是江西冶炼厂减停产规模；锂辉石 报价上移，上周锂精矿拍卖成交价CIF1005美金/吨，折算碳酸锂成本8万元/吨左右，这对期货盘面有明 确支撑；碳酸锂库存下降、货权从锂盐厂转移至材料厂，对盘面有提振。LC2511日内偏多交易，关注9 万一线突破有效性。 据西南期货，近期交易逻辑仍旧博弈宜春矿山矿权审批以及矿种变更事件，目前该事件并无定性，不过 采矿合规成本预计上涨，对于价格底部支撑有所抬升，从目前总体锂资源停产规模来看，并未扭转碳酸 锂供需过剩格局，并且炼厂仍具备1—2月原料库存，短期内供应端影响有限，另外全球范围内锂资源较 为丰富，若价格长期保持高位震荡供应端或弹性大。 机构如何看待碳酸锂后市价格走势？ 中财期货：锂电池需求支撑表现相对较好，枧下窝锂矿突发停产，智利雅宝停产，获利盘抛压较大，建 议逢高止盈 利多消息逐步落地，基本面转好，近期偏强。供应方面，锂盐厂产量回升，冶炼端和盐湖端产量提升明 显。国内外锂矿价格受矿山停产挺价。锂盐厂去库幅度较大。需求方面，8月正极材料排产环比改善， 终端新能源汽车销售淡季改善不大，储能出海订单支撑较好，锂电池需求 ...

（编辑 王雪儿） 证券日报网讯 兆新股份8月12日在互动平台回答投资者提问时表示，公司始终密切关注碳酸锂价格走势 变化，也充分理解投资者对青海锦泰股权事宜的关切。公司管理层将结合市场供需动态、行业发展趋势 及公司整体战略规划，对相关事项持续进行动态审慎评估与决策，始终以保障全体股东合法权益、推动 公司长远稳健发展为根本目标。后续若有相关进展，公司将严格依据信息披露相关法律法规及监管要 求，第一时间履行信息披露义务。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On August 8th, the main contract of lithium carbonate futures fluctuated upwards. The profit has been restored, and the production of lithium carbonate has rebounded. However, disturbances at the mining end in Jiangxi have intensified. It is expected that the price of lithium carbonate will fluctuate strongly in the short term. It is recommended to focus on the progress at the Jiangxi mining end and adopt short - term operations. (View score: +1) [3] 3. Summary by Relevant Contents 3.1 Futures and Spot Price Information - On August 8th, the closing prices of the near - month contract, consecutive - one contract, consecutive - two contract, and consecutive - three contract of lithium carbonate futures were 75,300 yuan/ton, 76,640 yuan/ton, 76,960 yuan/ton, and 76,960 yuan/ton respectively, with increases of 5,300 yuan/ton, 4,720 yuan/ton, 4,660 yuan/ton, and 4,660 yuan/ton compared to the previous day [3]. - The trading volume of the active contract of lithium carbonate futures was 895,609 hands (+128,940), and the open interest was 320,706 hands (+30,874) [3]. - The registered warehouse receipts were 18,829 tons (+2,386), and the social inventory decreased. The smelters and others reduced inventory, while the downstream increased inventory [3]. - The average price of SMM battery - grade lithium carbonate was 71,900 yuan/ton (+800), and the average price of industrial - grade lithium carbonate was 69,800 yuan/ton (+800) [3]. - The average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 8.05 US dollars/kg (unchanged), and the average prices of domestic battery - grade coarse - particle and micro - powder lithium hydroxide increased by 500 yuan/ton [3]. - The average price of lithium spodumene concentrate (6%, CIF China) was 777 US dollars/ton (+20), and the prices of various types of lithium mica and phosphate - lithium - aluminum stone also increased [3]. 3.2 Supply and Demand Information - On the supply side, the production of lithium carbonate increased last week. On the demand side, the production of lithium iron phosphate and ternary materials increased last week. In August, the production plan of lithium cobalt oxide decreased, and the production plan of lithium manganate increased. The production of power batteries increased last week. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month, and the 3C shipments were average. The production of energy - storage batteries increased in August [3]. 3.3 Market News - Federal Reserve Governor Bowman supports starting interest rate cuts in September and cutting interest rates three times this year. JPMorgan Chase has changed its expectation of the Fed's interest rate cuts this year from once to three times [3]. - The National Bureau of Statistics reported that in July 2025, the national consumer price was flat year - on - year and increased by 0.4% month - on - month; the month - on - month decline of PPI narrowed for the first time since March [3]. - According to the Futures Daily, the mining end under CATL has determined to stop production, and relevant personnel said there is no short - term plan for resumption [3].