Group 1 - The core viewpoint of the news is that lithium carbonate futures have reached a new high, driven by strong demand and supply constraints, with prices hitting 95,200 yuan/ton, marking a nearly 30% increase since mid-October [1][3] - The strong performance of lithium carbonate has led to significant gains in related sectors, with companies like Shengxin Lithium Energy and Rongjie Co. hitting the daily limit, while others like Tianqi Lithium and Ganfeng Lithium saw increases of over 7% [2] - The supply side is characterized by domestic production increases and reduced imports, with a notable 10.3% decrease in lithium carbonate imports in September and a 59.12% drop in exports [3] Group 2 - Demand for lithium carbonate is being driven by the peak season, with a 10.7% month-on-month increase in domestic power battery installations in October, totaling 84.1 GWh, and a year-on-year increase of 42.1% [3] - The production of new energy vehicles in October reached 1.772 million units, reflecting a month-on-month growth of 9.59%, while sales were 1.715 million units, up 6.12% [3] - Ganfeng Lithium's chairman predicts that demand for lithium carbonate will exceed 30% growth next year, potentially pushing prices above 150,000 yuan/ton, with a forecasted demand of 155,000 tons for 2025 [5] Group 3 - Analysts indicate that while short-term demand is strong, there are concerns about long-term supply pressures due to high production rates and new capacities coming online, which may limit price increases [4] - Current total inventory has dropped to 120,000 tons, highlighting tight supply conditions, but there are warnings about potential weakening of downstream purchasing intentions at high price levels [4] - The market is expected to experience fluctuations as demand may weaken in the coming months, particularly with the anticipated recovery of mining operations [4]

Group 1 - The core viewpoint of the news is that lithium carbonate futures have surged, reaching a new high since July 2024, driven by strong demand and supply dynamics in the market [2][4][6] - As of November 17, the main contract for lithium carbonate closed at 95,200 yuan/ton, marking a nearly 30% increase since mid-October [2][4] - The strong performance in lithium carbonate prices has led to significant gains in related sectors, particularly energy metals and battery manufacturers, with companies like Shengxin Lithium Energy and Rongjie Co. hitting the daily limit up [2][4] Group 2 - Supply dynamics show a trend of "domestic production increase and import contraction," with September imports down by 10.3% and exports down by 59.12% [4][5] - Domestic lithium carbonate production in October was 51,530 tons, a 9.31% increase month-on-month, but the operating rate was only 43%, indicating constraints in capacity release [4][5] - Demand is being driven by a significant increase in the production and sales of new energy vehicles, with October production reaching 1.772 million units, a 9.59% month-on-month increase [4][5] Group 3 - Inventory levels are decreasing, with October lithium carbonate monthly inventory at 84,234 tons and a weekly inventory of 120,472 tons, indicating a trend of supply-demand improvement [5] - Analysts suggest that while short-term demand is strong, there are concerns about potential supply pressures in the long term due to high operating rates and new capacities coming online [5][6] - Predictions indicate that if demand growth exceeds 30% next year, prices could potentially break through 150,000 yuan/ton, with a possibility of reaching 200,000 yuan/ton if supply cannot keep pace [6]

Core Viewpoint - Lithium stocks experienced a strong performance in early trading, with Ganfeng Lithium rising by 8.35% to HKD 62.3 and Tianqi Lithium increasing by 6.49% to HKD 56.75, driven by a significant rise in lithium carbonate futures prices and positive demand forecasts for the coming years [1][1]. Industry Summary - On November 17, the main contract for lithium carbonate futures surged over 5%, currently priced at CNY 91,740 per ton [1]. - Ganfeng Lithium's chairman, Li Liangbin, predicts a 30% increase in lithium carbonate demand by 2026, reaching 1.9 million tons, while supply capacity is expected to grow by approximately 250,000 tons, indicating a balanced supply-demand scenario with potential for price increases [1][1]. - If demand growth exceeds 30% next year, potentially reaching 40%, supply may not keep pace, leading to prices possibly exceeding CNY 150,000 per ton or even CNY 200,000 per ton in the short term [1][1]. Market Dynamics - According to Wenkang Futures, the current market focus is on the demand side, with record high sales in electric vehicles and energy storage batteries driving bullish sentiment in lithium materials and raw materials [1]. - Domestic lithium carbonate production is nearing its upper limit, with capacity utilization across the industry chain at peak levels for the year, resulting in a continuous supply shortage and the lowest recorded inventory days [1][1]. - Market expectations for accelerated inventory depletion have been fully priced in, and as the peak season progresses, the momentum for downstream raw material stocking may be nearing its end, suggesting limited upward price potential without sustained drivers [1][1].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On October 30, the main contract of lithium carbonate futures fluctuated at a high level. The current supply and demand are both strong, the upstream inventory pressure is not significant, and the situation has improved. The cancellation of warehouse receipts has driven the price up. However, the production remains at a high level. After the price increase, the downstream inventory replenishment slows down, and the inflection point of power demand may be approaching. One should be cautious about the price rising and then falling. It is recommended to go short on rallies [3]. 3. Summary by Relevant Catalog Market Data - **Futures Prices**: On October 30, the closing price of the near - month contract was 81,840 yuan/ton (+100), the closing price of the consecutive - one contract was 83,260 yuan/ton (+520), the closing price of the consecutive - two contract was 83,000 yuan/ton (+600), the closing price of the consecutive - three contract was 83,000 yuan/ton (+600), and the closing price was 83,400 yuan/ton (+500) [3]. - **Trading Volume and Open Interest**: The trading volume of lithium carbonate futures was 829,117 lots (+169,696), and the open interest of the active contract was 532,871 lots (+25,989) [3]. - **Inventory**: The inventory was 27,641 tons (+116) [3]. - **Spreads**: The spread between the near - month and consecutive - one contracts was - 1,420 yuan/ton (-420), the spread between the consecutive - one and consecutive - two contracts was 260 yuan/ton (-80), and the spread between the consecutive - two and consecutive - three contracts was 0 yuan/ton (0) [3]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 3,400 yuan/ton (+350) [3]. - **Raw Material Prices**: The average price of lithium spodumene concentrate (6%, CIF China) was 944 US dollars/ton (+16), the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,380 yuan/ton (+50), and the average price of lithium mica (Li2O: 2.0% - 2.5%) was 2,180 yuan/ton (+50) [3]. - **Lithium Product Prices**: The average price of battery - grade lithium carbonate (99.5% domestic) was 80,000 yuan/ton (+850), the average price of industrial - grade lithium carbonate (99.2% domestic) was 77,800 yuan/ton (+850), and the average price of battery - grade lithium hydroxide (56.5% domestic, coarse - grained) was 75,380 yuan/ton (+300) [3]. - **Other Product Prices**: The average price of lithium hexafluorophosphate (99.95% domestic) was 106,000 yuan/ton (+3,000), the average price of ternary precursor 523 (polycrystalline/consumer - type) was 103,850 yuan/ton (0), and the average price of lithium iron phosphate (power - type) was 35,805 yuan/ton (+210) [3]. Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased, mainly due to a slight decline in the production of lithium carbonate from spodumene. In October, the production of lithium carbonate and manganese - based lithium increased [3]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased, and the production of power batteries increased. In September, the year - on - year growth rate of new energy vehicle production and sales slowed down, the 3C shipments were average, and the production of energy - storage batteries increased in October [3]. Inventory Analysis - The registered warehouse receipts were 27,641 tons (+116), and the social inventory decreased. The inventories of smelters and downstream enterprises decreased, while the inventory of other sectors increased [3]. News - On the afternoon of October 30, the auction of Albemarle spodumene powder ore ended. The auction target was 16,400 dry tons of 5.21% spodumene powder ore from Wodgma, and the actual transaction price was 7,058 yuan/ton (including tax) [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Yesterday, the lithium carbonate futures 2601 contract rose 1.19% to 83,400 yuan/ton. Spot prices also increased, with the average price of battery - grade lithium carbonate rising 850 yuan/ton to 80,000 yuan/ton, industrial - grade lithium carbonate rising 850 yuan/ton to 77,800 yuan/ton, and battery - grade lithium hydroxide (coarse particles) rising 300 yuan/ton to 75,380 yuan/ton. Warehouse receipts increased by 116 tons to 27,641 tons [3]. - Supply is expected to decline slightly on a monthly basis. Weekly production decreased by 228 tons to 21,080 tons. Demand side: weekly ternary material production increased by 802 tons to 18,568 tons, and inventory increased by 298 tons to 18,890 tons. Inventory decreased by 3,007 tons to 127,359 tons on a weekly basis [3]. - With the improvement of macro - sentiment, the weekly inventory destocking speed is accelerating, and market news indicates that the lithium ore auction price is strengthening, which boosts the bottom price. In the short term, it may still run strongly, but cautious optimism is needed, and there is still an expectation of project resumption [3]. 3. Summary by Related Catalogs 3.1 Daily Data Monitoring - **Futures and Lithium Ore Prices**: The closing price of the main futures contract increased by 500 yuan/ton to 83,400 yuan/ton, and the continuous contract increased by 100 yuan/ton to 81,840 yuan/ton. Lithium ore prices such as lithium spodumene concentrate and lithium mica also rose [5]. - **Lithium Salt Prices**: Battery - grade lithium carbonate, industrial - grade lithium carbonate, and various types of lithium hydroxide prices all increased. The price of lithium hexafluorophosphate rose by 3,000 yuan/ton to 106,000 yuan/ton [5]. - **Price Spreads**: The price spread between battery - grade and industrial - grade lithium carbonate remained unchanged, while the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 550 yuan/ton [5]. - **Precursor and Cathode Material Prices**: Some ternary precursor prices remained stable, while some ternary material and lithium iron phosphate prices increased [5]. - **Battery Cell and Battery Prices**: The prices of some battery cells and batteries increased, such as 523 square ternary cells and square lithium iron phosphate battery cells [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and other ores from 2024 to 2025 [6][7][8][9]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12][13][14][15]. - **Price Spreads**: Charts present the price spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, and other relevant spreads from 2024 to 2025 [17][18][19][20][21][22]. - **Precursor & Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [24][26][27][28][29][30]. - **Lithium Battery Prices**: Charts display 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 2025 [32][33][34][35]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links from March to October 2025 [37][38][39][40]. - **Production Costs**: The chart shows the production profit trends of different raw materials for lithium carbonate production from 2024 to 2025 [41][42]. 3.3 Research Team Introduction - The research team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and professional titles in the field of non - ferrous metals research, and are responsible for different research directions [45][46]. 3.4 Contact Information - The company is located at 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729, Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, and the fax is 021 - 80212200. The customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [49][50].

Report Title - The report is titled "Carbonate Lithium Daily Review 20251029: Beware of Price Reversals after Peaking" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The current supply and demand are both strong, with low inventory pressure upstream. The price is rising due to macro - improvement and warrant cancellation. However, production is continuously increasing, downstream inventory replenishment is slowing down, and the inflection point of power demand may be approaching. It is necessary to guard against price reversals after peaking. The trading strategy suggests shorting on rallies [2] Summary by Relevant Content 1. Market Data on October 28, 2025 - **Futures Prices**: The closing prices of near - month, consecutive - one, consecutive - two, consecutive - three contracts of carbonate lithium futures decreased compared to the previous day, with declines ranging from 260 to 340 yuan/ton. The closing price of the active contract decreased by 260 yuan/ton to 81640 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volume of the active contract was 729307 lots, an increase of 214852 lots compared to the previous day. The open interest was 488803 lots, an increase of 5325 lots [2] - **Inventory**: The inventory was 27335 tons, a decrease of 404 tons compared to the previous day [2] - **Spreads**: The spread between near - month and consecutive - one contracts was - 680 yuan/ton, a decrease of 60 yuan/ton compared to the previous day. The spread between consecutive - one and consecutive - two contracts was 320 yuan/ton, an increase of 80 yuan/ton [2] - **Base Price**: The base price (SMM battery - grade carbonate lithium average price - carbonate lithium active contract closing price) was - 3140 yuan/ton, an increase of 2210 yuan/ton compared to the previous day [2] 2. Raw Material Prices - The prices of spodumene concentrate, lithium mica, and various lithium ores increased. For example, the average price of spodumene concentrate (6%, CIF China) was 925 US dollars/ton, an increase of 19 US dollars/ton compared to the previous day [2] 3. Lithium Product Prices - The average prices of battery - grade and industrial - grade carbonate lithium increased. The average price of battery - grade carbonate lithium was 78500 yuan/ton, an increase of 1950 yuan/ton compared to the previous day [2] - The average prices of different types of lithium hydroxide also increased slightly. The average price of battery - grade micro - powder lithium hydroxide was 79700 yuan/ton, an increase of 550 yuan/ton compared to the previous day [2] 4. Other Related Product Prices - The average price of hexafluorophosphate lithium (99.95% domestic) was 100500 yuan/ton, an increase of 3000 yuan/ton compared to the previous day [2] - The prices of some ternary precursors and materials increased slightly, and the prices of some cathode materials such as lithium iron phosphate also increased [2] 5. Inventory Data - The SMM carbonate lithium inventory decreased. The total inventory was 130366 tons, a decrease of 2292 tons compared to the previous week. Among them, the inventory of smelters decreased by 602 tons, the inventory of downstream decreased by 2460 tons, and the inventory of others increased by 770 tons [2] 6. Industry News - On October 28, Dazhong Mining announced that its wholly - owned subsidiary Liuzhou Chengtai Mining Investment Co., Ltd. obtained a 30 - year "Mining License" for the Hunan Jijiaoshan lithium mine. The lithium ore resource volume is 48987200 tons, equivalent to about 3.2443 million tons of carbonate equivalent. The open - pit mining scale is 20 million tons per year, which can produce 80000 tons of lithium carbonate per year [2] - Chile's lithium national strategy is advancing. The Chilean Ministry of Mining has submitted a decree to the Comptroller - General of the Republic, specifying the terms and conditions of CEOL contracts with several consortia, which will enable the development of a lithium project in the Quillagua Este area [2]

Core Insights - Lithium carbonate futures prices reached the lowest point since July 2023 in late June 2025, with fluctuations influenced by "anti-involution" policies and production halts in Ningde Times [1] - Supply of lithium carbonate is growing rapidly, with domestic production in September reaching 87,260 tons, a 2% month-on-month increase and a 52% year-on-year increase [1] - Demand for lithium carbonate remains strong, driven by the production of battery materials, with significant increases in both lithium iron phosphate and ternary materials [3] Supply Analysis - The production of lithium carbonate from various raw materials showed mixed results: spodumene production increased by 5%, while lithium mica decreased by 15%, and salt lake production rose by 10% [1] - Cumulative lithium carbonate production from January to September reached 643,700 tons, a 42% year-on-year increase [1] - Despite potential disruptions in the Jiangxi Yichun mining area, new capacities from spodumene and salt lakes are expected to push October production close to 90,000 tons [1] Demand Analysis - The production of lithium iron phosphate in September was 356,800 tons, reflecting a 12.8% month-on-month and a 42% year-on-year increase, with expectations for continued growth in October [3] - Ternary material production in September was 75,000 tons, showing a 2.6% month-on-month and a 31.5% year-on-year increase [3] - The overall production of power batteries and other batteries in September increased by 50% year-on-year, with a cumulative increase of 44% from January to September [3] Inventory and Market Trends - As of last week, lithium carbonate weekly inventory stood at 132,700 tons, a decrease of 2,143 tons, indicating an accelerated destocking process [4] - The number of registered futures warehouse receipts for lithium carbonate has decreased significantly, suggesting improved demand from downstream and traders [4] - The futures market shows signs of a potential rebound, with the main contract price breaking through the upper range of 75,000 yuan/ton, indicating a possibility of continued upward movement [4]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The de - stocking of lithium carbonate warehouse receipts continues, and the short - term price is relatively firm [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2511 contract, the closing price was 75,580 (down 120 compared to T - 1), the trading volume was 102,894 (down 66,214 compared to T - 1), and the open interest was 113,411 (down 25,023 compared to T - 1). For the 2601 contract, the closing price was 75,980 (up 40 compared to T - 1), the trading volume was 197,979 (up 9,188 compared to T - 1), and the open interest was 310,199 (up 16,916 compared to T - 1). The warehouse receipt volume was 29,892 (down 813 compared to T - 1) [2]. - **Raw Material Data**: The price of spodumene concentrate (6%, CIF China) was 854 (up 3 compared to T - 1), the price of lithium mica (2.0% - 2.5%) was 1,845 (up 20 compared to T - 1), the price of battery - grade lithium carbonate was 74,100 (up 100 compared to T - 1), and the price of battery - grade lithium carbonate (CIF) was 9,400 (unchanged compared to T - 1) [2]. - **Lithium Salt and Related Product Data**: The price of industrial - grade lithium carbonate was 71,850 (up 100 compared to T - 1), the price of battery - grade lithium hydroxide (micropowder) was 78,100 (unchanged compared to T - 1), and the price of battery - grade lithium hydroxide (CIF) was 9,450 (unchanged compared to T - 1). The prices of various types of lithium iron phosphate, ternary materials, and other products also showed different changes [2]. 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 74,110 yuan/ton, up 119 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 74,100 yuan/ton, up 100 yuan/ton compared to the previous working day, and the average price of industrial - grade lithium carbonate was 71,850 yuan/ton, up 100 yuan/ton compared to the previous working day [3]. - Kodal announced on October 20 that the first batch of 30,000 tons of spodumene concentrate from the Bougouni project will be shipped from the Port of San Pedro in Côte d'Ivoire to Yangpu Port in Hainan, marking the official start of the mine's export business. The transportation is expected to take 4 to 6 weeks, and 45,000 tons of inventory will be shipped later [4]. 3.3 Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a relatively strong trend. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [4].

Group 1: Report Core View - The spot supply of lithium carbonate is tight, and the upward - oscillating trend is expected to continue [1] - The trend strength of lithium carbonate is 1, indicating a relatively strong market sentiment [4] Group 2: Fundamental Data Futures Contracts - 2511 contract: The closing price is 75,700, the trading volume is 169,108, and the open interest is 138,434. Compared with different time points (T - 1, T - 5, etc.), there are corresponding changes in price, volume, and open interest [2] - 2601 contract: The closing price is 75,940, the trading volume is 188,791, and the open interest is 293,283. Similar to the 2511 contract, there are changes compared with different time points [2] Basis and Other Data - Spot - 2511 is - 1,700, and Spot - 2601 is - 1,940. The basis between 2511 and 2601 is - 240. The difference between electric carbon and industrial carbon is 2,250, and Spot - CIF is 7,043 [2] Raw Materials and Lithium Salts - Lithium spodumene concentrate (6%, CIF China) is 851, lithium mica (2.0% - 2.5%) is 1,825. Battery - grade lithium carbonate is 74,000, and industrial - grade lithium carbonate is 71,750. There are also prices and price changes for other lithium salts and related products [2] Group 3: Macro and Industry News - SMM's battery - grade lithium carbonate index price is 73,991 yuan/ton, up 642 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate is 74,000 yuan/ton, up 650 yuan/ton, and the average price of industrial - grade lithium carbonate is 71,750 yuan/ton, up 650 yuan/ton [3] - In September, China imported 19,597 tons of lithium carbonate, a 10% decrease from the previous month but a 20% increase year - on - year. Exports were 151 tons, a 59% decrease from the previous month and a 9% decrease year - on - year [3][4]

Report Title - Carbonate Lithium Weekly Report [2] Report Date - October 20, 2025 [3] 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The domestic supply and demand of carbonate lithium will remain in a tight balance until there is a clear result on the lithium mining license issue in Jiangxi. It is expected that subsequent lithium salt imports from South America will supplement the supply. The terminal demand for energy storage is strong, with large battery cell manufacturers increasing their production schedules by 8% in September and a projected 4% increase in cathode production in October. There are ongoing risks related to mining licenses, and with profit recovery, lithium extraction from ore continues to increase, leading to a rise in the cost center. The proportion of long - term contracts and customer - supplied products for battery manufacturers is increasing, and warehouse receipts are being continuously cancelled. It is expected that the price of carbonate lithium will be supported in the short term. Attention should be paid to the disturbances at the Yichun mining end, and it is recommended to trade cautiously and monitor the progress of mining licenses in Yichun mines and the resumption of production at the Ningde Jianxiawo lithium mine [6]. 3. Summaries by Directory 3.1 Weekly Viewpoints 3.1.1 Supply Situation - According to Baichuan Yingfu statistics, last week's carbonate lithium production increased by 326 tons week - on - week to 22,765 tons, and September's production increased by 3.3% month - on - month to 95,442 tons. The Ningde Jianxiawo mine has been confirmed to be shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re - review of mining rights transfers, affecting supply. In the first half of the year, Australian mines achieved cost control, and there is extremely limited room for further cost reduction. Most mainstream Australian mines have reduced their capital expenditures for fiscal year 2025. In August 2025, China imported 619,000 tons of lithium concentrate, a 17.5% decrease from the previous month. The top three importing countries were Australia, Zimbabwe, and Nigeria. Lithium concentrate imports from Australia decreased by 50.5% month - on - month, imports from Zimbabwe were 118,000 tons, a month - on - month increase of 83.9%, imports from Nigeria were 105,000 tons, a 9.5% decrease, and imports from Mali increased by 73,000 tons. In August, 21,847 tons of carbonate lithium were imported, a 57.8% month - on - month increase, with 15,608 tons from Chile, accounting for 71%. The CIF price of imported lithium spodumene concentrate decreased week - on - week, and some manufacturers producing carbonate lithium from purchased lithium ore faced cost inversion. Enterprises with their own ore and salt lakes had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5]. 3.1.2 Demand Situation - The overall production schedule in October increased month - on - month, and large battery cell manufacturers' production schedules increased by 8% in September. In August, the total production of power and other batteries in China was 139.6 GWh, a 4.4% month - on - month increase and a 37.3% year - on - year increase. The total export of power and other batteries was 22.6 GWh, a 2.6% month - on - month decrease but a 23.9% year - on - year increase. The sales volume of power and other batteries was 134.5 GWh, a 5.7% month - on - month increase and a 45.6% year - on - year increase. The trade - in policy and the extension of the new energy vehicle purchase tax policy are expected to continue to support the rapid growth of China's new energy vehicle market sales [6]. 3.1.3 Inventory Situation - This week, carbonate lithium inventory showed a destocking trend. Factory inventory decreased by 2,255 tons, market inventory increased by 13,194 tons, and futures inventory decreased by 11,983 tons [6]. 3.1.4 Strategy Recommendations - Given the current situation, it is recommended to trade cautiously and continuously monitor the progress of mining licenses in Yichun mines and the resumption of production at the Ningde Jianxiawo lithium mine [6]. 3.2 Key Data Tracking - The report provides multiple data charts, including the spot tax - included average price of carbonate lithium, weekly and monthly production and inventory of carbonate lithium, average price of lithium concentrate imports, production proportion of carbonate lithium from different raw materials in September 2024, differences between domestic power battery production and loading volume, average production cost of carbonate lithium, monthly production of lithium iron phosphate and ternary materials, import volume of lithium spodumene, average price of power - type lithium iron phosphate, and average price of ternary materials 8 - series NCA type [8][9][11][24] etc.