Core Viewpoint - As of October 9, the spot price of battery-grade lithium carbonate remains stable, while futures continue to fluctuate, indicating a cautious market outlook amid increasing supply and strong demand in both the power and energy storage sectors [1] Supply Summary - The battery-grade lithium carbonate index price is 73,446 yuan/ton, down by 42 yuan/ton compared to the previous day [1] - The average price for battery-grade lithium carbonate is 73,550 yuan/ton, and for industrial-grade lithium carbonate, it is 71,300 yuan/ton, both unchanged from the previous working day [1] - New production lines for spodumene and salt lake lithium are coming online, suggesting an increase in total lithium carbonate production in October [1] Demand Summary - The demand in the power market is driven by an increase in new energy vehicle sales, while the energy storage market is experiencing robust supply and demand [1] - Despite an increase in supply in October, strong demand from both the power and energy storage sectors is expected to lead to significant inventory reductions, potentially resulting in a temporary supply tightness [1]

Report Summary 1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core View of the Report - The lithium carbonate futures rebounded after hitting a bottom. Although the supply pressure remains as the weekly production reached a record high last week, the demand growth is higher than the supply, leading to inventory reduction. It is expected that it is difficult for lithium carbonate to open a downward space in the short - term [10]. 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - The lithium carbonate futures hit a bottom and then rebounded. The main contract dropped to a minimum of 72,360 during the session. All industrial products fell during the session, and lithium carbonate futures followed suit, but it turned positive first driven by downstream point - price purchases at low points. The spot electric carbon price remained flat at 73,850, and the spot still had a slight premium over the futures. The price of Australian ore remained flat at 832.5, and the price of lithium mica remained flat at 1,900. The production loss of plants using externally - purchased lithium spodumene narrowed to 2,759, and the production loss of plants using externally - purchased lithium mica remained flat at 8,521. Although salt plants are currently making losses, it does not affect their production enthusiasm [10]. 3.2. Industry News - On September 22, Chile's economic development agency Corfo submitted a resolution to the Comptroller General's Office (CGR) to approve the modification of the contract for the Atacama Salt Lake project with SQM Salar SpA and the OMA mineral lease contract, extending the contract validity to 2030. It also submitted a new mineral lease contract for the Atacama Salt Lake with Codelco and its subsidiary Minera Tarar SpA, with a contract validity from 2031 to 2060. SQM and Codelco are expected to finalize a partnership for the development of the Atacama Salt Field in northern Chile this year, marking the local's first large - scale entry into lithium production [13]. - Jiuzhou Hi - Tech (300631.SZ) announced that it signed a procurement contract worth 81.5 million yuan (including 13% VAT), with a tax - free amount of 72.1239 million yuan, with SDIC Xinjiang Lithium Industry Co., Ltd. for the "Membrane Treatment System Procurement" project of the expansion and renovation project for comprehensive utilization of old brine lithium extraction from the Lop Nur Salt Lake. The signing of this contract is expected to have a positive impact on the company's future performance [13].

Group 1: Report on Industry Investment Rating - There is no information provided regarding the industry investment rating in the given report. Group 2: Core Viewpoints of the Report - The lithium carbonate market is expected to operate within the current range in the next one to two weeks. The supply - demand situation shows no significant changes, so the price is likely to remain volatile. Although the capacity utilization rate has increased, there is uncertainty in lithium mine复产, and the cost side remains stable. The demand side is supported by the positive data of the new - energy vehicle market, and the inventory is decreasing, but the decline is not large [1][2][3]. Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Futures Market Data**: On September 22, the price of the lithium carbonate main contract closed at 73,420 yuan/ton, a slight drop of 540 yuan/ton or 0.73%. The basis was reported at - 120 yuan/ton, 540 yuan/ton stronger than on September 19. The main contract's open interest was 271,624 lots, a decrease of 9,640 lots compared to September 19, and the trading volume was 396,645 lots, an increase of 26,286 lots or 7.1% [1]. - **Supply - Demand and Inventory**: From September 12 to 19, the market prices of spodumene concentrate and lepidolite concentrate remained stable at 6,390 yuan/ton and 3,400 yuan/ton respectively. The capacity utilization rate of lithium carbonate increased from 66.41% to 71.31%, a rise of 4.9 percentage points. From September 1 - 14, the retail and wholesale data of the national new - energy passenger vehicle market increased both year - on - year and month - on - month. The prices of power ternary materials and power lithium iron phosphate increased slightly. The lithium carbonate inventory decreased from 138,512 physical tons to 137,531 physical tons, a decrease of 0.71% [2]. 2. Industrial Chain Price Monitoring - **Price Changes**: From September 19 to 22, the price of the lithium carbonate main contract decreased by 540 yuan/ton or 0.73%, the basis increased by 540 yuan/ton or 81.82%, the open interest of the main contract decreased by 9,640 lots or 3.43%, and the trading volume increased by 26,286 lots or 7.1%. The market prices of battery - grade lithium carbonate, spodumene concentrate, lepidolite concentrate, and hexafluorophosphate remained unchanged. The prices of power ternary materials and power lithium iron phosphate increased by 200 yuan/ton and 80 yuan/ton respectively [5]. 3. Industrial Dynamics and Interpretation - **Spot Market Quotations**: On September 22, the SMM battery - grade lithium carbonate index price was 73,842 yuan/ton, up 308 yuan/ton from the previous working day. The spot transaction price continued to rise in a volatile manner. The lithium carbonate futures price continued to fluctuate, and the main contract oscillated between 73,000 - 75,000 yuan/ton. The market in September showed a situation of simultaneous growth in supply and demand, with demand growing faster, and a temporary supply shortage was expected [6]. - **Downstream Consumption**: From September 1 - 14, the national new - energy passenger vehicle market retail was 43.8 million units, a year - on - year increase of 6% and a month - on - month increase of 10%, with a retail penetration rate of 59.8%. The national new - energy passenger vehicle wholesale was 44.7 million units, a year - on - year increase of 10% and a month - on - month increase of 21%, with a wholesale penetration rate of 57.7% [7]. - **Industry News**: Multiple factors such as the tight supply of nickel sulfate, the expected change in the cobalt export policy in the DRC, and the unclear follow - up adjustment of domestic lithium mining policies have increased the uncertainty of the ternary material price trend. There were rumors of the restart of Ningde Times' Jianxiawo lithium mine, but whether it can restart as scheduled is uncertain [9].

Group 1 - The core viewpoint of the article highlights that domestic lithium carbonate demand is projected to reach 102,000 tons by August 2025, marking a month-on-month increase of 7.49%, setting a new historical high [1] - Current lithium carbonate inventory remains above 140,000 tons, but the available days have been decreasing over the past six months, leading to increased price elasticity [1] - Specific demand drivers include a month-on-month increase of 8% in lithium carbonate demand from lithium iron phosphate, significant growth in energy storage demand estimated at 40%-50% for 2026, and a 12% increase in demand from ternary materials due to downstream replenishment [1] Group 2 - The market atmosphere indicates a rapid increase in warehouse receipts, with the virtual-to-real ratio returning to a low level, suggesting significant resistance to upward price breakthroughs unless explosive news arises [3] - Potential short-selling opportunities include the production ramp-up of major salt lake projects and the possibility that reductions in Jiangxi may not meet expectations, likely leading to an increase in domestic lithium carbonate production [3] - Overall, before the National Day holiday, the market is expected to continue a tug-of-war between strong realities and weak expectations, with lithium carbonate prices fluctuating around 70,000 yuan [5]

Report Overview - Report Title: "Carbonate Lithium Market Weekly Report: Supply and Demand Increase at Peak Season, Lithium Price May Be Supported" [2] - Date: September 5, 2025 - Researcher: Chen Sijia 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The fundamentals of carbonate lithium may be in a situation of increasing supply and demand, with industrial inventory depletion and positive consumption expectations. It is recommended to conduct short - term long trading at low prices with a light position and control risks [4]. 3. Summary by Directory 3.1 Weekly Summary - **Market Review**: The weekly line of the carbonate lithium main contract fluctuated weakly, with a change rate of - 3.78% and an amplitude of 8.16%. As of the end of this week, the main contract closed at 74,260 yuan/ton [4]. - **Macro Situation**: China's economic prosperity level continued to expand. In August, the official manufacturing PMI, non - manufacturing PMI, and comprehensive PMI were 49.4%, 50.3%, and 50.5% respectively, with month - on - month increases of 0.1, 0.2, and 0.3 percentage points [4]. - **Fundamentals**: On the raw material side, there is still uncertainty in domestic mining area supply, and overseas miners still have the sentiment of holding prices and being reluctant to sell. Due to the continuous weakening of the carbonate lithium spot, the lithium ore quotation has been adjusted. In terms of supply, new production lines of domestic smelters have been put into operation, and the production enthusiasm has increased, so the domestic supply is expected to increase. In terms of demand, it is currently the traditional peak consumption season, and downstream material factories have purchasing needs. The recent decline in lithium prices may strengthen the trading sentiment in the spot market. In terms of inventory, the inventory of upstream smelters has continued to decline, and the inventory of downstream has increased, with the overall inventory showing a slight decline [4]. 3.2 Futures and Spot Market - **Futures Price**: As of September 5, 2025, the closing price of the carbonate lithium main contract was 74,260 yuan/ton, a week - on - week decrease of 2,920 yuan/ton. The near - far month spread was - 380 yuan/ton, a week - on - week decrease of 460 yuan/ton [10]. - **Spot Price**: As of September 5, 2025, the average price of battery - grade carbonate lithium was 74,750 yuan/ton, a week - on - week decrease of 4,900 yuan/ton. The basis of the main contract was 490 yuan/ton, a week - on - week decrease of 1,980 yuan/ton [16]. 3.3 Upstream Market - **Spodumene**: As of September 5, 2025, the average price of spodumene concentrate (6% - 6.5%) was 922 US dollars/ton, a week - on - week decrease of 28 US dollars/ton. The spot exchange rate of US dollars against the RMB was 7.1402, with a week - on - week increase of 0.02% [20]. - **Lithium Mica**: As of September 5, 2025, the average price of lithium mica (Li₂O: 2.0% - 3%) was 2,645 yuan/ton, with a week - on - week flat. The average price of amblygonite was 7,125 yuan/ton, a week - on - week decrease of 525 yuan/ton [25]. 3.4 Industry Situation - **Supply Side**: As of July 2025, the monthly import volume of carbonate lithium was 13,845.31 tons, a decrease of 3,852.31 tons from June, a decline of 21.77%, and a year - on - year decline of 42.67%. The monthly export volume was 366.347 tons, a decrease of 63.31 tons from June, a decline of 14.74%, and a year - on - year increase of 37.2%. As of August 2025, the monthly output of carbonate lithium was 45,880 tons, an increase of 1,280 tons from July, an increase of 2.87%, and a year - on - year increase of 31.09%. The monthly operating rate was 43%, a month - on - month decline of 5% and a year - on - year decline of 32% [31]. 3.5 Downstream Market - **Demand Side**: - **Lithium Hexafluorophosphate**: As of September 5, 2025, the average price was 56,500 yuan/ton, a week - on - week increase of 8,000 yuan/ton. As of July 2025, the monthly output of electrolyte was 179,450 tons, an increase of 6,800 tons from June, an increase of 3.94%, and a year - on - year increase of 44.16% [34]. - **Lithium Iron Phosphate**: The average price was 34,300 yuan/ton, with a week - on - week flat. As of July 2025, the monthly output of lithium iron phosphate cathode materials was 213,960 tons, an increase of 10,660 tons from June, an increase of 5.24%, and a year - on - year increase of 26.6%. The monthly operating rate was 51%, a month - on - month decrease of 1% and a year - on - year decrease of 5% [37]. - **Ternary Materials**: As of July 2025, the monthly output was 61,920 tons, an increase of 2,920 tons from June, an increase of 4.95%, and a year - on - year increase of 24.09%. The monthly operating rate was 52%, a month - on - month increase of 1% and a year - on - year decrease of 1%. The prices of 811 - type, 622 - type, and 523 - type ternary materials continued to weaken [41]. - **Lithium Manganate**: As of July 2025, the monthly output was 10,120 tons, a decrease of 680 tons from June, a decline of 6.3%, and a year - on - year increase of 11.21%. The average price was 32,000 yuan/ton, a week - on - week decrease of 1,000 yuan/ton [46]. - **Lithium Cobaltate**: As of July 2025, the monthly output was 12,870 tons, an increase of 470 tons from June, an increase of 3.79%, and a year - on - year increase of 71.14%. The average price was 230,000 yuan/ton, a week - on - week decrease of 3,000 yuan/ton [49]. - **Application Side**: - **New Energy Vehicles**: As of July 2025, the penetration rate was 44.99%, a month - on - month increase of 0.68% and a year - on - year increase of 8.61%. The monthly output was 1,243,000 vehicles, a month - on - month decrease of 1.97%; the sales volume was 1,262,000 vehicles, a month - on - month decrease of 5.04%. The cumulative export volume was 1.308 million vehicles, a year - on - year increase of 84.75% [51][56]. 3.6 Option Market - According to the option parity theory, the premium of the synthetic underlying asset is - 0.28, with a reverse arbitrage opportunity. Based on the performance of the option at - the - money contract and the fundamental situation, it is recommended to build a long straddle option to bet on an increase in volatility [59].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - In the short term, the lithium carbonate market is expected to continue its weak and volatile pattern. The marginal improvement on the supply side and the insufficient realization of the peak - season demand on the demand side exert downward pressure, but the support comes from the resilience of new energy vehicle demand and inventory reduction. The resumption progress of Jiangxi mines and the change in downstream restocking rhythm should be closely monitored, and the new energy vehicle sales data in September may be the key variable to break the current balance [3] Summary by Relevant Catalogs 1. Daily Market Summary a. Lithium Carbonate Futures Market Data Changes - On August 27, the closing price of the lithium carbonate main contract was 78,860 yuan/ton, a slight decline of 0.2% from the previous trading day, with short - term directional divergence. The basis was 2,640 yuan/ton, a slight weakening of 40 yuan compared to the previous day, and the basis center in the past week showed a downward trend, indicating that the downward pressure on the spot price was transmitted to the futures market [1]. - The main contract's open interest increased slightly by 0.52% to 351,000 lots, while the trading volume significantly rebounded by 30.4% to 729,000 lots, indicating intensified short - term capital games and fierce competition between long and short sides around key price levels [1] b. Industry Chain Supply - Demand and Inventory Changes - Supply side: The capacity utilization rate of lithium carbonate has rebounded for two consecutive weeks, reaching 66.41% in the week of August 22. The accelerated release of lithium production from salt lakes partially offset the impact of the suspension of lithium mica mines in Yichun, Jiangxi. However, potential supply disruptions due to the re - application for mining licenses by Jiangxi mines before the end of September should be noted [2]. - Demand side: Downstream demand was divided. According to the Passenger Car Association, the year - on - year growth rates of new energy vehicle retail and wholesale in August were 9% and 18% respectively, indicating demand resilience. However, the cathode material market was weak, with the price of power - type lithium iron phosphate dropping for four consecutive weeks to 35,590 yuan/ton, the price of ternary materials remaining stable, and lithium hexafluorophosphate remaining flat for three consecutive weeks. Mid - stream procurement became more cautious, and the stocking demand weakened [2]. - Inventory and warrants: Lithium carbonate inventory decreased slightly by 713 tons to 141,500 tons, but it remained at a relatively high level in the past five weeks [2] c. Market Summary - In the short term, the lithium carbonate market is expected to continue its weak and volatile pattern. The marginal improvement on the supply side and the insufficient realization of the peak - season demand on the demand side exert downward pressure, but the support comes from the resilience of new energy vehicle demand and inventory reduction. The resumption progress of Jiangxi mines and the change in downstream restocking rhythm should be closely monitored, and the new energy vehicle sales data in September may be the key variable to break the current balance [3] 2. Industry Chain Price Monitoring - The price of the lithium carbonate main contract decreased from 79,020 yuan/ton to 78,860 yuan/ton, a decline of 0.2%. The basis decreased from 2,680 yuan/ton to 2,640 yuan/ton, a weakening of 1.49%. The open interest of the main contract increased by 0.52% to 351,322 lots, and the trading volume increased significantly by 30.39% to 729,645 lots. The market price of battery - grade lithium carbonate decreased by 0.24% to 81,500 yuan/ton. The price of power - type lithium iron phosphate decreased by 0.08% to 35,590 yuan/ton, while the prices of ternary materials and lithium hexafluorophosphate remained unchanged [5] - The capacity utilization rate of lithium carbonate increased from 63.92% to 66.41%, an increase of 3.9%. Lithium carbonate inventory decreased by 0.5% to 141,543 tons. The prices of some battery cells showed small fluctuations, with the cobalt - acid lithium cell price increasing by 3.6% [5] 3. Industry Dynamics and Interpretation a. Spot Market Quotes - On August 27, the SMM battery - grade lithium carbonate index price was 81,671 yuan/ton, a decrease of 68 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 81,600 yuan/ton, a decrease of 100 yuan/ton from the previous working day, and the average price of industrial - grade lithium carbonate was 79,300 yuan/ton, also a decrease of 100 yuan/ton from the previous working day. Due to pre - stocking by some downstream material factories, the procurement scale this week was smaller than last week. The current downstream procurement attitude is cautious, and they are waiting for further price drops. During the "Golden September and Silver October" peak season, the downstream demand has certain rigid support, and the short - term spot price of lithium carbonate is expected to remain relatively high and continue to fluctuate within a range [6] b. Downstream Consumption Situation - From August 1 - 17, the retail volume of the national new energy passenger vehicle market was 502,000 units, a year - on - year increase of 9% and a month - on - month increase of 12%. The retail penetration rate was 58.0%, and the cumulative retail volume this year was 6.958 million units, a year - on - year increase of 28%. The wholesale volume of the national new energy passenger vehicle market was 474,000 units, a year - on - year increase of 18% and a month - on - month increase of 10%. The wholesale penetration rate was 56.4%, and the cumulative wholesale volume this year was 8.108 million units, a year - on - year increase of 34% [7] c. Industry News - Since the official suspension of the Ningde Times' Jiangxi Yichun Jianxiawo mining area on August 10, the "butterfly effect" has spread throughout the industry chain [8]. - On August 18, Lanxiao Technology won the bid for the adsorption system of the expansion and transformation project of the comprehensive utilization of old brine lithium extraction from the Lop Nur Salt Lake of Xinjiang Guotou Lithium Industry Co., Ltd., with a bid amount of 35.7712 million yuan. This project will help the company improve its market share and technical control ability in the salt lake lithium extraction industry [9]. - On August 15, the Jianxiawo mining area of Ningde Times stopped production due to the expiration of the mining license. Eight local mines in Yichun need to re - apply for mining licenses before September 30 this year [9] 4. Appendix: Large - Model Inference Process - Market data analysis: The main contract price decreased slightly, the basis weakened, the open interest increased slightly, and the trading volume increased significantly, indicating intensified market competition between long and short sides [30]. - Industry chain analysis: On the supply side, the capacity utilization rate increased, but the suspension of the Yichun mining area may cause supply shortages, which may be partially offset by new salt lake lithium extraction projects. On the demand side, new energy vehicle sales increased, but the price of battery - grade lithium carbonate decreased, indicating more cautious downstream procurement. The inventory decreased slightly, which may support the price [30][31][32]. - Price trend judgment: In the next one to two weeks, the market may maintain a low - level volatile pattern. The pressure comes from increased supply and demand hesitation, but the inventory decline may limit the decline [32]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the lithium carbonate market, particularly focusing on the impact of the shutdown of the Jianxiawo mining area on supply and demand dynamics in the lithium carbonate industry [1][3]. Core Insights and Arguments - The shutdown of the Jianxiawo mining area has resulted in a supply shortage of over 6,000 tons of lithium carbonate in August, leading to a significant decrease in inventory levels. Despite an increase in imports in September and October, it is unlikely to fill the supply gap, which may cause lithium carbonate prices to rebound to around 90,000 yuan per ton in the short term [1][3]. - If the Jianxiawo and other mica mines remain shut down after September 2025, the total supply of lithium carbonate for 2025 is expected to drop to 1.53 million tons, exacerbating supply tightness [1][3]. - For 2026, if the Ningde and other mica mines are assumed to be shut down for six months, the total supply could reach 1.8 million tons, with a potential increase to 1.85 million tons if Ningde resumes production mid-year. The additional supply will primarily come from South American salt lakes, African mines, and domestic salt lakes [1][3]. - Despite the anticipated increase in supply in 2026, the excess supply is expected to widen to 200,000 to 300,000 tons, indicating that a market reversal is not imminent and will require a longer period of active clearing under profit pressure [1][5]. Demand Side Changes - Recent demand-side changes have exceeded expectations, particularly after the resumption of production at the end of Q1 2025. A significant cost reduction was observed in Q2, leading to a decline in lithium prices until late June. However, following regulatory notifications and production halts in July, market sentiment shifted, resulting in a 10%-15% increase in demand-side production scheduling [4][5]. Future Demand and Supply Predictions - Global demand for power batteries is projected to grow at 18% in 2026, while energy storage batteries are expected to grow at 25%, leading to a combined growth rate of nearly 20%. The demand for lithium carbonate is forecasted to increase by 13% [5]. - Even with improved supply dynamics in 2026, if mica mines continue to be shut down until the end of the year, the excess supply could still expand to 200,000 to 300,000 tons, indicating that a market reversal is not expected until 2027 or later [5]. Investment Opportunities - In the current environment of domestic mining regulatory compliance risks, the focus is on leading companies with high-quality overseas resources, specifically Tianqi, Ganfeng, Zhongmin, and Shengxin. Tianqi has the lowest self-supply cost, followed by Ganfeng, while Zhongmin and Shengxin also show strong competitiveness [2][6]. - Shengxin is noted for having the highest profit elasticity, with Tianqi and Ganfeng following. If Shengxin's molybdenum project is launched in 2028, its total cost could be as low as 50,000 yuan per ton [6][7].

Supply Side - Lithium carbonate production increased by 2,120 tons week-on-week to 20,358 tons, with July production up 5.8% to 85,690 tons[4] - The shutdown of the Ningde Jianshan Mine for three months and the review of mining rights in Yichun and Qinghai are impacting supply[4] - In June 2025, China's lithium ore imports decreased by 4.8% to 576,000 tons, with imports from Australia down 31% to approximately 256,000 tons[4] Cost and Pricing - The CIF price of imported spodumene concentrate rose week-on-week, leading to cost pressures for some lithium carbonate producers[4] - Lithium hydroxide manufacturers are facing significant cost pressures, while self-owned mines and salt lake enterprises have some profit support[4] Demand Side - Overall production in August increased by 7% for large battery manufacturers, with total battery production in June reaching 129.2 GWh, up 4.6% month-on-month and 51.4% year-on-year[5] - The introduction of vehicle replacement policies and the extension of the new energy vehicle purchase tax are expected to support rapid growth in China's new energy vehicle market[5] Inventory and Market Outlook - Lithium carbonate inventory increased by 465 tons at factories, 1,171 tons in the market, and 12,224 tons in futures[5] - The recent production cuts at the mining level and cautious purchasing behavior from downstream buyers suggest that lithium carbonate prices will continue to show strong fluctuations[5]

Group 1 - The core viewpoint indicates that lithium carbonate futures prices have fallen below 70,000 yuan/ton, with a closing price of 68,900 yuan/ton on August 1, reflecting a weekly decline of 5.85% [1] - The domestic lithium carbonate production in July exceeded 80,000 tons, showing a month-on-month increase of 4%, primarily due to significant recovery in spodumene production and the release of recycling capacity [3] - Demand for lithium carbonate is under pressure, with retail sales of new energy vehicles in July declining by 17% month-on-month, and the prices of downstream materials such as lithium iron phosphate and ternary materials showing slight decreases [3] Group 2 - The market outlook suggests that lithium carbonate prices are likely to remain weak in the short term, with a focus on the production changes of mica and salt lake resources, which could influence price movements [3] - Current market conditions indicate high supply and inventory levels for lithium carbonate, with limited support for prices due to declining demand growth [4] - The potential for price increases in the future may depend on the implementation of anti-involution policies, resource clearing in the upstream sector, and the resolution of price wars within the industry [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The fundamentals of the lithium carbonate market show an increase in supply and stable demand, which may pose a constraint on the price increase. In the short term, driven by market sentiment, the futures price of lithium carbonate may fluctuate upward, but the downstream inventory is relatively large, and the subsequent replenishment space may be limited, weakening the price support [2] Group 3: Summary by Related Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 64,650 yuan/ton, with a daily increase of 900 yuan; the average price of SMM industrial - grade lithium carbonate is 63,050 yuan/ton, with a daily increase of 900 yuan [1] Lithium Futures Contracts - The closing price of lithium carbonate 2507 is 66,200 yuan/ton, with a daily increase of 3.41%; the closing price of lithium carbonate 2508 is 66,720 yuan/ton, with a daily increase of 3.63%; the closing price of lithium carbonate 2509 is 66,480 yuan/ton, with a daily increase of 3.71%; the closing price of lithium carbonate 2510 is 66,260 yuan/ton, with a daily increase of 3.66%; the closing price of lithium carbonate 2511 is 66,000 yuan/ton, with a daily increase of 3.48% [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 682 yuan, with a daily increase of 8 yuan; the price of lithium mica (Li20: 1.5% - 2.0%) is 890 yuan, with a daily increase of 60 yuan; the price of lithium mica (Li20: 2.0% - 2.5%) is 1450 yuan, with a daily increase of 45 yuan; the price of amblygonite (Li20: 6% - 7%) is 4650 yuan; the price of amblygonite (Li20: 7% - 8%) is 5500 yuan, with a daily increase of 100 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power - type) is 31,275 yuan, with a daily increase of 220 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 142,880 yuan; the average price of ternary material 523 (single - crystal/power - type) is 115,255 yuan, with a daily increase of 100 yuan; the average price of ternary material 613 (single - crystal/power - type) is 120,305 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is - 1830 yuan, with a change of - 1300 yuan; the price spread between the near - month and the first - continuous contract is 240 yuan, with no change; the price spread between the near - month and the second - continuous contract is 460 yuan, with no change [2] Inventory - The total weekly inventory is 140,793 tons, with an increase of 2446 tons; the weekly inventory of smelters is 58,598 tons, with a decrease of 292 tons; the weekly inventory of downstream is 40,765 tons, with an increase of 268 tons; the weekly inventory of others is 41,430 tons, with an increase of 2470 tons; the daily registered warehouse receipts are 11,204 tons, with a decrease of 399 tons [2] Industry News - Premier African Minerals completed the upgrade of the flotation plant of its Zulu lithium - tantalum ore project in Zimbabwe and restarted operations on July 6. The project covers about 3.5 square kilometers and is 100% owned by Premier through its local subsidiary [2] - Hunan Province has discovered 4.9 billion tons of lithium ore in Linwu County, Chenzhou City, with 131000 tons of lithium oxide resources, and the deposit is accompanied by multiple strategic minerals [2] - A document from the Yichun Bureau of Land and Resources requires 8 mining enterprises to supplement relevant materials for the mineral resource reserve verification report, but it does not affect the current production plans of the mines and the stability of lithium carbonate supply [2]