而中粮期货在一篇报告中强调该偏差出现的重点在于宏观面和需求端。该机构分析称，泰国原料价格走 强已经维持了一个多月，而期货价格在清明节大跌之后，只是出现了反弹与横盘，并没有开启实质的反 弹。盘面格局与供应端不符，形成了偏差，这意味着市场关注的焦点并不在供应端，而在于宏观面与橡 胶需求预期。"橡胶需求面临的核心挑战在于，美国轮胎关税成本上升导致美国轮胎需求下滑。" 广发期货研究员寇帝斯也表示，尽管目前中国出口至美国的轮胎占中国轮胎出口量的比重较低，但对中 国轮胎短期内依然产生一定的负面影响。 此外，5月21日，欧盟委员会发布公告，正式对进口自中国的新乘用车及轻卡充气橡胶轮胎启动反倾销 调查。中银期货研报指出，欧盟为我国乘用车胎重要出口目的地，该举措将影响到中国轮胎出口前景， 进而掣肘橡胶的中长期需求。 新华财经北京5月29日电 在供强需弱预期下，近期天然橡胶价格持续下滑，截至29日下午收盘，RU主 力合约价格进一步下探至13725元／吨。 展望后市，机构普遍认为供应大幅放量下，天然橡胶维持震荡偏弱态势。泰国橡胶管理局此前宣布将 2025年度橡胶开割季向后推迟1个月至6月，产区多雨过后供应输出增多，原料压力或将逐渐 ...

Report Summary 1. Market Performance - On May 28th, the four major A-share stock indices declined. The Shanghai Composite Index dropped 0.02% to 3339.93 points, the Shenzhen Component Index fell 0.26% to 10003.27 points, the ChiNext Index decreased 0.31% to 1985.38 points, and the STAR 50 Index slipped 0.23% to 970.64 points. Market trading volume was 1.0339 trillion yuan, an increase of 9.8 billion yuan from the previous day. In the industry sectors, textile and apparel (+1.17%), environmental protection (+0.89%), and coal (+0.74%) led the gains, while basic chemicals (-0.79%), agriculture, forestry, animal husbandry and fishery (-0.78%), and national defense and military industry (-0.72%) led the losses. In terms of market strength, IF > IH > IC > IM, and the number of rising/flat/falling stocks was 1,750/181/3,477 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net capital inflows of -5.8 billion, -12.8 billion, 2.1 billion, and 16.5 billion yuan respectively, with changes of -2.9 billion, -1 billion, +2.5 billion, and +1.4 billion yuan respectively [2]. - On May 28th, most yields of treasury bond futures declined. Among the actively traded contracts, the implied interest rate of the two - year bond was 1.376, unchanged from the previous day; the five - year bond was 1.497, also unchanged; the ten - year bond was 1.618, down 0.7 bps; and the thirty - year bond was 1.985, down 0.1 bps [3]. 2. Core Views - For stock index futures, it is speculated that the deep discount of small - cap stock indices recently is due to the expansion of neutral product scale since this year. As the bond bull market has not restarted, the proportion of short positions in neutral products may still be high, so the deep discount may continue. It is recommended to go long on the economy, and it is advisable to allocate IF, IC, IM forward contracts on dips. For near - month contracts, there is a risk of a decline in micro - cap stocks, which may drag down the IC and IM indices, so caution is advised [2]. - For treasury bond futures, although the current spot bonds show a pattern of strong supply and weak demand, this pattern is expected to change in the future. The government bond net supply rhythm may slow down in June, the long - term liability cost of insurance may be lowered in July, and the domestic market risk preference has returned to a defensive style, which may increase the demand for bond market allocation. It is recommended to go long in the short - term and short in the long - term, buy T and TL contracts on dips in the short - term, and hedge T and TL contracts on rallies in the long - term [3]. 3. Summary by Directory 3.1 Stock Index Futures and Spot Market Performance - The table shows the performance of stock index futures and spot markets, including details such as code, name, price changes, trading volume, open interest, and basis. For example, for IC2506, the price change was -0.26%, the current price was 5568.0 points, and the basis was 69.2 points [5]. 3.2 Treasury Bond Futures and Spot Market Performance - The table presents the performance of treasury bond futures and spot markets, including code, name, price changes, trading volume, net basis, and CTD bond implied interest rates. For instance, for TS2506, the price change was -0.01%, the current price was 102.2 points, and the net basis was 0.0 [6]. 3.3 Economic Data - High - frequency data shows that this month, the prosperity of imports and exports and social activities has declined, while the real estate market has improved [10].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The main contract price of rebar showed a weak performance, with a daily decline of 1.23%, and both trading volume and open interest increased. Currently, the contradiction in the fundamentals of rebar is continuously accumulating under the situation of strong supply and weak demand, and steel prices continue to be under pressure. Coupled with weak market sentiment, steel prices will continue to seek the bottom weakly. Attention should be paid to the change in demand [4]. - The main contract price of hot-rolled coil declined weakly, with a daily decline of 1.33%, trading volume decreased and open interest increased. At present, the supply of hot-rolled coil has shrunk, but the sustainability is questionable, and the corresponding demand is weakening. The fundamentals have not improved under the situation of weak supply and demand. Coupled with weakening market sentiment, hot-rolled coil prices are under pressure and running weakly. Attention should be paid to the production situation of steel mills [4]. - The main contract price of iron ore fluctuated downward, with a daily decline of 1.76%, and both trading volume and open interest decreased. Currently, the fundamentals of iron ore are weakening under the situation of strong supply and weak demand, and ore prices continue to be under pressure and run weakly. The relatively favorable factor is that the futures price discount is large, so there is resistance to decline. In the short term, under the dominance of bearish factors, it is expected that ore prices will continue to fluctuate weakly. Attention should be paid to the decline in molten iron production [4]. Summary by Directory 1. Industry Dynamics - From January to April, the total profit of industrial enterprises above designated size in China reached 2.11702 trillion yuan, a year-on-year increase of 1.4% (calculated on a comparable basis). Among them, the total profit of state-owned holding enterprises was 702.28 billion yuan, a year-on-year decrease of 4.4%; that of joint-stock enterprises was 1.55964 trillion yuan, an increase of 1.1%; that of foreign-invested and Hong Kong, Macao and Taiwan-invested enterprises was 542.92 billion yuan, an increase of 2.5%; and that of private enterprises was 570.68 billion yuan, an increase of 4.3% [6]. - According to the latest production schedule report of three major white goods released by Industrial Online, the total planned production volume of air conditioners, refrigerators and washing machines in June 2025 is 35.15 million units, a year-on-year increase of 7.3%. Specifically, the planned production volume of household air conditioners in June is 20.5 million units, a year-on-year increase of 11.5%; that of refrigerators is 7.9 million units, a year-on-year increase of 3.6%; and that of washing machines is 6.75 million units, the same as the actual production volume of the previous year [7]. - On May 26, 2025, the Australian Anti-Dumping Commission issued Announcement No. 2025/043, stating that in response to the application submitted by Baowu Group Echeng Iron and Steel Co., Ltd., a Chinese exporter, it initiated an anti-dumping review investigation on steel reinforcing bars with a diameter of 50 mm or less exported to Australia. The investigation period for dumping is from April 1, 2024, to March 31, 2025. The Australian Customs codes of the涉案 products are 7213.10.00.42, 7214.20.00.47, etc. The Australian Anti-Dumping Commission expects to complete the basic fact report of this investigation no later than September 15, 2025, and submit the final ruling report to the Australian Minister for Industry and Science no later than October 28, 2025 [8]. 2. Spot Market - The spot prices of rebar, hot-rolled coil, Tangshan billet, and Zhangjiagang heavy scrap all decreased. The national average price of rebar (HRB400E, 20mm) dropped by 15 yuan to 3,246 yuan; the national average price of hot-rolled coil (Shanghai, 4.75mm) dropped by 24 yuan to 3,276 yuan; the price of Tangshan billet (Q235) dropped by 20 yuan to 2,900 yuan; and the price of Zhangjiagang heavy scrap (≥6mm) dropped by 40 yuan to 2,080 yuan. The price of 61.5% PB powder at Qingdao Port dropped by 6 yuan to 734 yuan, while the price of Tangshan iron concentrate remained unchanged at 738 yuan. The freight rates from Australia and Brazil changed slightly, and the prices of SGX swaps and the Platts Index also decreased [9]. 3. Futures Market - The closing price of the rebar futures main contract was 2,980 yuan, a decline of 1.23%, with a trading volume of 1,935,755 lots and an increase in open interest of 50,834 lots. The closing price of the hot-rolled coil futures main contract was 3,111 yuan, a decline of 1.33%, with a trading volume of 694,483 lots and an increase in open interest of 42,818 lots. The closing price of the iron ore futures main contract was 698.5 yuan, a decline of 1.76%, with a trading volume of 455,965 lots and a decrease in open interest of 10,680 lots [11]. 4. Related Charts - The report provides charts related to steel and iron ore inventories, including weekly changes in rebar and hot-rolled coil inventories, total inventories of rebar and hot-rolled coil (steel mills + social inventories), national 45-port iron ore inventories, 247 steel mills' iron ore inventories, and domestic mine iron concentrate inventories. It also includes charts related to steel mill production, such as the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the proportion of profitable steel mills among 247 steel mills, the profit and loss situation of 75 building material independent electric arc furnace steel mills, and the operating rate of 87 independent electric furnaces [13][26]. 5. Future Market Outlook - Rebar: There are changes in both supply and demand. Construction steel mills are actively producing, and the weekly output of rebar increased by 49,500 tons compared with the previous week. Supply continues to rise and is at a high level this year. Meanwhile, the demand for rebar has weakened again, with the weekly apparent demand decreasing by 131,600 tons compared with the previous week, and the high-frequency daily trading volume also decreasing. Both are still at low levels in recent years. The weak demand will still suppress steel prices. In general, the contradiction in the fundamentals of rebar is continuously accumulating under the situation of strong supply and weak demand, and steel prices will continue to be under pressure. Coupled with weak market sentiment, steel prices will continue to seek the bottom weakly. Attention should be paid to the change in demand [33]. - Hot-rolled coil: Both supply and demand have weakened. Plate steel mills have increased maintenance, and the output of hot-rolled coil has continued to decline, with a week-on-week decrease of 63,000 tons. Supply has dropped to a relatively low level, but the profit per ton of the product is still acceptable, and production will resume in the future. The positive effect needs to be followed up. Meanwhile, the demand for hot-rolled coil has weakened, with the weekly apparent demand decreasing by 164,700 tons compared with the previous week, and the high-frequency trading volume also shrinking. The relatively positive factor is that the production of the main downstream cold-rolled products remains at a high level, and the risk of external demand has temporarily eased, so the demand contraction space is limited. However, attention should be paid to the intensification of contradictions in the cold-rolled industry. At present, the supply of hot-rolled coil has shrunk, but the sustainability is questionable, and the corresponding demand is weakening. The fundamentals have not improved under the situation of weak supply and demand. Coupled with weakening market sentiment, hot-rolled coil prices are under pressure and running weakly. Attention should be paid to the production situation of steel mills [33]. - Iron ore: There are changes in both supply and demand. Steel mill production is weakening, and the terminal consumption of ore continues to decline. The average daily molten iron output and imported ore consumption of sample steel mills decreased again last week. The relatively positive factor is that they are still at a relatively high level this year, but the traditional off-season of the steel market is approaching, and it is difficult to support high molten iron production, so it will continue to decline in the future, and the positive effect on the demand side is weakening. Meanwhile, the arrival of goods at domestic ports has continued to decline, leading to a good reduction in port inventories, but the shipments of overseas miners have increased significantly, reaching the second highest in a single week this year. According to the shipping schedule, the arrival of Australian ore will increase in the future, and domestic mines are actively producing, so the pressure on ore supply is still relatively large. In general, the fundamentals of iron ore are weakening under the situation of strong supply and weak demand, and ore prices continue to be under pressure and run weakly. The relatively favorable factor is that the futures price discount is large, so there is resistance to decline. In the short term, under the dominance of bearish factors, it is expected that ore prices will continue to fluctuate weakly. Attention should be paid to the decline in molten iron production [34].

Group 1: Report Industry Investment Rating - The industry investment rating is to treat the market with a bias towards short positions in a volatile market [2] Group 2: Core View of the Report - The report suggests still taking a short - selling approach on rebounds [3] Group 3: Summary by Related Information Cost and Profit - On May 26, the average cost of 76 independent electric arc furnace construction steel mills was 3,310 yuan/ton, a decrease of 15 yuan/ton compared to last Friday. The average profit was - 123 yuan/ton, and the valley - electricity profit was - 19 yuan/ton, a decrease of 6 yuan/ton compared to last Friday [2] Automobile Sales - In April, Chinese - brand passenger cars sold a total of 1.571 million units, a month - on - month decrease of 3.5% and a year - on - year increase of 23.5%. They accounted for 70.7% of the total passenger car sales, with the sales share increasing by 7.1 percentage points compared to the same period last year [2] Shipbuilding Orders - In April, the global new orders were 111 ships, totaling 4,532,855 CGT. Chinese shipyards received 55 ships, totaling 2,601,584 CGT, accounting for 57.39% of the global new ship orders [2] Market Situation - The finished product market continued its downward trend yesterday. The main contract of rebar once fell below 3,000, and the main contract of hot - rolled coil fell below the previous low. The market had few bright spots, and the trade disputes between Europe and the United States intensified the pessimistic sentiment in the macro - market. Currently, the profitability rate of steel mills is good, and the enterprise operating rate and molten iron output are at relatively high levels, but downstream demand has not improved significantly and is likely to decline after entering the seasonal off - season, showing a situation of strong supply and weak demand [2] Suggestion - The industry should be treated with a bias towards short positions in a volatile market, and still take a short - selling approach on rebounds [2][3] Later Concerns - Macro policies and downstream demand conditions should be concerned [3]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Regarding stock index futures, it is speculated that the deep discount of small - cap stock indexes recently is due to the scale expansion of neutral products this year. With the bond bull market not restarted, the high proportion of short positions in neutral products may keep the deep discount. The report maintains the judgment of being bullish on the economy, recommends buying IF, IC, and IM forward contracts on dips, and advises caution with near - month contracts of IC and IM due to the potential decline risk of micro - cap stocks [3]. - For treasury bond futures, although the current situation of bond spot market shows strong supply and weak demand, it is expected to change. Factors include the increase in government bond maturity in June, the possible reduction of long - term liability costs of insurance in July, and the return of domestic market risk preference to a defensive style. It is suggested to take a short - term long and medium - to - long - term short strategy, buying T and TL on dips in the short term and hedging T and TL on rallies in the long term [4]. 3. Summary by Relevant Catalogs (1) Stock Index Futures Spot and Futures Market Performance - On May 26, most of the four major A - share stock indexes declined. The Shanghai Composite Index fell 0.05% to 3346.84 points, the Shenzhen Component Index dropped 0.41% to 10091.16 points, the ChiNext Index decreased 0.8% to 2005.26 points, while the Sci - tech Innovation 50 Index rose 0.17% to 982.26 points. Market trading volume was 1.0339 trillion yuan, a decrease of 148.7 billion yuan from the previous day. In terms of industry sectors, media, computer, and environmental protection led the gains, while automobile, pharmaceutical biology, and comprehensive sectors led the losses [2]. - The basis of IM, IC, IF, and IH next - month contracts were 195.39, 153.86, 68.31, and 47.22 points respectively, with annualized basis yields of - 20.77%, - 17.4%, - 11.34%, and - 11.21%. The three - year historical quantiles were 3%, 3%, 2%, and 8% respectively, indicating that the futures - spot price difference remained at a low level [2]. (2) Treasury Bond Futures Spot and Futures Market Performance - On May 26, the yields of treasury bond futures declined. Among the active contracts, the implied interest rate of the two - year bond decreased by 173 bps to 1.356, the five - year bond by 373 bps to 1.488, the ten - year bond remained flat at 1.638, and the thirty - year bond decreased by 79 bps to 1.968 [3]. - For the current active 2509 contract, the CTD bonds, yield changes, net basis, and IRR for 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are provided. The central bank's open - market operations had a net injection of 24.7 billion yuan [4]. (3) Economic Data - High - frequency data shows that this month, the prosperity of imports and exports and social activities declined, while the real estate prosperity increased [12].

晨报 成材 成材：需求偏弱 价格震荡下行 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 原材料：程 鹏 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 5 月 20 日 逻辑：5 月 19 日，国家统计局数据显示，1-4 月份，中国粗钢累计产 量 34535 万吨，同比增长 0.4%。5 月 19 日，76 家独立电弧炉建筑钢材钢 厂平均成本为 3326 元/吨，环比上周五减少 9 元/吨，平均利润为亏损 95 元/吨，谷电利润为 10 元/吨。据中国工程机械工业协会对平地机主要制 造企业统计，2025 年 4 月当月销售各类平地 ...

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The silicon market has a situation of strong supply and weak demand, with high inventory pressure. The industrial silicon market is expected to maintain a weak trend in the short - term, and the polysilicon price volatility will intensify [1]. 3. Summary by Related Content Price Changes - On May 20, 2025, the average price of industrial silicon non - oxygenated 553 (East China) dropped 1.67% to 8,850 yuan/ton, and the 421 (East China) dropped 1.50% to 9,850 yuan/ton. The futures main contract closing price dropped 0.18% to 8,130 yuan/ton. N - type polysilicon material dropped 1.33% to 37 yuan/kg, while the futures main contract closing price rose 0.81% to 37,150 yuan/ton [1]. Industry News - Imported sand high - price decreased to 110,000 yuan/ton, down 5,000 yuan/ton from last week's high, and is expected to decline further. On May 8, the 350 - ton high - dispersion ultra - fine silver powder production line of Dongfang Jingcai was put into operation, which will fill the gap in domestic high - end silver powder production [1]. Fundamental Analysis of Industrial Silicon - In April, due to production cuts in Xinjiang, industrial silicon production decreased to about 300,000 tons. In May, production is expected to increase slightly due to the resumption of production in Southwest China and new capacity ramping up, but the increase will be limited. Demand from polysilicon, organic silicon, and silicon - aluminum alloy industries is weak, and the overall demand for industrial silicon is expected to decline [1]. Investment Strategy for Industrial Silicon - The silicon market has strong supply and weak demand with high inventory. It is expected to maintain a weak trend in the short - term, with an operating range of 8,000 - 10,000 yuan/ton. It is recommended to short on rebounds [1]. Fundamental Analysis of Polysilicon - Polysilicon enterprises maintain production cuts, and the resumption may be postponed. The photovoltaic market is weak, with rising inventories of silicon wafers, silicon materials, and falling prices of silicon wafers, cells, and components [1]. Investment Strategy for Polysilicon - Recently, the polysilicon price rebounded due to delivery factors and supply - side reform news, but then fell again. In the short - term, the weak fundamentals conflict with delivery factors, causing intensified price fluctuations. It is necessary to continue to monitor the evolution of "high positions and low warehouse receipts" [1].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年5月16日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为18349吨，环比增长26.69%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为86988吨，环比减少2.16%,上周三元材料样本企业库存为15187 吨，环比减少2.37%。 成本端来看，外购锂辉石精矿成本为68005元/吨，日环比增长0.01%,生产所得为-4098元/吨，有所亏损；外 购锂云母成本为69263元/吨，日环比持平，生产所得为-6923元/吨，有所亏损；回收端生产成本普遍大于矿 石端成本，生产所得为负，排产积极性较低；盐湖端季度现金生产成本为31868元/吨，盐湖端成本显著低于 矿石端，盈利 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The supply - demand imbalance in the lithium carbonate market persists, with supply exceeding demand. The overall trend of lithium carbonate prices is difficult to reverse the downward situation due to capacity mismatch. The 2507 contract of lithium carbonate is expected to fluctuate in the range of 63,420 - 64,660 [8][9][13]. 3. Summary According to the Directory 3.1 Daily View - **Supply Side**: Last week, lithium carbonate production was 18,349 tons, a 26.69% week - on - week increase, higher than the historical average. In April 2025, the production was 73,810 tons, and the predicted production for next month is 75,500 tons, a 2.29% increase. The import volume in April was 20,000 tons, and the predicted import volume for next month is 24,000 tons, a 20% increase [8][9]. - **Demand Side**: Last week, the inventory of sample enterprises of lithium iron phosphate was 86,988 tons, a 2.16% week - on - week decrease, and the inventory of sample enterprises of ternary materials was 15,556 tons, an 11.59% week - on - week increase. It is expected that demand will strengthen next month, and inventory may be reduced [8]. - **Cost Side**: The cost of purchased spodumene concentrate is 68,459 yuan/ton, a 0.59% daily decrease, resulting in a loss of 4,750 yuan/ton. The cost of purchased lepidolite is 69,610 yuan/ton, a 0.33% daily decrease, resulting in a loss of 7,566 yuan/ton. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 31,868 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation [9]. - **Base Spread**: On May 12, the spot price of battery - grade lithium carbonate was 64,600 yuan/ton, and the base spread of the 07 contract was 560 yuan/ton, with the spot at a premium to the futures, showing a neutral situation [9]. - **Inventory**: The smelter inventory was 54,852 tons, a 7.48% week - on - week increase, higher than the historical average; the downstream inventory was 42,156 tons, a 6.67% week - on - week decrease, higher than the historical average; other inventories were 34,561 tons, a 3.54% week - on - week decrease, higher than the historical average; the total inventory was 131,569 tons, a 0.35% week - on - week decrease, higher than the historical average, showing a bearish situation [9]. - **Market**: The MA20 is downward, and the futures price of the 07 contract closed below the MA20, showing a bearish situation [9]. - **Main Position**: The main position is net short, and short positions are increasing, showing a bearish situation [9]. - **Likely Positive Factors**: Manufacturers' plans to halt or reduce production, a month - on - month decrease in the amount of lithium carbonate imported from Chile, and a decline in the import volume of spodumene [11]. - **Likely Negative Factors**: The supply at the ore/salt lake end remains at a high level with limited decline, and the willingness of the power battery end to take delivery is insufficient [12]. - **Main Logic**: Capacity mismatch leads to strong supply and weak demand, and the downward trend is difficult to change [13]. 3.2 Lithium Carbonate Market Overview - **Price and Base Spread**: The prices of lithium ore, lithium carbonate, lithium hydroxide, and other products showed varying degrees of increase or decrease. The base spreads of some products showed significant changes, such as a - 74.89% decrease in the base spread of the 07 contract [15]. - **Supply - Side Data**: The weekly and monthly operating rates of some products showed fluctuations. For example, the weekly operating rate of lithium iron phosphate decreased by 2.09%, and the monthly operating rate increased by 1.82%. The production costs and profits of lithium iron ore and lithium iron phosphate also changed [17]. - **Demand - Side Data**: The monthly production and sales volume of some products increased. For example, the monthly production of lithium iron phosphate increased by 4.13%, and the monthly battery loading volume increased by 62.18% [17]. 3.3 Supply - Related Content - **Lithium Ore**: The price of lithium ore showed a downward trend. The production and import volume of lithium ore in different periods showed different changes. The self - sufficiency rate of lithium ore also fluctuated. The weekly inventory of lithium ore at ports and traders showed a certain trend [21][22]. - **Lithium Carbonate**: The weekly operating rate, production, and import volume of lithium carbonate from different sources (lithium ore, lithium mica, salt lake, recycling) showed different trends. The supply - demand balance of lithium carbonate also changed in different months [27][28][33]. - **Lithium Hydroxide**: The weekly capacity utilization rate, monthly operating rate, production, export volume, and supply - demand balance of lithium hydroxide showed different situations in different periods [35][36][39]. 3.4 Lithium Compound Cost - Profit - The cost and profit of purchased spodumene concentrate, purchased lepidolite concentrate, and various recycling materials for producing lithium carbonate showed different trends. The purification profit of industrial - grade lithium carbonate, the profit of lithium hydroxide carbonization to lithium carbonate, and the profit of lithium carbonate causticization to lithium hydroxide also changed [41][42][45]. 3.5 Inventory - The inventory of lithium carbonate and lithium hydroxide at different stages (smelter, downstream, other) showed different trends in weekly and monthly data [50]. 3.6 Demand - Related Content - **Lithium Battery**: The price, production, loading volume, export volume, and inventory of lithium batteries showed different trends in different periods. The cost of battery cells also changed [53][54][56]. - **Ternary Precursor**: The price, cost, profit, processing fee, capacity utilization rate, production, and supply - demand balance of ternary precursors showed different situations in different periods [58][59][62]. - **Ternary Material**: The price, cost, profit, operating rate, production, export volume, import volume, and inventory of ternary materials showed different trends in different periods [64][65][67]. - **Lithium Iron Phosphate**: The price, production cost, profit, capacity, operating rate, production, export volume, and inventory of lithium iron phosphate showed different trends in different periods [69][70][72]. - **New Energy Vehicle**: The production, sales volume, export volume, sales penetration rate, and inventory of new energy vehicles showed different trends in different periods [76][77][78].

山东钢铁：铁矿石市场将呈现"供强需弱"特征 长期看价格下移为大概率事件 智通财经5月13日电，山东钢铁在互动平台表示，2025年铁矿石市场将呈现"供强需弱"特征，尽管短期 宏观情绪或供应扰动可能引发阶段性反弹，但长期看，价格下移为大概率事件。 ...