Core Viewpoint - Lithium carbonate continuous main contract increased by 7% in a single day, currently priced at 86,960.00 yuan/ton [1] Group 1 - The significant rise in lithium carbonate prices indicates strong market demand and potential investment opportunities in the lithium sector [1]

Core Viewpoint - Lithium carbonate continuous main contract increased by 4% in a single day, currently priced at 84,520.00 yuan/ton [1] Group 1 - The price movement indicates a significant rise in the lithium carbonate market, reflecting potential demand fluctuations [1]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - This week, the price of lithium carbonate futures fluctuated widely in the range of 77,000 - 83,000 yuan per ton. The 2511 contract closed at 80,460 yuan per ton, up 1,160 yuan per ton week - on - week, and the 2601 contract closed at 82,300 yuan per ton, up 1,520 yuan per ton week - on - week. The spot price decreased by 150 yuan per ton to 80,400 yuan per ton [1]. - The current market is trading on the increase in mining costs rather than the resumption of supply. After the resumption of work in Jiangxi mines, there is still a downward risk in prices. In terms of energy storage demand, the number of tender projects in October decreased month - on - month, and the price of lithium ore has declined but remains at a high level [3]. - For unilateral trading, it is expected that the price of the futures main contract will move in the range of 70,000 - 83,000 yuan per ton. For inter - period trading, no recommendations are provided. For hedging, it is recommended to reduce the hedging ratio [4][5]. 3. Summaries According to Relevant Catalogs 3.1 Supply and Demand Fundamentals - **Raw Materials**: The price of lithium ore dropped from the high of $944 per ton last week to $927 per ton. The prices of lithium hexafluorophosphate and electrolyte increased significantly, with the electrolyte for lithium iron phosphate having the largest increase. The prices of downstream batteries and cathodes were weak [2]. - **Supply**: The weekly output increased to 21,534 tons, and the operating rate rose to 55%. The inventory decreased by 3,405 tons to 124,000 tons compared with last week. Yichun Times New Energy Mining Co., Ltd. needs to pay 247 million yuan in mining rights transfer fees for the lithium ore resources used from February 28, 2022, to August 9, 2025, involving 25.83 million tons of raw ore, and the cost per ton of lithium carbonate is expected to increase by 2,864 yuan [2]. - **Demand**: In October 2025, the domestic energy storage market completed 10GW/29.4GWh of energy storage systems and EPC general contracting tendering for equipment, showing a decline compared with 11.7GW/33.3GWh in September. The average bid price for 2 - hour energy storage systems was 0.628 yuan/Wh, and the bid price range for 4 - hour energy storage systems was 0.43 - 0.65 yuan/Wh, with an average of 0.52 yuan/Wh [2]. 3.2 Charts and Data - **Lithium Salt Upstream Supply - Side (Lithium Ore)**: There are charts showing the processing profit of spodumene concentrate, the average price trend of spodumene concentrate, the monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate [6][7]. - **Lithium Salt Mid - stream Consumption - Side (Lithium Salt Products)**: Multiple charts display the prices of battery - grade lithium carbonate in different regions, the price trends of domestic battery - grade and industrial - grade lithium carbonate, the processing cost of converting industrial - grade to battery - grade lithium carbonate, the production volume, operating rate, inventory, and import and export volume of lithium carbonate [7][8][9][10]. - **Lithium Salt Downstream Consumption - Side (Lithium Batteries and Materials)**: Charts present the apparent consumption of lithium carbonate in China, the available days of inventory, the monthly production volume and operating rate of lithium iron phosphate and ternary materials, the import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the production volume of various types of power lithium batteries [11][12].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The supply - demand fundamentals of lithium carbonate are neutral. The supply side shows that last week's lithium carbonate production was 21,080 tons, a 1.07% decrease from the previous week, and higher than the historical average. The production in October 2025 was 92,260 physical tons, and the predicted production for next month is 92,080 tons, a 0.19% decrease. The demand side indicates that the inventory of sample enterprises of lithium iron phosphate and ternary materials increased last week. The overall inventory is higher than the historical average, but the inventory of smelters is lower than the historical average [8][9]. - The cost situation varies. The cost of imported lithium spodumene concentrate decreased by 0.11% day - on - day, with a production profit of 419 yuan/ton. The cost of imported lithium mica increased by 0.14% day - on - day, resulting in a loss of 5,626 yuan/ton. The cost of the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [9]. - On November 06, 2025, the spot price of battery - grade lithium carbonate was 80,400 yuan/ton, and the basis of the 01 contract was - 100 yuan/ton, with the spot at a discount to the futures. The market is expected to see strengthened demand next month, and inventory may be reduced. The price of 6% concentrate CIF decreased day - on - day and is lower than the historical average. The price of lithium carbonate 2601 is expected to fluctuate in the range of 79,420 - 81,580 yuan/ton [9]. 3. Summary by Directory 3.1 Daily Views - Supply side: Last week's lithium carbonate production was 21,080 tons, a 1.07% decrease from the previous week and higher than the historical average. In October 2025, the production was 92,260 physical tons, and the predicted production for next month is 92,080 tons, a 0.19% decrease [8][9]. - Demand side: The inventory of sample enterprises of lithium iron phosphate and ternary materials increased last week. The inventory of lithium iron phosphate sample enterprises was 105,719 tons, a 0.70% increase from the previous week, and the inventory of ternary material sample enterprises was 18,890 tons, a 1.60% increase from the previous week [8]. - Cost side: The cost of imported lithium spodumene concentrate was 78,850 yuan/ton, a 0.11% decrease day - on - day, with a production profit of 419 yuan/ton. The cost of imported lithium mica was 82,865 yuan/ton, a 0.14% increase day - on - day, resulting in a loss of 5,626 yuan/ton. The cost of the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt lake end is 31,477 yuan/ton, with sufficient profit margins and strong production motivation [9]. - Market indicators: The fundamentals are neutral; the basis is neutral; the inventory situation is neutral; the market trend is bullish; the main positions are net short and increasing short positions; the expected price of lithium carbonate 2601 is expected to fluctuate in the range of 79,420 - 81,580 yuan/ton [9]. 3.2 Fundamental/Position Data - **Market Overview**: The prices of various lithium - related products showed different trends. For example, the price of battery - grade lithium carbonate was 80,400 yuan/ton, a 0.12% decrease from the previous day, and the price of industrial - grade lithium carbonate was 78,200 yuan/ton, a 0.13% decrease from the previous day [15]. - **Supply - side Data**: The weekly and monthly operating rates of lithium carbonate production from different sources (lithium spodumene, lithium mica, salt lake, and recycling materials) showed different changes. The monthly production of lithium carbonate also showed an overall upward trend in some cases. For example, the monthly production of lithium carbonate in October 2025 was 92,260 tons, a 5.73% increase from the previous month [18]. - **Demand - side Data**: The production and sales data of lithium - ion batteries, new energy vehicles, and related materials showed different trends. For example, the monthly total installation volume of power batteries was 76,000 GWh, a 21.60% increase from the previous month [18]. - **Inventory Data**: The inventory of lithium carbonate, including smelter inventory, downstream inventory, and other inventory, showed different trends. The overall inventory was 127,358 tons, a 2.30% decrease from the previous week, but still higher than the historical average [9].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [4][70]. 3. Summary by Directory 3.1. Market Review In October, the operating range of the main lithium carbonate contract shifted upward. The demand side maintained moderate growth. Due to capacity bottlenecks, spodumene - based lithium production only increased slightly. Although a large amount of new capacity was put into operation in salt lakes, it took time to reach full production. The mid - month saw the shutdown of the Jiangxi 414 mine and a warm macro - atmosphere, which led to a rise in lithium prices [8]. 3.2. End of Resource - end Disturbances - **Overseas Mines Maintain Production Increase**: As domestic previously shut - down mines have not resumed production, the dependence on overseas ore imports has increased. As of October 27, the average CIF price of spodumene was $906/ton, a 7.47% increase from the beginning of the month. In September, the import volume of spodumene increased by 14.75% month - on - month. It is expected that the arrival of spodumene in November will increase month - on - month [11]. - **Domestic Mines' Production Stabilizes**: In September, the output of domestic lepidolite ore decreased by about 6% month - on - month, while the output of domestic spodumene mines increased by about 2% month - on - month. Overall, domestic lepidolite mines' production is stable, and spodumene mines have a slight reduction in production [20]. 3.3. Continued Growth in Lithium Carbonate Supply - **Domestic Lithium Carbonate Production May Increase Month - on - Month**: In the first three weeks of October, the production of lithium carbonate increased by 5.46% (or 3264 tons) month - on - month. Spodumene - based lithium production increased by 3.72% (or 1415 tons), mica - based lithium production was basically flat, salt - lake - based lithium production increased by 15.66% (or 1252 tons), and recycling - based lithium production increased by 7.35% (or 410 tons). In November, domestic lithium salt factories are expected to maintain an increasing production trend [27]. - **Overseas Salt Lakes Increase Production and Shipments Gradually Increase**: In November, the import volume from Argentina will increase significantly, and the import volume from Chile is also expected to increase. Overall, the domestic import of lithium salt may increase significantly month - on - month [37]. 3.4. Weak Growth in Power and Slowing Growth in Cathode Materials - **Differentiated Terminal Demand**: In October, the year - on - year and month - on - month growth rates of new energy vehicle sales narrowed. In September, the total winning bid capacity of domestic energy storage projects decreased by 12.39% month - on - month. In September, the sales of plug - in new energy vehicles in the EU increased by 35.65% month - on - month and 33.35% year - on - year. In November, the growth of domestic and overseas power terminal demand is weak, while the demand for energy storage installation remains good [40][42]. - **Slowing Month - on - Month Growth Rate of Cathode Material Scheduling**: In October, the scheduling of lithium iron phosphate power cells increased by 9.1% month - on - month, and that of ternary material power cells was basically flat. The scheduling of energy storage cells was also basically flat. In September, the export of power cells increased by 17.1% month - on - month, and that of energy storage cells increased by 21.33% month - on - month. It is expected that the month - on - month growth rate of cathode material scheduling in November will narrow significantly [52]. 3.5. Slowdown in Inventory Reduction Progress From September to October, lithium carbonate was seasonally destocked. As of October 23, the lithium carbonate inventory decreased by 10,800 tons compared with the end of August, 27.07% less than the destocking volume in the same period last year. In November, the supply and demand of lithium carbonate will both increase, but the destocking speed will slow down compared with October [66]. 3.6. Outlook for the Future The short - term positive macro - atmosphere will drive up commodity prices, and the price of lithium carbonate may show a strong performance. However, as the market's macro - sentiment fades, the lithium price may decline again. It is expected that the price of lithium carbonate will fluctuate in November, with an upward trend first and then a downward trend [70].

Group 1: Report General Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Carbonate lithium futures stopped falling and rebounded, with a total position increase of 849 lots, but funds have not returned. Spot prices are more resistant to decline than futures. The overall decline in the industrial chain price is small, and the electrolyte continues to rise against the trend, indicating tight supply - demand in this field. In the short term, futures prices will move closer to spot prices. The speculation on the mining end is unlikely to materialize in the short term. Due to the supply inflection point and continuous inventory reduction, the spot is firm, and it is difficult for futures prices to break through the lower limit. Futures prices are expected to rebound [9] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Carbonate lithium futures stopped falling and rebounded, with a total position increase of 849 lots. The spot price dropped by 400 to 80,500, showing resistance to decline compared to futures. Australian ore dropped by 20, mica ore dropped by 30, ternary materials remained flat, lithium iron phosphate dropped by 90 - 100, and the electrolyte rose by 600 - 1250. The overall decline in the industrial chain price is small, and the electrolyte continues to rise against the trend, indicating tight supply - demand. Futures prices are expected to rebound due to the weak follow - up decline of the spot and the firm spot under the influence of supply and inventory factors [9] 2. Industry News - Salt Lake Co., Ltd. plans to produce 43,000 tons of carbonate lithium in 2025, and a 40,000 - ton lithium salt project was officially put into operation at the end of September, laying a foundation for further capacity expansion [12] - Hainan Mining revealed that the CIF cost of 5.5% grade lithium concentrate from its Buguni lithium mine transported to Hainan is about $750/ton. Its lithium hydroxide products are undergoing certification and sample testing with domestic and foreign customers, and relevant government approvals are in progress. The company also announced a technical renovation plan to add carbonization and potassium removal facilities at the back - end of the existing 20,000 - ton lithium hydroxide production line. After the renovation, which takes about half a year, it can flexibly convert part of the capacity to produce battery - grade carbonate lithium, achieving a product combination of "20,000 tons of lithium hydroxide" or "10,000 tons of lithium hydroxide + 8,000 tons of carbonate lithium" to respond to market changes and improve profitability [12]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The production of lithium carbonate last week was 21,080 tons, a week-on-week decrease of 1.07%, higher than the historical average. The inventory of lithium iron phosphate sample enterprises last week was 104,979 tons, a week-on-week increase of 0.61%, and the inventory of ternary material sample enterprises was 18,890 tons, a week-on-week increase of 1.60% [8]. - In October 2025, the production of lithium carbonate was 92,260 physical tons, and the predicted production for next month is 92,080 physical tons, a month-on-month decrease of 0.19%. The import volume of lithium carbonate in October 2025 was 22,000 physical tons, and the predicted import volume for next month is 27,000 physical tons, a month-on-month increase of 22.73%. It is expected that the demand will strengthen next month, and the inventory may be reduced. The cost of 6% concentrate CIF decreased on a daily basis and was lower than the historical average. The lithium carbonate 2601 is expected to fluctuate in the range of 78,080 - 80,200 [9]. - The main logic is that the mismatch between production capacity leads to strong supply and weak demand, and the downward trend is difficult to change [12]. Summaries by Directory 1. Daily Viewpoints - **Supply Side**: Last week's lithium carbonate production was 21,080 tons, down 1.07% week-on-week and higher than the historical average. In October 2025, production was 92,260 tons, and next month's forecast is 92,080 tons, a 0.19% decrease. The import volume in October was 22,000 tons, and next month's forecast is 27,000 tons, a 22.73% increase [8][9]. - **Demand Side**: The inventory of lithium iron phosphate sample enterprises last week was 104,979 tons, up 0.61% week-on-week, and the inventory of ternary material sample enterprises was 18,890 tons, up 1.60% week-on-week. It is expected that the demand will strengthen next month, and the inventory may be reduced [8][9]. - **Cost Side**: The daily price of 6% concentrate CIF decreased and was lower than the historical average. The cost of purchasing spodumene concentrate was 78,943 yuan/ton, a daily decrease of 0.86%, with a profit of 425 yuan/ton. The cost of purchasing lithium mica was 82,750 yuan/ton, a daily decrease of 0.82%, with a loss of -5,412 yuan/ton. The production cost at the recycling end was close to that at the ore end, and the production enthusiasm was average. The quarterly cash production cost at the salt lake end was 31,477 yuan/ton, significantly lower than that at the ore end, with sufficient profit margins and strong production motivation [9]. - **Market Outlook**: The lithium carbonate 2601 is expected to fluctuate in the range of 78,080 - 80,200 [9]. 2. Fundamental/Position Data - **Lithium Carbonate Market Overview**: The futures closing prices of various contracts showed different degrees of increase or decrease. The basis of most contracts decreased. The prices of upstream raw materials such as lithium ore and lithium carbonate also changed to varying degrees, with some increasing and some decreasing [14]. - **Supply - Side Data**: The weekly operating rate was 74.39%, unchanged from the previous period. The monthly production of lithium carbonate in October was 92,260 tons, an increase of 5,000 tons compared to the previous month, a 5.73% increase. The monthly import volume of lithium concentrate was 520,514 tons, an increase of 49,915 tons compared to the previous month, a 10.61% increase. The monthly import volume of lithium carbonate was 19,596.90 tons, a decrease of 2,250.01 tons compared to the previous month, a -10.30% decrease [17]. - **Demand - Side Data**: The monthly operating rate of various products increased to varying degrees. The monthly production of lithium iron phosphate was 394,350 tons, an increase of 37,600 tons compared to the previous month, a 10.54% increase. The monthly production of ternary materials increased to varying degrees. The monthly total battery loading volume was 76,000 GWh, an increase of 13,500 GWh compared to the previous month, a 21.60% increase [17].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The price of lithium carbonate futures contracts first rose and then declined, breaking through 80,000 yuan/ton. The 2511 contract closed at 79,300 yuan/ton, up 380 yuan/ton week-on-week, and the 2601 contract closed at 80,780 yuan/ton, up 1,260 yuan/ton week-on-week. The spot price rose 5,150 yuan/ton week-on-week to 80,550 yuan/ton [1]. - The supply and demand fundamentals show that the de - stocking speed has accelerated. The price of lithium ore has increased significantly, the inventory has decreased, the weekly output has decreased, and the start - up rate has declined. From July to November, the energy storage demand has exceeded market expectations, but there are concerns about a seasonal decline in power demand from December to February of the next year [2]. - In the short term, the price is expected to enter a correction state, but the long - term outlook for next year remains positive. The trading logic should shift to the decline in the total demand during the power off - season [3]. Summary by Relevant Catalogs 1. Market Data - The report presents figures on the price difference between lithium carbonate spot and futures, and the inter - period price difference of lithium carbonate futures, sourced from Mysteel, SMM, Flush, and Guotai Junan Futures Research [8]. 2. Upstream Supply of Lithium Salts - Lithium Ore - Figures show the processing spot and disk profits of spodumene concentrate and the average price trend of spodumene concentrate. The data sources include Mysteel, SMM, Flush, and Guotai Junan Futures Research [8]. - There are also figures on the monthly import volume and price of lithium concentrate, and the monthly import volume and price of Australian lithium concentrate, with the same data sources [9]. 3. Mid - stream Consumption of Lithium Salts - Lithium Salt Products - Multiple figures display various aspects of lithium salt products, such as the price of battery - grade lithium carbonate in the East China region, the price of domestic battery - grade lithium carbonate, the price trends of domestic battery - grade and industrial - grade lithium carbonate, and the processing cost of converting industrial - grade to battery - grade lithium carbonate and the futures discount cost. The data sources are Mysteel, SMM, Flush, and Guotai Junan Futures Research [9][10]. - Figures also show the monthly export volume of lithium carbonate and lithium hydroxide, the monthly production volume of domestic lithium carbonate (including battery - grade and industrial - grade), the monthly production volume of domestic lithium carbonate by raw material and region, the weekly production volume and start - up rate of domestic lithium carbonate, the monthly start - up rate of domestic lithium carbonate, the monthly import and export volume of lithium carbonate, the monthly import volume of lithium carbonate by country, the monthly inventory of domestic lithium carbonate, and the monthly inventory of domestic lithium carbonate in downstream and smelting plants. The data sources are the same as above [10][11][12]. 4. Downstream Consumption of Lithium Salts - Lithium Batteries and Materials - Figures present the apparent consumption of lithium carbonate in China, the available days of lithium carbonate inventory, the monthly production volume and start - up rate of lithium iron phosphate, the monthly production volume and start - up rate of ternary materials (including various types), the import and export volume of ternary materials, the installed capacity of Chinese lithium batteries, and the production volume of domestic power lithium batteries (including various types). The data sources are Mysteel, SMM, Flush, and Guotai Junan Futures Research [13][14]. Trading Suggestions - **Unilateral Trading**: A correction is expected, and the price of the futures main contract is predicted to range between 70,000 - 80,000 yuan/ton [4]. - **Inter - period Trading**: Not recommended, as the upward movement of the unilateral price weakens the basis, but the inventory is expected to continue to be de - stocked [5]. - **Hedging**: It is recommended to increase the proportion of selling hedging and build positions in a pyramid - shaped manner [6].

Group 1: Report Industry Investment Rating - The report indicates that the trend strength of lithium carbonate is 1, suggesting a "moderately strong" outlook [4]. Group 2: Core Viewpoints of the Report - The lithium carbonate market is in a state of high - level spot bidding and is expected to run strongly [1]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Contracts**: For the 2511 contract, the closing price was 80,800, with a change of - 320 compared to T - 1. The trading volume was 64,993, down 4,495 from T - 1, and the open interest was 36,653, a decrease of 12,932 from T - 1. For the 2601 contract, the closing price was 81,640, down 260 from T - 1. The trading volume was 729,307, an increase of 214,852 from T - 1, and the open interest was 488,803, up 5,325 from T - 1 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 27,335, a decrease of 404 from T - 1 [1]. - **Basis**: The basis of spot - 2511 was - 2,300, and that of spot - 2601 was - 3,140. The basis of 2511 - 2601 was - 840 [1]. - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 925, up 19 from T - 1. The price of lithium mica (2.0% - 2.5%) was 2,065, up 75 from T - 1 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 78,500, up 1,950 from T - 1. The price of industrial - grade lithium carbonate was 76,300, up 2,000 from T - 1 [1]. 2. Macroeconomic and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 78,553 yuan/ton, a daily increase of 1,958 yuan/ton. The average price of battery - grade lithium carbonate was 78,500 yuan/ton, up 1,950 yuan/ton from the previous workday, and the average price of industrial - grade lithium carbonate was 76,300 yuan/ton, up 2,000 yuan/ton [2]. - **Automobile Industry**: Chery Automobile announced a purchase tax subsidy plan, and currently, 10 brands have announced similar plans [2][4]. - **Mining Rights**: A subsidiary of Dazhong Mining Co., Ltd. obtained a 30 - year mining license for the Hunan Jijiaoshan lithium mine, with an annual production capacity of 80,000 tons of lithium carbonate [4].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The overall supply of lithium carbonate is strong while demand is weak due to capacity mismatch, and the downward trend is difficult to change [11]. - The fundamentals are neutral, the inventory is neutral, the disk is bullish, and the main position is bearish [8]. - There are bullish factors such as manufacturers' production suspension and reduction plans, a decline in the import volume of lithium carbonate from Chile, and a decrease in the import volume of spodumene. Bearish factors include high - level supply from ore/salt lake ends with limited decline and insufficient willingness of power battery ends to take delivery [9][10]. 3. Summary by Relevant Catalogs 3.1 Daily Viewpoints - **Supply**: Last week, the lithium carbonate production was 21,308 tons, a week - on - week increase of 1.14%, higher than the historical average level. It is predicted that the production in October 2025 will be 89,890 tons, a month - on - month increase of 2.99% [8]. - **Demand**: Last week, the inventory of sample enterprises of lithium iron phosphate was 104,347 tons, a week - on - week increase of 1.49%, and the inventory of sample enterprises of ternary materials was 18,592 tons, a week - on - week increase of 3.50%. It is expected that demand will strengthen next month and inventory may be depleted [8]. - **Cost**: The cost of purchased spodumene concentrate was 78,206 yuan/ton, a daily - on - day increase of 2.03%. The production from it was at a loss. The cost of purchased lepidolite was 81,293 yuan/ton, a daily - on - day increase of 1.44%, and the production was also at a loss. The quarterly cash production cost of the salt lake end was 31,477 yuan/ton, significantly lower than the ore end with sufficient profit margins [8]. - **Inventory**: The total inventory was 130,366 tons, a week - on - week decrease of 1.72%, higher than the historical average level. The inventory of smelters was 33,681 tons, a week - on - week decrease of 1.75%, lower than the historical average level. The downstream inventory was 55,275 tons, a week - on - week decrease of 4.26%, higher than the historical average level. Other inventories were 41,410 tons, a week - on - week increase of 1.89% [8]. - **Disk and Position**: The MA20 of the disk was upward, and the futures price of the 01 contract closed above the MA20, showing a bullish trend. The main position was net short with an increase in short positions, showing a bearish trend [8]. 3.2 Fundamentals/Position Data - **Market Quotes Overview**: The prices of various lithium - related products such as lithium ore, lithium salts, cathode materials, and lithium batteries showed different degrees of changes. For example, the price of 6% spodumene increased by 2.84% to 906 US dollars/ton, and the price of battery - grade lithium carbonate increased by 1.53% to 76,550 yuan/ton [14]. - **Supply - Demand Data Overview**: In terms of supply, the monthly production of lithium carbonate, lithium hydroxide, etc. showed an increasing trend in general. In terms of demand, the monthly demand for lithium - related products also showed certain changes. For example, the monthly production of lithium carbonate in September 2025 was 87,260 tons, and the monthly demand was - 116,801 tons [17][34]. 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore has fluctuated over time. The production of Chinese sample spodumene mines and domestic lepidolite has shown different trends in different years [23]. - **Import and Self - Sufficiency Rate**: The monthly import volume of lithium concentrate has increased, and the self - sufficiency rate of lithium ore has also changed [23]. - **Supply - Demand Balance**: The supply - demand balance of domestic lithium ore has fluctuated, and there has been a supply - demand gap in some months [26]. 3.4 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate from different raw materials (spodumene, lepidolite, salt lake, recycling materials) have shown different trends [28]. - **Import and Export**: The monthly import volume of lithium carbonate from different countries (Chile, Argentina, etc.) and the export volume have changed [28]. - **Supply - Demand Balance**: The supply - demand balance of lithium carbonate has fluctuated, and there has been a supply - demand gap in some months [34]. 3.5 Supply - Lithium Hydroxide - **Production and Capacity**: The weekly capacity utilization rate, monthly production, and capacity of lithium hydroxide from different sources (smelting, causticizing) have shown different trends [37]. - **Export**: The export volume of lithium hydroxide from China has changed over the years [37]. - **Supply - Demand Balance**: The supply - demand balance of lithium hydroxide has fluctuated, and there has been a supply - demand gap in some months [39]. 3.6 Lithium Compound Cost - Profit - **Cost and Profit of Different Raw Materials**: The production cost and profit of lithium compounds from different raw materials (spodumene, lepidolite, recycled materials) have shown different trends [42][44]. - **Profit of Different Processes**: The profit of processes such as lithium carbonate purification, lithium hydroxide carbonization, and lithium carbonate causticizing to lithium hydroxide has changed [44][47]. 3.7 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventories of lithium carbonate in smelters, downstream, and other aspects have changed [49]. - **Lithium Hydroxide Inventory**: The monthly inventory of lithium hydroxide in downstream and smelters has changed [49]. 3.8 Demand - Lithium Battery - **Price and Production**: The price and monthly production of lithium battery cells have changed, and the monthly power battery loading volume has increased [53]. - **Export**: The export volume of lithium batteries has changed over the years [53]. - **Cost**: The cost of lithium battery cells has changed [53]. 3.9 Demand - Ternary Precursor - **Price and Cost**: The price, cost, and profit of ternary precursors have changed, and the processing fee has also changed [59]. - **Capacity Utilization and Production**: The capacity utilization rate and monthly production of ternary precursors have changed [59]. - **Supply - Demand Balance**: The supply - demand balance of ternary precursors has fluctuated, and there has been a supply - demand gap in some months [62]. 3.10 Demand - Ternary Material - **Price and Cost - Profit**: The price, cost, and profit of ternary materials have changed, and the processing fee has also changed [65]. - **Production and Inventory**: The production, export volume, import volume, and weekly inventory of ternary materials have changed [65][67]. 3.11 Demand - Phosphoric Acid Iron/Phosphoric Acid Iron Lithium - **Price and Cost - Profit**: The price, production cost, and profit of phosphoric acid iron and phosphoric acid iron lithium have changed [70]. - **Production and Inventory**: The monthly production and weekly inventory of phosphoric acid iron and phosphoric acid iron lithium have changed [73][75]. 3.12 Demand - New Energy Vehicle - **Production, Sales, and Penetration Rate**: The production, sales, and sales penetration rate of new energy vehicles have changed [78][79]. - **Retail - Wholesale Ratio and Inventory Index**: The retail - wholesale ratio of hybrid and pure - electric new energy vehicles and the dealer inventory warning index and inventory index have changed [82].