Core Viewpoint - The lithium carbonate futures market is experiencing a strong upward trend, with significant price movements in both spot and long-term contracts [1] Price Summary - The current price of battery-grade lithium carbonate is reported at 79,500 yuan per ton [1] - The average price for long-term contracts of battery-grade lithium carbonate is 72,500 yuan per ton [1] - The hydroxide lithium index is at 4,333 yuan per ton [1] - The metal lithium index stands at 582,500 yuan per ton [1] Market Dynamics - The spot market for lithium carbonate continues to show a trend of price increases, indicating a bullish sentiment among market participants [1] - The current basis index for the Fubao electric carbon spot market is reported at -340 yuan per ton, reflecting market conditions [1]

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View of the Report The price of lithium carbonate is expected to fluctuate strongly, and attention should be paid to the results of China-US consultations. The trend strength of lithium carbonate is 0, indicating a neutral outlook [1][3]. 3. Summary of Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing prices of the 2511 and 2601 contracts of lithium carbonate showed an upward trend compared to T - 10 and T - 22. The trading volume of the 2601 contract increased significantly, while the 2511 contract decreased. The open interest of the 2601 contract increased, and the 2511 contract decreased [1]. - **Spot Market**: The spot prices of battery - grade and industrial - grade lithium carbonate increased. The spot - futures basis and the price difference between different contracts and products also changed [1]. - **Raw Materials**: The prices of lithium spodumene concentrate and lithium mica increased, and the prices of various lithium salts and related products in the industrial chain also showed an upward trend [1]. 3.2 Macroeconomic and Industry News - The SMM battery - grade lithium carbonate index price was 74,821 yuan/ton, with an increase of 458 yuan/ton compared to the previous working day. The average price of battery - grade lithium carbonate was 74,800 yuan/ton, and that of industrial - grade lithium carbonate was 72,550 yuan/ton, both increasing by 450 yuan/ton [2]. - Australian lithium mining company Pilbara Minerals produced 224,800 tons of lithium spodumene concentrate in Q3 2025, a 1.7% increase from the previous quarter. The sales price of lithium spodumene SC6 was 841 US dollars, a 19% increase. The quarterly recovery rate was 78%, and the FOB operating cost per ton decreased by 13% to 540 Australian dollars (351 US dollars) [3].

Report Industry Investment Rating No information provided. Core View of the Report The recent futures market rebound is mainly influenced by news disturbances and consumption support. Currently, the total inventory is being reduced, and there are many disturbances in the supply - side such as delayed resumption of production and shutdown news. The short - term supply - demand pattern is favorable, and the inventory is continuously decreasing, providing some support for the market. It is expected that the market will fluctuate in the short term. As the policy disturbances at the mine end weaken, and if the inventory inflection point appears, the market may decline after the mine resumes production and consumption weakens [3]. Summary by Related Catalogs Market Analysis - On October 22, 2025, the lithium carbonate main contract 2601 opened at 76,000 yuan/ton and closed at 77,120 yuan/ton, with a 1.63% change in the closing price compared to the previous trading day's settlement price. The trading volume was 376,449 lots, and the open interest was 353,231 lots, up from 310,199 lots in the previous trading day. The current basis is - 1,950 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts were 29,019 lots, a decrease of 873 lots from the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate is 73,900 - 74,800 yuan/ton, up 250 yuan/ton from the previous trading day; the price of industrial - grade lithium carbonate is 71,500 - 72,700 yuan/ton, also up 250 yuan/ton. The price of 6% lithium concentrate is 865 US dollars/ton, unchanged from the previous day. Downstream material factories are taking a cautious and wait - and - see attitude, and the overall market trading activity is dull [1]. - New production lines have been put into operation at both the spodumene and salt - lake ends, and it is expected that the total output of lithium carbonate in October still has growth potential. In terms of demand, the power market of new energy vehicles is growing rapidly in both commercial and passenger vehicles; the energy storage market has strong supply and demand [1]. - Customs data shows that the monthly import of spodumene increased significantly month - on - month, reaching 711,000 physical tons. Australia, Nigeria, and Zimbabwe together contributed 81.1% of the total import volume. Australia imported 347,000 tons, a significant month - on - month increase of 64.1%; Nigeria imported about 120,000 tons, a month - on - month increase of 14.4%; Zimbabwe imported 109,000 tons, a month - on - month decrease of 7.8%. In addition, imports from South Africa increased significantly to 109,000 tons, while there were no arriving ore volumes from Mali in September [2]. Strategy - **Unilateral**: Short - term range operation. If the market rebounds significantly, sell - hedging can be carried out at high prices [3]. - **Options**: None [3]. - **Inter - period**: None [4]. - **Inter - commodity**: None [4]. - **Spot - futures**: None [4].

Group 1: Industry Investment Rating - The investment rating for the lithium carbonate industry is "Stronger Oscillation" [1] Group 2: Core Viewpoints - The report analyzes the fundamental data of lithium carbonate and provides information on macro and industry news, as well as the trend strength of lithium carbonate [2][3][4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **2511 Contract**: The closing price was 76,780, with a change of 1,200 compared to T - 1. The trading volume was 113,005, and the open interest was 100,619 [2] - **2601 Contract**: The closing price was 77,120, with a change of 1,140 compared to T - 1. The trading volume was 376,449, and the open interest was 353,231 [2] - **Warehouse Receipts**: The number of warehouse receipts was 29,019, a decrease of 873 compared to T - 1 [2] - **Basis**: The basis between spot and 2511 contract was -2,430, and between spot and 2601 contract was -2,770. The basis between 2511 and 2601 contracts was -340 [2] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 857, and lithium mica (2.0% - 2.5%) was 1,845 [2] - **Lithium Salts**: The price of battery - grade lithium carbonate was 74,350, and industrial - grade lithium carbonate was 72,100 [2] - **Related Products**: The prices of various related products such as battery - grade lithium hydroxide, lithium iron phosphate, ternary materials, and electrolyte were also provided [2] 2. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 74,363 yuan/ton, up 253 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 7.435 million yuan/ton, up 250 yuan/ton, and industrial - grade lithium carbonate was 7.21 million yuan/ton, up 250 yuan/ton [3] - Lithium spodumene imports increased significantly by 711,000 physical tons. Australia, Nigeria, and Zimbabwe contributed 81.1% of the total imports. Australia's imports were 347,000 tons, up 64.1%; Nigeria's were about 120,000 tons, up 14.4%; and Zimbabwe's were 109,000 tons, down 7.8%. South Africa's imports reached 109,000 tons, while Mali had no arrivals in September [3][4] 3. Trend Intensity - The trend intensity of lithium carbonate is 1, indicating a "Stronger" trend on a scale from -2 (most bearish) to 2 (most bullish) [4]

Report Industry Investment Rating - No relevant information provided Core Viewpoint of the Report - On October 21, the main contract of lithium carbonate futures fluctuated within a range. The spot market was mostly in a wait - and - see mode, and the discount widened. With both supply and demand strong currently, the upstream inventory pressure is not significant, the expectation of lithium ore supply contraction is weakening, the downstream destocking is slowing down, and the demand inflection point may be approaching. It is expected that the upside space for lithium carbonate is limited [1]. Summary by Related Catalog 1. Futures and Spot Price Data - **Lithium Carbonate Futures**: On October 21, the closing prices of near - month, continuous - one, continuous - two, and continuous - three contracts were 75800 yuan/ton, 75580 yuan/ton, 75980 yuan/ton, and 75980 yuan/ton respectively. The trading volume was 197,979 lots (+28,871), and the open interest of the active contract was 310,199 lots (+171,765). The inventory was 29,892 tons (-813) [1]. - **Lithium Ore and Related Products**: The average price of lithium spodumene concentrate (6%, CIF China) was 854 US dollars/ton (+3), lithium mica (Li2O: 1.5% - 2.0%) was 1115 yuan/ton (+15), and lithium mica (Li2O: 2.0% - 2.5%) was 1845 yuan/ton (+20). The average price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) decreased by 80 yuan/ton to 6360 yuan/ton, and (Li2O: 7% - 8%) decreased by 90 yuan/ton to 7520 yuan/ton [1]. - **Lithium Chemical Products**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 74,100 yuan/ton (+100), and industrial - grade lithium carbonate (99.2%/domestic) was 71,850 yuan/ton (+100). The average price of battery - grade lithium hydroxide (56.5%/CIF China, Japan, and South Korea) was 9.45 US dollars/kg (unchanged) [1]. - **Other Products**: The average price of hexafluorophosphate lithium (99.95%/domestic) was 82,000 yuan/ton (+3,000), and the average price of ternary precursor 523 (polycrystalline/consumer - type) was 102,650 yuan/ton (+100) [1]. 2. Market Information - Sigma Lithium canceled its plan to start producing lithium carbonate in Brazil and instead focused on tripling its lithium ore production by 2030. As prices decline, market participants are shifting to mid - stream processing to ensure stable production of raw materials and precursors, which are the main cost - driving factors for electric vehicle batteries [1]. 3. Supply and Demand Analysis - **Supply**: Last week, lithium carbonate production increased, and lithium ore prices such as spodumene concentrate and lithium mica rose [1]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In October, the scheduled production of lithium cobaltate and lithium manganate increased, and the production of power batteries increased last week. In September, the year - on - year growth rate of new energy vehicle production and sales slowed down, 3C shipments were average, and the production of energy - storage batteries will increase in October [1]. 4. Inventory Situation - The total SMM lithium carbonate inventory was 136,825 tons (-2,143), with smelters and downstream sectors destocking [1]. 5. Investment Strategy - It is recommended to sell short at the upper edge of the short - term trading range [1].

1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The supply - demand imbalance in the lithium carbonate market persists, with over - supply being the main issue. The downward trend is difficult to reverse due to capacity mismatch. The lithium carbonate 2601 is expected to oscillate between 74,820 - 76,580 [8][9][13] 3. Summary by Directory 3.1 Daily View - Supply: Last week, lithium carbonate production was 21,066 tons, a 2.08% week - on - week increase, higher than the historical average. In September 2025, production was 87,260 tons, and the predicted production for next month is 89,890 tons, a 3.01% increase. The September 2025 import volume was 20,000 tons, and the predicted import for next month is 22,000 tons, a 10% increase [8][9] - Demand: Last week, the inventory of phosphoric acid iron - lithium sample enterprises was 102,818 tons, a 0.95% week - on - week increase, and the inventory of ternary material sample enterprises was 17,963 tons, a 0.64% week - on - week increase. Next month's demand is expected to strengthen, and inventory may decline [8][9] - Cost: The daily CIF price of 6% concentrate increased, but is below the historical average. The cost of purchasing spodumene concentrate is 74,442 yuan/ton, a 1.46% daily increase, resulting in a loss of 2,159 yuan/ton. The cost of purchasing lithium mica is 77,485 yuan/ton, a 2.13% daily increase, resulting in a loss of 7,190 yuan/ton. The production 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][10] - Other factors: Bullish factors include manufacturers' production cut plans, a decrease in lithium carbonate imports from Chile, and a decline in spodumene imports. Bearish factors include high supply at the ore/salt - lake end with limited decline and weak demand from the power battery end [11][12] 3.2 Carbonate Lithium Market Overview - Price changes: The price of battery - grade lithium carbonate increased from 73,000 yuan/ton to 73,350 yuan/ton, a 0.48% increase. The price of industrial - grade lithium carbonate increased from 70,750 yuan/ton to 71,100 yuan/ton, a 0.49% increase. The price of lithium ore and other related products also showed different degrees of increase [16] - Supply - demand data: The weekly operating rate was 74.39%, a 3.08 percentage - point increase. The monthly production was 311,670 tons, a 17.74% increase. The monthly demand for phosphoric acid iron - lithium increased by 12.75%, and the monthly demand for ternary materials increased by 25.89%. The monthly net import volume of lithium carbonate was 21,478.01 tons, a 59.34% increase [19] 3.3 Supply - Lithium Ore - Price: The price of 6% spodumene increased from 829 US dollars/ton to 846 US dollars/ton, a 2.05% increase [16] - Production: The production of Chinese sample spodumene mines and domestic lithium mica showed different trends in different years [24] - Import: The monthly import volume of lithium concentrate was 55,950 tons, a 4.91% increase. The import volume from Australia decreased by 50.47%, while the import volume from Chile increased by 81.83% [19] - Self - sufficiency rate: The self - sufficiency rates of spodumene, lithium ore, and lithium mica showed different trends in different years [24] 3.4 Supply - Lithium Carbonate - Operating rate: The weekly operating rate of lithium carbonate production showed different trends in different years [30] - Production: The monthly production of lithium carbonate was 87,260 tons, a 2.37% increase. The production from different raw materials (spodumene, lithium mica, salt - lake, recycling) showed different trends [19][30] - Import: The monthly import volume of lithium carbonate was 21,846.92 tons, a 57.79% increase. The import volume from Chile was 15,607.56 tons, an 81.83% increase [19] 3.5 Supply - Lithium Hydroxide - Capacity utilization rate: The weekly capacity utilization rate of domestic lithium hydroxide showed different trends in different years [39] - Production: The production of lithium hydroxide from different sources (smelting, causticizing) showed different trends [39] - Export: The export volume of Chinese lithium hydroxide showed different trends in different years [39] 3.6 Lithium Compound Cost - Profit - Spodumene and lithium mica: The cost of purchasing spodumene concentrate and lithium mica increased, resulting in losses. The processing cost composition of spodumene and lithium mica includes energy consumption, auxiliary materials, and miscellaneous items [10][44] - Recycling: The cost - profit situation of recycling different types of battery black powder (phosphoric acid iron - lithium, ternary) for lithium carbonate production showed different trends [46] - Other: The purification profit of industrial - grade lithium carbonate, the profit of carbonizing lithium hydroxide into lithium carbonate, and the profit of processing different types of lithium hydroxide showed different trends [46][49] 3.7 Inventory - Lithium carbonate: The total inventory was 132,658 tons, a 1.58% week - on - week decrease. The inventory of smelters decreased by 1.33%, the downstream inventory decreased by 3.39%, and other inventory increased by 0.87% [10] - Lithium hydroxide: The inventory of lithium hydroxide from different sources (downstream, smelter) showed different trends [51] 3.8 Demand - Lithium Battery - Price: The prices of different types of batteries (523 square, power - type square phosphoric acid iron - lithium, energy - storage 280Ah square phosphoric acid iron - lithium) showed different trends [55] - Production: The monthly production of battery cells (power - type ternary, power - type phosphoric acid iron - lithium, energy - storage) showed different trends [55] - Loading volume: The total monthly loading volume of power batteries was 76,000 GWh, a 21.60% increase. The loading volume of phosphoric acid iron - lithium batteries increased by 26.61%, and the loading volume of ternary batteries increased by 20.54% [19] - Export: The export volume of lithium batteries showed different trends in different years [55] 3.9 Demand - Ternary Precursor - Price: The prices of different types of ternary precursors (5 - series, 6 - series, 8 - series) showed different trends [61] - Cost - profit: The cost - profit situation of ternary precursors showed different trends [61] - Production: The monthly production of ternary precursors was 88,070 tons, a 20.82% increase for the 622 type [19][61] - Supply - demand balance: The balance in September 2025 was 5,258 tons, showing different supply - demand relationships in different months [64] 3.10 Demand - Ternary Material - Price: The prices of different types of ternary materials (5 - series, 6 - series, 8 - series) showed different trends [67] - Cost - profit: The cost - profit situation of ternary materials showed different trends [67] - Production: The production of ternary materials from different series (NCA, 3 - series, 5 - series, 6 - series, 8 - series) showed different trends [67] - Export: The export volume of ternary materials showed different trends in different years [69] 3.11 Demand - Phosphoric Acid Iron/Phosphoric Acid Iron - Lithium - Price: The prices of phosphoric acid iron and phosphoric acid iron - lithium showed different trends [72] - Cost - profit: The cost - profit situation of phosphoric acid iron and phosphoric acid iron - lithium showed different trends [72] - Production: The monthly production of phosphoric acid iron and phosphoric acid iron - lithium showed different trends [75] - Export: The monthly export volume of phosphoric acid iron - lithium showed different trends in different years [75] 3.12 Demand - New Energy Vehicle - Production: The production of new energy vehicles (plug - in hybrid, pure - electric) showed different trends in different years [80] - Sales: The sales volume of new energy vehicles (plug - in hybrid, pure - electric) showed different trends in different years [80] - Export: The export volume of new energy vehicles showed different trends in different years [80] - Penetration rate: The sales penetration rate of new energy vehicles showed different trends in different years [81]

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core View of the Report The report suggests that lithium carbonate will experience a relatively strong and volatile trend, and investors should pay attention to the sustainability of demand [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Market Data**: The closing prices of the 2511 and 2601 contracts are 75,700 and 75,780 respectively. The trading volumes are 366,375 and 303,602, and the open interests are 159,000 and 271,858 [2]. - **Basis Data**: The basis between spot and 2511 contract is -2,350, and between spot and 2601 contract is -2,430. The basis between 2511 and 2601 contracts is -80 [2]. - **Raw Material Data**: The prices of lithium spodumene concentrate (6%, CIF China) and lithium mica (2.0% - 2.5%) are 846 and 1,825 respectively. The price of battery - grade lithium carbonate is 73,350 [2]. 3.2 Macro and Industry News - **Price Information**: SMM's battery - grade lithium carbonate index price is 73,349 yuan/ton, up 285 yuan/ton from the previous trading day. The average price of battery - grade lithium carbonate is 73,350 yuan/ton, up 350 yuan/ton, and that of industrial - grade lithium carbonate is 71,100 yuan/ton, up 350 yuan/ton [3]. - **Policy News**: Sichuan Province will optimize and adjust the 2025 subsidy policy for trading in old cars and electric bicycles. The subsidy policy for car scrapping and replacement in 2025 has been suspended since October 18, 2025 [4]. - **Company News**: From January to September 2025, Zangge Mining's lithium carbonate production was 6,021 tons, reaching 70.75% of the annual production target, and sales were 4,800 tons, completing 56.4% of the annual sales target. The company's photovoltaic power station construction contract for the Mamilcuo Salt Lake project has been signed, and the project plant construction is progressing as planned [4]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 1, indicating a relatively strong trend [4].

Core Viewpoint - Lithium carbonate futures have broken out of a prolonged consolidation phase, with the main contract reaching 76,840 yuan/ton, indicating a recovery from the decline observed in early September. The rise is attributed to marginal improvements in supply and demand fundamentals [2]. Supply Side - The supply side has shown signs of improvement, with increased production from certain mines alleviating concerns over supply uncertainty. Weekly lithium carbonate production reached approximately 21,100 tons as of October 17, marking a 431-ton increase from the previous week and setting a new historical high. Notably, production from salt lake sources grew by 7.2% [3]. - The resumption of operations at Zangge Mining on October 11 and ongoing resource verification in Jiangxi are expected to sustain high domestic lithium carbonate production, potentially exceeding 90,000 tons in October [3]. Demand Side - Demand for lithium carbonate remains robust, with significant growth in battery production and sales. In September, the combined production of power batteries and other batteries reached 151.2 GWh, reflecting an 8.3% month-on-month increase and a 35.4% year-on-year increase. Sales figures also showed strong performance, with a 9% month-on-month increase and a 42.2% year-on-year increase [3]. Market Dynamics - The current market is characterized by strong supply and demand dynamics. While supply is recovering, the demand side is performing even better, suggesting that lithium carbonate will continue to experience a depletion trend [3]. - There are uncertainties regarding key lithium mine supplies, particularly with the Ningde Times' Xianxiawo mining area, which has seen reduced inventory and lower operating rates at related smelting plants. This situation has led downstream companies to rely more on the futures market for securing raw materials, supporting the price increase of lithium carbonate [4]. Future Outlook - In the short term, the lithium carbonate market is expected to maintain a depletion trend and price increases due to the uncertain resumption timeline of the Ningde Times' mining area and stronger-than-expected seasonal demand. However, in the long term, significant price increases may attract more supply, and the overall supply-demand relationship is improving but not reversing [4][5]. - The expectation of reduced supply constraints has lessened, but the global lithium resource capacity is still in a release phase, which may exert pressure on the lithium carbonate fundamentals in the medium term [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On October 16, 2025, the lithium carbonate futures 2511 contract rose 2.52% to 74,940 yuan/ton. The average price of battery - grade lithium carbonate remained at 73,000 yuan/ton, the average price of industrial - grade lithium carbonate remained at 70,750 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 73,130 yuan/ton. The warehouse receipt inventory decreased by 2,620 tons to 30,456 tons [3]. - In terms of supply, the weekly output increased by 431 tons to 21,066 tons. Lithium extraction from spodumene increased by 100 tons to 13,164 tons, lithium extraction from lepidolite increased by 96 tons to 2,791 tons, lithium extraction from salt lakes increased by 210 tons to 3,114 tons, and lithium extraction from recycling increased by 25 tons to 1,997 tons. In terms of demand, the weekly output of ternary materials increased by 271 tons to 17,247 tons, and the weekly inventory of ternary materials increased by 114 tons to 17,963 tons; the weekly output of lithium iron phosphate increased by 572 tons to 85,039 tons, and the weekly inventory of lithium iron phosphate increased by 970 tons to 102,818 tons. In terms of inventory, the weekly inventory decreased by 2,143 tons to 132,658 tons, with downstream inventory decreasing by 2,030 tons to 57,735 tons, intermediate link inventory increasing by 350 tons to 40,640 tons, and upstream inventory decreasing by 464 tons to 34,283 tons [3]. - This week, the warehouse receipt inventory has been continuously decreasing. With supply - side news disturbances and good weekly data, the futures price fluctuated and rose yesterday. Currently, it is the peak demand season, lithium carbonate is being destocked, and lithium ore prices are firm. The weekly fundamentals further strengthen the price support. There are still expectations of project resumptions, so in the short term, it will still run with a bias towards fluctuations, but the volatility may increase [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - Futures, spot, and warehouse receipt data: The lithium carbonate futures 2511 contract rose 2.52% to 74,940 yuan/ton. The average price of battery - grade lithium carbonate remained at 73,000 yuan/ton, the average price of industrial - grade lithium carbonate remained at 70,750 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped 50 yuan/ton to 73,130 yuan/ton. The warehouse receipt inventory decreased by 2,620 tons to 30,456 tons [3]. - Supply, demand, and inventory data: Supply increased by 431 tons to 21,066 tons from different sources. Demand - side production and inventory of ternary materials and lithium iron phosphate both increased. The overall inventory decreased by 2,143 tons to 132,658 tons, with different trends in downstream, intermediate, and upstream inventories [3]. - Market trend judgment: Due to factors such as continuous destocking of warehouse receipts, supply - side news disturbances, and good weekly data, the futures price rose. With the peak demand season, destocking of lithium carbonate, and firm lithium ore prices, the short - term market will run with fluctuations and increasing volatility [3]. 3.2 Daily Data Monitoring - Price changes of various products: Futures contract prices (主力合约收盘价 and 连续合约收盘价) increased, prices of some lithium ores (such as lithium mica and phospho - lithium - aluminum stone) increased, prices of some lithium salts (such as battery - grade lithium hydroxide) decreased, and prices of some other products (such as hexafluorophosphate lithium) increased [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased [5]. - Cell and battery prices: Most cell and battery prices remained unchanged, except for the cobalt - acid lithium cell price which increased slightly [5]. 3.3 Chart Analysis - Ore prices: Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][8][9]. - Lithium and lithium salt prices: Charts display the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [10][12][14]. - Price differences: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and some international - domestic price differences, as well as the basis from 2024 to 2025 [17][18][22]. - Precursor and cathode material prices: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese - acid lithium, and cobalt - acid lithium from 2024 to 2025 [24][26][29]. - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium - iron phosphate cells, cobalt - acid lithium cells, and square lithium - iron phosphate batteries from 2024 to 2025 [32][34]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from February 27, 2025, to October 16, 2025 [37][38][39]. - Production costs: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, and 外购锂辉石精矿 from 2024 to 2025 [41][42].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On October 14, 2025, the lithium carbonate futures 2511 contract rose 0.5% to 72,680 yuan/ton. Spot prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide (coarse particles) all decreased by 100 yuan/ton, and the warehouse receipt inventory decreased by 1,538 tons to 35,180 tons [3]. - Supply is expected to increase month - on - month. In October, domestic lithium carbonate production increased by 3% month - on - month to about 90,000 tons. In terms of imports and exports, the amount of lithium carbonate exported from Chile in September decreased, which may have a small impact on imported lithium salts in October. On the demand side, October is a peak season. The consumption of lithium carbonate by the two major main materials increased by 2% month - on - month to 104,800 tons, and the total consumption of lithium carbonate by cathode + electrolyte + others increased by 7% month - on - month to 123,800 tons. The total inventory continued to decline to 135,000 tons, with downstream and intermediate links reducing inventory and upstream accumulating inventory [3]. - The peak demand season, lithium carbonate inventory reduction, and firm lithium ore prices support the price. However, there are still expectations of project复产, and with the supplement of overseas import increments, the domestic tight balance will gradually ease, and the price will fluctuate in the short term [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract increased by 400 yuan/ton to 72,680 yuan/ton, and the closing price of the continuous contract increased by 900 yuan/ton to 72,700 yuan/ton [5]. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) decreased by 1 US dollar/ton to 828 US dollars/ton, the price of lithium mica (Li2O:1.5% - 2.0%) decreased by 30 yuan/ton to 1,025 yuan/ton, and the price of lithium mica (Li2O:2.0% - 2.5%) decreased by 40 yuan/ton to 1,725 yuan/ton [5]. - Lithium carbonate and lithium hydroxide: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide (coarse particles), battery - grade lithium hydroxide (micropowder), and industrial - grade lithium hydroxide (coarse particles) all decreased by 100 yuan/ton, while the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged at 9.48 US dollars/kg [5]. - Lithium hexafluorophosphate: The price increased by 2,000 yuan/ton to 73,500 yuan/ton [5]. - Price differences: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate, and the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate remained unchanged, while the value of CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide increased by 113 yuan/ton [5]. - Precursor and cathode materials: The prices of ternary precursor 523 (polycrystalline/power type), ternary precursor 523 (single - crystal/consumer type), ternary precursor 622 (polycrystalline/consumer type), ternary precursor 811 (polycrystalline/power type), ternary material 523 (polycrystalline/consumer type), ternary material 523 (single - crystal/power type), ternary material 622 (polycrystalline/consumer type), ternary material 811 (power type), and cobaltate (60%, 4.35V/domestic) all increased, while the prices of lithium iron phosphate (power type), lithium iron phosphate (mid - to - high - end energy storage), lithium iron phosphate (low - end energy storage), lithium manganate (power type), and lithium manganate (capacity type) remained unchanged [5]. - Cells and batteries: The price of cobaltate cells increased by 0.1 yuan/Ah, while the prices of other cells and batteries remained unchanged [5] 3.2 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and lithium aluminum phosphate stone (6% - 7%) from 2024 to 2025 [6][8] - Lithium and lithium salt prices: Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [10][12][14] - Price differences: Charts present the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide, and others from 2024 to 2025 [17][19] - Precursor and cathode materials: Charts show the price trends of ternary precursors and ternary materials, lithium iron phosphate, lithium manganate, and cobaltate from 2024 to 2025 [23][26][28] - Lithium battery prices: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32] - Inventory: Charts present the inventory trends of downstream, smelters, and other links from February 20, 2025, to October 9, 2025 [36][38] - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [42]