Report Title - Carbonate Lithium Daily Report (June 6, 2025) [1] Report Investment Rating - Not mentioned Core Viewpoints - The previous day, the 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Spot prices of battery-grade lithium carbonate, industrial-grade lithium carbonate, battery-grade lithium hydroxide (coarse particles), and battery-grade lithium hydroxide (micropowder) all declined. The warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - Lithium ore prices continued to fall. On the supply side, the weekly output increased by 891 tons to 17,471 tons, with expected further increase in June. On the demand side, cathode production data was average, but cathode inventory was digested, and terminal sales were strong. The weekly inventory increased by 861 tons to 132,432 tons, with downstream inventory slightly decreasing and upstream and intermediate inventories increasing [3]. - Overall, the fundamentals have not substantially improved, and intensified gaming should be noted at current price levels [3]. Summary by Directory 1. Research Views - **Futures and Spot Prices**: The 2507 contract of lithium carbonate futures fell 0.43% to 60,100 yuan/ton. Battery-grade lithium carbonate average price dropped 50 yuan/ton to 60,200 yuan/ton, industrial-grade lithium carbonate average price fell 50 yuan/ton to 58,600 yuan/ton, battery-grade lithium hydroxide (coarse particles) decreased 150 yuan/ton to 62,270 yuan/ton, and battery-grade lithium hydroxide (micropowder) dropped 150 yuan/ton to 67,415 yuan/ton. Warehouse receipt inventory decreased by 140 tons to 33,321 tons [3]. - **Supply - Side Analysis**: Weekly output increased by 891 tons to 17,471 tons. Lithium extraction from spodumene, mica, and salt lakes increased, while that from recycled materials decreased. With some enterprises planning to resume production in June, the output is expected to increase by 9.4% to 78,900 tons [3]. - **Demand - Side Analysis**: Cathode production data was average, but cathode inventory was continuously digested, especially the inventory turnover days of lithium iron phosphate significantly decreased. The cell end continued to slow down, but terminal sales were still remarkable, and the penetration rate remained high [3]. - **Inventory Analysis**: Weekly inventory increased by 861 tons to 132,432 tons. Downstream inventory decreased slightly, while upstream and intermediate inventories increased [3]. 2. Daily Data Monitoring - **Lithium - Related Product Prices**: Most prices of lithium - related products in the lithium - ion battery industry chain declined, such as lithium carbonate, lithium hydroxide, and some precursors. Some prices remained unchanged, like lithium mica, battery - grade lithium hydroxide (CIF China, Japan, and South Korea), and hexafluorophosphate lithium [5]. - **Price Spreads**: The spread between battery - grade lithium hydroxide and battery - grade lithium carbonate decreased by 350 yuan/ton, while the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged [5]. 3. Chart Analysis - **Ore Prices**: Charts show the price trends of lithium - containing ores such as spodumene concentrate, lithium mica, and lithiophilite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts present the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][15]. - **Price Spreads**: Charts display the spreads between different lithium - related products, including battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, etc., from 2024 to 2025 [18][19][20]. - **Precursor and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [22][24][27]. - **Lithium Battery Prices**: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other sectors from October 2024 to May 2025 [35][37]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [39][40]

碳酸锂日报（2025 年 6 月 5 日） 一、研究观点 碳酸锂日报 点 评 1. 昨日碳酸锂期货 2507 合约涨 2.55%至 61080 元/吨。现货价格方面，电池级碳酸锂平均价跌 50 元/ 吨至 60250 元/吨，工业级碳酸锂平均价跌 50 元/吨至 58650 元/吨，电池级氢氧化锂（粗颗粒）下 跌 400 元/吨至 62420 元/吨，电池级氢氧化锂（微粉）跌 400 元/吨至 67565 元/吨。仓单方面，昨 日仓单库增加 64 吨至 33461 吨。 2. 价格方面，锂矿价格延续下跌。供应端，周度产量环比增加 487 吨至 16580 吨，需要注意的是部分 企业此前经过检修拟在 6 月复产，6 月预计产量仍环比有增加。需求端，正极排产数据来看表现一 般，但正极库存连续消化，特别是磷酸铁锂库存周转天数已经明显下降，电芯端延续放缓，但终端 销售仍然亮眼，渗透率维持高位。库存端，周度库存环比下降 208 吨至 131571 吨，下游库存小幅增 加，上游和中间环节减少。 3. 整体来看基本面没有发生实质好转，当前价格水平之下需要注意博弈加剧。 碳酸锂日报 二、日度数据监测 | | | 锂电产业链产 ...

1. Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the content 2. Core Viewpoints of the Report - On May 29, 2025, the 2507 contract of lithium carbonate futures dropped 2.23% to 58,860 yuan/ton. The average price of battery - grade lithium carbonate decreased by 600 yuan/ton to 60,900 yuan/ton, and the average price of industrial - grade lithium carbonate also fell by 600 yuan/ton to 59,300 yuan/ton. The prices of battery - grade lithium hydroxide (coarse particles) and battery - grade lithium hydroxide (micronized powder) decreased by 400 yuan/ton each. The warehouse receipt inventory increased by 30 tons to 33,884 tons [3]. - Lithium ore prices continued to decline. The weekly output increased by 487 tons to 16,580 tons, with mica output increasing by 370 tons to 4,382 tons. Some enterprises plan to resume production in June, and the output is expected to increase further. On the demand side, the inventory of cathode materials has been continuously digested, especially the inventory turnover days of lithium iron phosphate have significantly decreased. The terminal sales are still strong, and the penetration rate remains high. The weekly inventory decreased by 208 tons to 131,571 tons, with downstream, intermediate, and upstream inventories all decreasing [3]. - The fundamentals are still bearish. However, from the capital side, the ratio of positions to inventory is deviated, and the current lithium carbonate price is basically at a relatively low level. The game between long and short positions has intensified price fluctuations [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - Price changes: Futures, spot, and various lithium - related product prices showed a downward trend, while the price of battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) remained unchanged. The price difference between battery - grade and industrial - grade lithium carbonate remained stable, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 200 yuan/ton [3][5]. - Supply and demand: Supply increased, and some enterprises plan to resume production in June. Demand showed a situation where cathode inventory was digested, the cell end slowed down, but terminal sales were strong [3]. - Inventory: The overall inventory decreased, with downstream, intermediate, and upstream inventories all showing a downward trend [3]. 3.2 Daily Data Monitoring - A detailed list of price changes of various products in the lithium - battery industry chain from May 28 to May 29, 2025, is provided, including futures, lithium ore, lithium carbonate, lithium hydroxide, lithium hexafluorophosphate, precursors, cathode materials, cells, and batteries [5]. 3.3 Chart Analysis - Ore prices: Charts show the price trends of lithium spodumene concentrate, lithium mica, and amblygonite from 2024 to 2025 [6][7][8]. - Lithium and lithium salt prices: Charts display the price trends of metallic lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [9][10][11]. - 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 other relevant price differences from 2024 to 2025 [16][17][19]. - Precursors and cathode materials: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [21][22][24]. - 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 [29][30][31]. - Inventory: Charts show the inventory trends of downstream, smelters, and other links from September 26, 2024, to May 15, 2025 [34][35][36]. - Production cost: A chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [38][39]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The lithium carbonate futures 2507 contract rose 0.86% to 60,920 yuan/ton yesterday. The average price of battery - grade lithium carbonate decreased by 500 yuan/ton to 62,000 yuan/ton, and the average price of industrial - grade lithium carbonate decreased by 500 yuan/ton to 60,400 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) dropped 200 yuan/ton to 64,220 yuan/ton, and the price of battery - grade lithium hydroxide (micronized) dropped 200 yuan/ton to 69,365 yuan/ton. The warehouse receipt inventory decreased by 825 tons to 34,154 tons [3]. - Lithium ore prices continued to decline, with FM lithium spodumene quoted at around 645 US dollars/ton. The weekly output decreased compared to the previous period. A lithium salt plant's technical renovation was expected to affect the output by 1,500 tons per month, but some enterprises planned to resume production in June after previous overhauls. On the demand side, the inventory of cathode materials was continuously digested, especially the inventory turnover days of lithium iron phosphate had significantly decreased. The cell end slowed down, but the terminal sales were still strong, and the penetration rate remained high. The weekly inventory decreased compared to the previous period, with an increase in the upstream and a decrease in other links and downstream inventory [3]. - The downstream raw material inventory still needs to be digested, and the procurement activity is not strong. The upstream mines have not substantially reduced production, and lithium carbonate can be considered to exist in the form of lithium ore. The fundamental situation is still bearish. However, from the capital side, on one hand, the ratio of positions to inventory is quite deviated, and on the other hand, the current lithium carbonate price is basically in the lower - end range, resulting in intensified price fluctuations due to the game between long and short positions [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 60,920 yuan/ton, up 820 yuan from the previous day; the closing price of the continuous contract was 60,900 yuan/ton, up 640 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 686 US dollars/ton, down 2 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained unchanged at 700 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,250 yuan/ton, down 10 yuan; the price of lithiophilite (Li2O: 6% - 7%) was 5,950 yuan/ton, down 25 yuan; the price of lithiophilite (Li2O: 7% - 8%) was 6,950 yuan/ton, down 25 yuan [5]. - **Lithium Carbonate**: The average price of battery - grade lithium carbonate was 62,000 yuan/ton, down 500 yuan; the average price of industrial - grade lithium carbonate was 60,400 yuan/ton, down 500 yuan [5]. - **Lithium Hydroxide**: The price of battery - grade lithium hydroxide (coarse particles, domestic) was 64,220 yuan/ton, down 200 yuan; the price of battery - grade lithium hydroxide (micronized) was 69,365 yuan/ton, down 200 yuan; the price of industrial - grade lithium hydroxide (coarse particles, domestic) was 58,200 yuan/ton, down 200 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged at 8.4 US dollars/kg [5]. - **Lithium Hexafluorophosphate**: The price was 53,500 yuan/ton, down 150 yuan [5]. - **Price Differences**: The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 1,600 yuan/ton; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 300 yuan to 2,220 yuan/ton; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide increased by 236 yuan to - 3,844.16 yuan/ton [5]. - **Precursors and Cathode Materials**: The prices of various precursors and cathode materials such as ternary precursors and lithium iron phosphate generally decreased slightly, while some remained unchanged [5]. - **Cells and Batteries**: The prices of most cells and batteries remained stable, with only a slight decrease in the price of 523 square ternary cells [5]. 3.2 Chart Analysis - **Ore Prices**: Charts show the price trends of lithium spodumene concentrate, lithium mica, and lithiophilite from 2024 to 2025 [6][8][10]. - **Lithium and Lithium Salt Prices**: Charts display the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][13][15]. - **Price Differences**: Charts present the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025 [18][19][20]. - **Precursors and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [22][25][28]. - **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 [31][33]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from September 2024 to May 2025 [36][37][38]. - **Production Costs**: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [40][41].

碳酸锂日报 碳酸锂日报（2025 年 5 月 27 日） 一、研究观点 二、日度数据监测 | | | 锂电产业链产品价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 指 标 | 单 位 | 2025-05-26 2025-05-23 | | 涨 跌 | | | 期 货 | 主力合约收盘价 | 元/吨 | 60100 | 60960 | -860 | | | | 连续合约收盘价 | 元/吨 | 60260 | 60980 | -720 | | | | 锂辉石精矿(6%,CIF中国) | 美元/吨 | 688 | 690 | -2 | | | | 锂云母（Li2O:1.5%-2.0%） | 元/吨 | 700 | 705 | -5 | | | 锂 矿 | 锂云母（Li2O:2.0%-2.5%） | 元/吨 | 1260 | 1280 | -20 | | | | 磷锂铝石（Li2O:6%-7%） | 元/吨 | 5975 | 6025 | -50 | | | | 磷锂铝石（Li2O:7%-8%） | 元/吨 | 6975 | 7050 | ...

遂 宁锂电池产业链日益壮大。 起点锂电获悉， 5 月 24 日，第二十届中国西部国际博览会遂宁市投资推介会暨项目签约仪式在成都举行，活动中签约重大项目：遂宁新质交 通智能制造产业园。 该项目计划投资 52 亿元，主要建设固态电池和智能无人物流配送车。建成后会大大完善射洪"锂矿—锂盐—电池—终端"全产业链条。 除了该项目外，起点锂电今年也报道了落地遂宁的另外两大锂电项目。 4 月 15 日 遂宁 射洪市与富临集团签约锂电正极材料项目，计划投资约 56 亿元 ， 富临集团旗下富临精工为 锂电产业链材料端头部企业 。 富临集团在遂宁市项目较多， 从 2021 年到今 年已进行 四连投， 且 富临精工与宁德时代 关系较深， 子公司江西升华以增资扩股方式引入 宁德时代作为 投资者。 4 月 22 日遂宁市安居区与安徽相源新能源签约 ， 计划在遂宁投资 60 亿元锂电池项目，重点生产三款圆柱电池 18650/3214/46160 ，产品 将用于电动车辆、移动电源、笔记本电脑、无人机、电动工具、智能手机等领域。 相源新能源成立于 2016 年，总部位于安徽省淮北经济开发区，该公司 近两年动作较多，去年 在浙江 丽水投资建设 ...

Core Viewpoint - The lithium battery industry chain experienced mixed price movements in April, with certain materials like cobalt tetroxide, lithium cobalt oxide, ternary materials, and precursors seeing price increases, while others such as electrolytic copper, lithium hexafluorophosphate, manganese lithium, and lithium carbonate saw price declines [1]. Production Overview - In April, the total production of the four major cathode materials in China reached 358,300 tons, marking a year-on-year increase of 27% and a month-on-month increase of 4%. The production breakdown includes 56,200 tons of ternary materials, 280,700 tons of lithium iron phosphate, 9,700 tons of lithium cobalt oxide, and 11,700 tons of manganese lithium [3]. - The production of anode materials in April reached 218,200 tons, reflecting a year-on-year increase of 18% and a month-on-month increase of 4.7% [7]. - The production of electrolytes in April was 160,900 tons, showing a year-on-year increase of 41% and a month-on-month increase of 2.5% [9]. - The production of separators in April was 2.389 billion square meters, with a year-on-year increase of 38% and a month-on-month increase of 6.7% [11]. - The production of ternary precursors in April was 71,900 tons, which represents a year-on-year decline of 11.7% but a month-on-month increase of 3.2% [13]. - The production of battery-grade copper foil in April was 77,500 tons, indicating a year-on-year increase of 43% but a month-on-month decrease of 4% [15]. - The production of battery-grade aluminum foil in April was 39,500 tons, reflecting a year-on-year increase of 18% and a month-on-month increase of 1% [17]. Market Outlook - The market outlook for May suggests that due to tariff adjustments, energy storage is expected to recover, while the performance of power applications remains average [19].

碳酸锂日报 碳酸锂日报（2025 年 5 月 20 日） 一、研究观点 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2507 合约跌 2.27%至 61180 元/吨。现货价格方面，电池级碳酸锂平均跌 800 元/吨 至 63700 元/吨，工业级碳酸锂平均价跌 800 元/吨至 62050 元/吨，电池级氢氧化锂（粗颗粒）下跌 200 元/吨至 65490 元/吨，电池级氢氧化锂（微粉）下跌 200 元/吨至 70635 元/吨。仓单方面，昨日 仓单库存增加 60 吨至 36684 吨。 2. 价格方面，锂矿端报价亦在下降，根据中联金澳洲锂辉石 5.5-6%最低价 645CIF 美元/吨。供应端， 周度产量环比增加 575 吨至 16055 吨，5 月总供应量较预期下调；需求端，5 月三元+磷酸铁锂消耗 碳酸锂量预计环比小幅增加；电芯端依旧保持景气。库存端，周度库存重回累库，周度环比增加 351 吨至 131920 吨，其中下游和其他环节去库，冶炼厂累库。 3. 当前市场矛盾实际仍应关注供应，锂矿价格延续下跌和供应减量仍然较低，导致市场仍较为悲观， 但需 ...

一、研究观点 点 评 1. 昨日碳酸锂期货 2505 合约跌 0.96%至 64120 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/ 吨至 64800 元/吨，工业级碳酸锂上涨 100 元/吨至 63150 元/吨，电池级氢氧化锂（粗颗粒）下跌 100 元/吨至 65840 元/吨，电池级氢氧化锂（微粉）下跌 100 元/吨至 70985 元/吨。仓单方面，昨日 仓单库减少 52 吨至 36664 吨。 2. 昨日广州期货交易所发布关于征集碳酸锂期货注册品牌的通知，详见链接： （http://www.gfex.com.cn/gfex/tzts/202505/deea23df0856405bb111e43efa4d328b.shtml）。 3. 供应端，周度产量环比增加 575 吨至 16055 吨，5 月总供应量较预期下调；需求端，5 月三元+磷 酸铁锂消耗碳酸锂量预计环比小幅增加，磷酸铁锂正极材料库存周转天数连续下降，三元材料有 小幅抬升迹象；电芯端依旧保持景气。库存端，周度库存重回累库，周度环比增加 351 吨至 131920 吨，其中下游和其他环节去库，冶炼厂累库。 4. 需求缺乏明显增量的 ...

碳酸锂日报 碳酸锂日报（2025 年 5 月 15 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2507 合约涨 3%至 65200 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/吨 至 64700 元/吨，工业级碳酸锂平均价上涨 100 元/吨至 63050 元/吨，电池级氢氧化锂（粗颗粒）下 跌 50 元/吨至 65940 元/吨，电池级氢氧化锂（微粉）下跌 50 元/吨至 71085 元/吨。仓单方面，昨 日仓单库存增加 272 吨至 36716 吨。 2. 供应端，周度减产依旧，5 月总供应量较预期下调；需求端，5 月三元+磷酸铁锂消耗碳酸锂量预计 环比小幅增加，磷酸铁锂正极材料库存周转天数连续下降，三元材料有小幅抬升迹象；电芯端依旧 保持景气。库存端，周内出现小幅去库状态，但整体库存水平仍维持高位，特别是下游库存处于较 高水平。 3. 宏观情绪回暖，碳酸锂期货减仓促使价格上行，但基本面来看，需求缺乏明显增量的背景下，锂矿 价格下跌和供应上减量仍然较低，警惕短期低估值下的资金扰动。 碳酸锂日报 二、日度数据监测 ...