1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of lithium carbonate will seek support around the cost line (150,000 - 160,000 yuan/ton) and show a weak oscillating pattern, waiting for new supply - demand drivers. The core contradiction lies in the game between the short - term emotional premium caused by supply - side news disturbances (African export policy) and the actual resilience of the demand side, which buys at low prices but lacks the willingness to chase high prices. The market is re - evaluating the effectiveness of fundamental and cost support [3]. 3. Summary According to Relevant Catalogs Lithium Salt Market Introduction - **Lithium Carbonate Futures**: The price dropped by 2.61% from 156,160 yuan/ton last Friday to 152,080 yuan/ton this Friday [5]. - **Lithium Carbonate Spot**: The arrival price of battery - grade lithium carbonate (electro - carbon) increased by 2.29% to 158,350 yuan/ton, and the industrial - grade lithium carbonate price increased by 2.31% to 155,250 yuan/ton [5]. - **Lithium Hydroxide Spot**: The prices of different types of lithium hydroxide all increased, with an increase rate between 1.53% - 1.64% [5]. - **Lithium Carbonate Premium**: The premium of different raw materials and enterprises changed. For example, the premium of mica - based lithium carbonate decreased by 100 yuan, and the premium of Ganfeng Lithium changed from - 100 yuan to 0 yuan [8]. Lithium Salt Fundamental Analysis - **Supply - China Lithium Carbonate Production**: Not detailed in the content. - **Supply - Production by Region**: Not detailed in the content. - **Supply - Production by Raw Material Source**: Not detailed in the content. - **Supply - China Lithium Hydroxide Production**: Not detailed in the content. - **Demand - Mid - and Down - stream Consumption**: Not detailed in the content. - **Import and Export - Lithium Ore Import**: African lithium ore export policy is the core disturbance factor this week, and the market is worried about tightened import supply [3]. - **Import and Export - Lithium Ore Transportation**: The freight rates from South Africa, Zimbabwe, and Nigeria for both bulk and container transportation remained unchanged this week [29]. - **Import and Export - Lithium Ore Transportation Cost**: The freight rates from South Africa, Zimbabwe, and Nigeria for both bulk and container transportation remained unchanged this week [29]. - **Import and Export - Lithium Carbonate**: Not detailed in the content. - **Import and Export - Seasonal Variation**: Not detailed in the content. - **Import and Export - Lithium Hydroxide**: Not detailed in the content. - **Inventory - Lithium Carbonate Social Inventory**: Not detailed in the content. - **Inventory - Lithium Carbonate Warehouse Receipts**: The total warehouse receipts increased by 73 to 36,403, with some warehouses showing inventory increases (e.g., 12.41% increase in the inventory of the外运龙泉驿库) [42]. - **Cost and Profit - Lithium Carbonate**: The production cost of externally purchased lithium concentrate decreased by 2.06% to 160,350 yuan/ton, and the production profit decreased by 77.58% to - 1,999.6 yuan/ton [3]. Lithium Battery Fundamental Analysis - **Market - Cathode Materials**: Not detailed in the content. - **Supply - Cathode Materials Production**: Not detailed in the content. - **Supply - Electrolyte Price and Production**: Not detailed in the content. - **Demand - Cathode Materials Consumption**: Not detailed in the content. - **Import and Export - Lithium Battery Materials**: Not detailed in the content. - **Import and Export - Batteries**: Not detailed in the content. - **Cost and Profit - Ternary Materials**: Not detailed in the content. - **Lithium Battery Recycling**: Not detailed in the content. - **New Energy Vehicles - Production and Sales**: Not detailed in the content. - **New Energy Vehicles - Other Important Data**: Not detailed in the content.