Report Industry Investment Rating - Not provided Core View of the Report - The short - term trend of lithium carbonate is mainly weak. Supply increased due to price rises giving hedging space to some integrated plants, while material demand was stable. The cost of lithium carbonate decreased neutrally, forming a negative feedback loop that requires mine - end production cuts or halts, which haven't occurred yet and are key variables to monitor [3] Summary According to Related Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 60,200 yuan, down 50 yuan; SMM industrial - grade lithium carbonate average price is 58,600 yuan, down 50 yuan [1] Lithium Futures Contracts - Lithium carbonate 2506 closed at 60,140 yuan, down 0.2%; 2507 at 60,100 yuan, down 0.43%; 2508 at 60,480 yuan, down 0.07%; 2509 at 60,540 yuan, down 0.2%; 2510 at 60,640 yuan, unchanged [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China, Li20: 5.5% - 6%) is 626 yuan, down 4 yuan; lithium mica (Li20: 1.5% - 2.0%) is 675 yuan; lithium mica (Li20: 2.0% - 2.5%) is 1185 yuan; phosphorus lithium aluminum stone (Li20: 6% - 7%) is 5700 yuan; phosphorus lithium aluminum stone (Li20: 7% - 8%) is 6640 yuan [1][2] Cathode Material Prices - Phosphoric acid iron lithium (power - type) average price is 30,305 yuan, down 10 yuan; ternary material 811 (polycrystalline/power - type) is 144,490 yuan, down 200 yuan; ternary material 523 (single - crystal/power - type) is 114,755 yuan, down 120 yuan; ternary material 613 (single - crystal/power - type) is 121,905 yuan, down 150 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the difference between battery - grade lithium carbonate and the main contract is 100 yuan, with a change of 930 yuan; the difference between the near - month and the first continuous contract is - 380 yuan, down 320 yuan; the difference between the near - month and the second continuous contract is - 440 yuan, down 300 yuan [2] Inventory - Total inventory (weekly, tons) is 132,432 tons, an increase of 861 tons; smelter inventory (weekly, tons) is 57,116 tons, an increase of 881 tons; downstream inventory (weekly, tons) is 41,076 tons, a decrease of 540 tons; other inventory (weekly, tons) is 34,240 tons, an increase of 520 tons; registered warehouse receipts (daily, tons) is 33,461 tons, an increase of 64 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,708 yuan, with a profit of - 1347 yuan; the cash cost of purchasing lithium mica concentrate externally is 64,355 yuan, with a profit of - 6488 yuan [3] Industry News - On June 2, 2025, the Bolivian court suspended two large - scale lithium mining agreements with China and Russia, worth over 2 billion US dollars, which aimed to build direct lithium extraction (DLE) facilities in the Uyuni Salt Flats [3]

Report Industry Investment Rating - No information provided in the given content Core View of the Report - The short - term trend of lithium carbonate is mainly weak. On the supply side, due to the price increase during the week, some integrated plants have hedging space, and the weekly output of the lithium carbonate industry has increased, while the material demand is relatively stable. The cost of lithium carbonate has decreased moderately, forming a negative feedback loop. The reduction or suspension of production at the mine end is needed to break this, but it has not occurred yet, which is a key variable to monitor in the future [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 60,250 yuan/ton, down 50 yuan; the average price of SMM industrial - grade lithium carbonate is 58,650 yuan/ton, down 50 yuan [1] Lithium Futures Contracts - The closing price of lithium carbonate 2506 is 61,220 yuan/ton, with a daily increase of 2.48%; the closing price of lithium carbonate 2507 is 61,080 yuan/ton, with a daily increase of 2.55%; the closing price of lithium carbonate 2508 is 61,140 yuan/ton, with a daily increase of 2.52%; the closing price of lithium carbonate 2509 is 61,220 yuan/ton, with a daily increase of 2.75%; the closing price of lithium carbonate 2510 is 61,000 yuan/ton, with a daily increase of 2.25% [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 630 yuan/ton, down 15 yuan; the price of lithium mica (Li20: 1.5% - 2.0%) is 675 yuan/ton; the price of lithium mica (Li20: 2.0% - 2.5%) is 1185 yuan/ton; the price of amblygonite (Li20: 6% - 7%) is 5700 yuan/ton; the price of amblygonite (Li20: 7% - 8%) is 6640 yuan/ton, down 50 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,315 yuan/ton, down 20 yuan; the average price of ternary material 811 (polycrystalline/power type) is 144,690 yuan/ton, down 100 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,875 yuan/ton, down 30 yuan; the average price of ternary material 613 (single - crystal/power type) is 122,055 yuan/ton, down 80 yuan [2] Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 1600 yuan/ton; the price difference between battery - grade lithium carbonate and the main contract is - 830 yuan/ton, down 1190 yuan; the price difference between the near - month and the first - continuous contract is - 60 yuan/ton, down 100 yuan; the price difference between the near - month and the second - continuous contract is - 140 yuan/ton, down 260 yuan [2] Inventory - The total inventory (weekly, tons) is 131,571 tons, down 208 tons; the inventory of smelters (weekly, tons) is 56,235 tons, down 780 tons; the inventory of downstream (weekly, tons) is 41,616 tons, up 752 tons; the inventory of others (weekly, tons) is 33,720 tons, down 180 tons; the registered warehouse receipts (daily, tons) is 33,397 tons, down 60 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 60,977 yuan/ton, and the profit is - 1568 yuan/ton; the cash cost of purchasing lithium mica concentrate externally is 64,355 yuan/ton, and the profit is - 6439 yuan/ton [3] Industry News - On June 2, 2025, it was reported that the lithium mining development plan of the Uyuni Salt Flats in Bolivia had suffered a major setback. The Coloha K Mixed Court ruled last week to suspend two large - scale lithium mining agreements signed between Bolivia and China and Russia in 2023 - 2024, worth over 2 billion US dollars, involving the Chinese CBC consortium (including CATL) and a subsidiary of the Russian state nuclear energy company Rosatom [3]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - The short - term trend of lithium carbonate is mainly weak. The supply side has an increase in the weekly output of the lithium carbonate industry due to price increases within the week, while material demand remains relatively stable. The cost of lithium carbonate moves down moderately, forming a negative feedback loop, and the reduction or suspension of production at the mine end is a key variable to observe in the future [3]. 3. Summary by Relevant Content Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 60,300 yuan, a decrease of 400 yuan; SMM industrial - grade lithium carbonate has an average price of 58,700 yuan, a decrease of 400 yuan [1]. - The closing prices and price changes of lithium carbonate futures contracts: the price of lithium carbonate 2506 is 59,900 yuan, with a 0.3% increase; lithium carbonate 2507 is 59,940 yuan, with a 0.33% increase; lithium carbonate 2508 has a 0.07% increase; lithium carbonate 2509 is 59,820 yuan, with a 0.1% decrease; lithium carbonate 2510 has a 0.07% increase [1]. Lithium Ore Prices - Lithium spodumene concentrate (CIF China, Li2O: 5.5% - 6%) has an average price of 645 yuan, a decrease of 31 yuan; lithium mica (Li2O: 1.5% - 2.0%) has an average price of 675 yuan, a decrease of 10 yuan; lithium mica (Li2O: 2.0% - 2.5%) has an average price of 1185 yuan, a decrease of 15 yuan; phospho - lithium - aluminum stone (Li2O: 6% - 7%) has an average price of 5740 yuan; phospho - lithium - aluminum stone (Li2O: 7% - 8%) has an average price of 6690 yuan, a decrease of 75 yuan [1][2]. Cathode Material Prices - The average price of lithium iron phosphate (power type) is 30,335 yuan, a decrease of 145 yuan; the average price of ternary material 811 (polycrystalline/power type) is 144,790 yuan, a decrease of 80 yuan; the average price of ternary material 523 (single - crystal/power type) is 114,905 yuan, a decrease of 100 yuan; the average price of ternary material 613 (single - crystal/power type) is 122,135 yuan, a decrease of 70 yuan [2]. Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan; the price spread between battery - grade lithium carbonate and the main contract is 360 yuan, a decrease of 540 yuan; the price spread between the near - month and the first - continuous contract is 40 yuan, with no change; the price spread between the near - month and the second - continuous contract is 120 yuan, an increase of 140 yuan [2]. Inventory - The total inventory (weekly, tons) is 131,571 tons, a decrease of 208 tons; the inventory of smelters (weekly, tons) is 56,235 tons, a decrease of 780 tons; the inventory of downstream (weekly, tons) is 41,616 tons, an increase of 752 tons; the inventory of others (weekly, tons) is 33,720 tons, a decrease of 180 tons; the registered warehouse receipts (daily, tons) is 33,457 tons, with a change of 0 [2]. Profit Estimation - The cash cost of externally purchased lithium spodumene concentrate is 61,935 yuan, and the profit is - 2476 yuan; the cash cost of externally purchased lithium mica concentrate is 64,355 yuan, and the profit is - 6390 yuan [3]. Industry News - On June 2, 2025, it was reported that the lithium mining development plan in the Uyuni Salt Flats in Bolivia suffered a major setback. The local court suspended two large - scale lithium mining agreements signed with China and Russia from 2023 to 2024, with a total value of over 2 billion US dollars [3].