Report Industry Investment Rating - The report gives a trading rating of "Volatile" for lithium carbonate [1] Core View of the Report - Last week, lithium salt prices were volatile and stable. After the significant decline in lithium salt shipments from Chile in May, the inventory accumulation pressure in June has significantly eased, potentially providing short - term support for prices. The FMB ore price rebounded slightly last Friday, and it's necessary to observe whether the ore price can stabilize at the $600 level. Considering that there are no new negative factors in the fundamentals, the short - term downward driving force of the futures market is limited. It is recommended to pay attention to short - selling opportunities on rebounds [2][3] Summary by Related Catalogs 1. Chile's Lithium Salt Shipments Significantly Declined in May, Focus on Whether Ore Prices Can Stabilize - **Price Changes**: Last week, lithium salt prices were volatile and stable. LC2506 and LC2507 closing prices increased by 1.6% and 1.1% respectively. The closing price of the near - month contract of Liyang Zhonglian Gold lithium carbonate increased by 1.4%. The price of lithium hydroxide continued to be weak, with the average prices of SMM coarse - grained and micronized battery - grade lithium hydroxide decreasing by 1.6% and 1.5% respectively. The electrical - industrial price difference remained flat, and the premium of battery - grade lithium hydroxide over battery - grade lithium carbonate narrowed [2][11] - **Shipment Data**: In May, Chile exported 17,000 tons of lithium carbonate and lithium hydroxide, a 31% month - on - month and year - on - year decrease. Exports to China were 9,700 tons, a 38% month - on - month and 46% year - on - year decrease. From January to May, Chile exported 108,600 tons of lithium carbonate and lithium hydroxide, a 4% year - on - year decrease. Shipments of lithium sulfate to China in May were 9,700 tons (4,900 tons LCE), a 7% month - on - month and 107% year - on - year increase [3][12] - **Market Impact and Strategy**: The inventory accumulation pressure in June has significantly eased, potentially providing short - term support for prices. After the futures market stabilized last week, the FMB ore price rebounded slightly by $2.5 to $615/ton on Friday. It's necessary to observe whether the ore price can stabilize at the $600 level. It is recommended to pay attention to short - selling opportunities on rebounds [3][17] 2. Weekly Industry News Review - **New Energy Vehicle Rural Promotion**: On June 3, five departments launched the 2025 new energy vehicle rural promotion activity to improve the consumption and usage of new energy vehicles in rural areas [19] - **Capacity Expansion Cooperation**: Fulin Jinggong's subsidiary signed a supplementary agreement with CATL to increase production capacity and enhance the competitiveness of its lithium iron phosphate cathode material business [19] - **Decline in Chile's Lithium Carbonate Exports to China**: In May, Chile's lithium carbonate exports to China decreased significantly, which will help relieve the domestic supply surplus pressure [20] - **Suspension of Lithium Mining Contracts in Bolivia**: The Bolivian court suspended two lithium mining contracts involving Chinese and Russian enterprises due to environmental rights complaints from indigenous groups [20] 3. Key High - Frequency Data Monitoring of the Industrial Chain - **Resource End**: The spot quotation of lithium concentrate remained stable, with the average spot price of lithium spodumene concentrate (6%, CIF China) dropping by $50 to $626/ton, a 7.4% decrease [12] - **Lithium Salt**: The futures market was briefly stable. The closing prices of LC2506 and LC2507 increased, while the price of lithium hydroxide continued to decline [2][11] - **Downstream Intermediates**: The quotations declined. The average prices of lithium iron phosphate, ternary materials, and cobalt acid lithium all decreased to varying degrees [12] - **Terminal**: In April, the penetration rate of new energy vehicles in China rebounded [45]