Report Summary 1. Report Industry Investment Rating - Not provided in the documents 2. Report Core View - The focus in the market currently is on mine - end disturbances. If there is a short - term shutdown for rectification and then resumption after the mine certificates are compliant, considering the large recent downstream stocking and the supply from surrounding compliant mines, the impact on the balance sheet is limited. There may be a further push to raise the futures price from a market sentiment perspective, but the previous price increase has already factored in the shutdown impact, so the expected upside is limited. If the mine certificates are renewed smoothly, the supply side remains in a loose pattern. Given large downstream stocking, full previous pricing, small downstream production increase, the futures price may correct downward and return to the fundamental logic. Due to uncertainty and market rumors, investors are advised to participate cautiously [3] 3. Summary by Related Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate average price is 71,900 yuan with a daily increase of 800 yuan; SMM industrial - grade lithium carbonate average price is 69,800 yuan with a daily increase of 800 yuan [1] Lithium Futures - Lithium carbonate 2508 futures contract closed at 75,300 yuan, up 7.57%; lithium carbonate 2509 at 76,640 yuan, up 7.82%; lithium carbonate 2510 at 76,900 yuan, up 7.67%; lithium carbonate 2511 at 76,960 yuan, up 7.73%; lithium carbonate 2512 at 77,120 yuan, up 7.38% [1] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) price is 777 yuan with a daily increase of 20 yuan; lithium mica (Li20: 1.5% - 2.0%) at 1,120 yuan with a daily increase of 30 yuan; lithium mica (Li20: 2.0% - 2.5%) at 1,800 yuan with a daily increase of 50 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) at 5,675 yuan with a daily increase of 125 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) at 6,650 yuan with a daily increase of 150 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 32,850 yuan with a daily increase of 280 yuan; the average price of ternary material 811 (polycrystalline/power type) is 145,320 yuan with a daily increase of 60 yuan; the average price of ternary material 523 (single - crystal/power type) is 116,995 yuan with a daily increase of 50 yuan; the average price of ternary material 613 (single - crystal/power type) is 122,585 yuan with a daily increase of 50 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 2,100 yuan; the price spread between battery - grade lithium carbonate and the main futures contract is - 5,060 yuan, with a change of - 3,860 yuan; the price spread between the near - month and the first - continuous contract is - 260 yuan, with a change of 20 yuan; the price spread between the near - month and the second - continuous contract is - 320 yuan, with a change of 60 yuan [2] Inventory - The total inventory (weekly, tons) is 142,418 tons, with an increase of 692 tons; the smelter inventory (weekly, tons) is 50,999 tons, with a decrease of 959 tons; the downstream inventory (weekly, tons) is 48,159 tons, with an increase of 2,271 tons; the other inventory (weekly, tons) is 43,260 tons, with a decrease of 620 tons; the registered warehouse receipts (daily, tons) is 18,829 tons, with an increase of 2,386 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 69,521 yuan, with a profit of 1,349 yuan; the cash cost of purchasing lithium mica concentrate externally is 77,368 yuan, with a profit of - 8,388 yuan [3]

新能源及有色金属日报 | 2025-08-05 矿端扰动仍未结束，碳酸锂盘面宽幅震荡 市场分析 2025-08-05，碳酸锂主力合约2509开于69280元/吨，收于68920元/吨，当日收盘价较昨日结算价变化0.09%。当日成 交量为247898手，持仓量为207770手，前一交易日持仓量216103手，根据SMM现货报价，目前基差为1910元/吨（电 碳均价-期货）。当日碳酸锂仓单12603手，较上个交易日变化5998手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价69700-73000元/吨，较前一交易日变化0元/吨，工业级碳酸锂报价 68650-69850元/吨，较前一交易日变化0元/吨。6%锂精矿价格745美元/吨，较前一日变化0美元/吨。据SMM数据， 上一工作日持平，下游观望情绪仍然浓厚，以刚需采购为主，未见明显备库行为发生。 根据SMM数据：2025 年 7 月，中国六氟磷酸锂产量环比上涨约 3.9%，同比上升约 32.9%。预计 8 月中国六氟磷 酸锂产量将环比增加约 6.4%，同比增长约 26%。 2025年7月，中国电解液产量环比上涨1.96%，同比增长约48.8%。预计 8 月中国电 ...