1. Report Title and Date - The report is titled "Carbonate Lithium: Spot Purchases Surge, Monitor Supply - side Disturbances" and was released on January 19, 2026 [1] 2. Analysts - The analysts are Shao Wanyi (Investment Consulting Qualification Number: Z0015722, Email: shaowanyi@gtht.com) and Liu Hongru (Investment Consulting Qualification Number: Z0023466, Email: liuhongru@gtht.com) [1] 3. Fundamental Data Tracking 3.1 Futures Contracts - For the 2605 contract, the closing price is 146,200 yuan, with a change of - 17,020 yuan compared to T - 1; the trading volume is 591,523, with a change of 160,267 compared to T - 1; the open interest is 416,133, with a change of - 27,809 compared to T - 1 [2] - For the 2607 contract, the closing price is 146,940 yuan, with a change of - 17,460 yuan compared to T - 1; the trading volume is 135,025, with a change of 31,447 compared to T - 1; the open interest is 118,444, with a change of - 12,300 compared to T - 1 [2] 3.2 Basis and Other Price Differences - The basis of spot - 2605 is 11,800 yuan, and spot - 2607 is 11,060 yuan; the basis of 2605 - 2607 is - 740 yuan; the difference between electric carbon and industrial carbon is 3,500 yuan; the difference between spot and CIF is 44,754 yuan [2] 3.3 Raw Materials and Lithium Salts - The price of lithium spodumene concentrate (6%, CIF China) is 1,980 yuan, with a change of - 80 yuan compared to T - 1; the price of lithium mica (2.0% - 2.5%) is 4,835 yuan, with a change of - 100 yuan compared to T - 1 [2] - The price of battery - grade carbonate lithium is 158,000 yuan, with a change of - 1,000 yuan compared to T - 1; the price of industrial - grade carbonate lithium is 154,500 yuan, with a change of - 1,000 yuan compared to T - 1 [2] 3.4 Downstream Products - The price of lithium iron phosphate (power type) is 55,475 yuan, with a change of - 240 yuan compared to T - 1; the price of ternary material 523 (polycrystalline/consumer type) is 191,850 yuan, with a change of - 500 yuan compared to T - 1 [2] 4. Macro and Industry News - SMM's battery - grade carbonate lithium index price is 159,477 yuan/ton, down 783 yuan/ton from the previous working day; the average price of battery - grade carbonate lithium is 158,000 yuan/ton, down 1,000 yuan/ton; the average price of industrial - grade carbonate lithium is 154,500 yuan/ton, down 1,000 yuan/ton [3] - In 2025, the installed capacity of large - scale battery energy storage systems in Germany increased from 2.3GWh to 3.7GWh, a 60% increase, and the current total installed capacity of battery energy storage is close to 25GWh, with nearly 20GWh being household energy storage systems [3][4] 5. Trend Strength - The trend strength of carbonate lithium is 0, indicating a neutral view, with the trend strength value ranging from - 2 (most bearish) to 2 (most bullish) [4]