自8月份以来，碳酸锂行业已连续8周呈现去库态势。数据显示，9月26日当周碳酸锂的周度库存为13.68 万吨，较8月7日当周的14.24万吨，下降4%。 创元期货分析师余烁向期货日报记者表示，碳酸锂行业呈现连续去库态势，主要是因为在当前供需"双 旺"的市场格局下，需求端的增速更快。当前的去库态势，只是阶段性回调，并非行业回暖的信号。 需求端，余烁表示，今年8月份需求端各数据环比走强明显。其中，磷酸铁锂产量为31.6万吨，环比增 加9%；电池产量为160GWh，环比增加11%；储能电池产量50GWh，环比增加13%。"今年1—8月，需 求端各数据累计同比增速高于去年同期。"余烁解释称，9—10月为传统需求旺季，相较于8月，仍维持 环比正增长态势，需求增速远超市场预期。 供应端，自宁德时代枧下窝项目8月9日宣布停产以来，国内碳酸锂云母端来源产量明显走弱，从高峰时 期周产5000吨下降至2500吨，但后续随着宜春银锂检修完毕复产，周产回升至2800吨水平。相关数据显 示，枧下窝项目停产后，锂云母端的碳酸锂月度产量下降约9000吨。"这一变化，符合市场预期，但锂 辉石端带来的增量，使得供应端的总量不减反增。"据余烁介绍 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On September 16, the main contract of lithium carbonate futures opened high and closed low. The spot market had weak trading volume, and the discount even widened. The price of spodumene concentrate increased, while the price of mica also rose. Last week, the production of lithium carbonate increased, and the production of lithium carbonate from different raw materials all rose. In terms of downstream demand, the production of lithium iron phosphate increased, while the production of ternary materials decreased. In September, the planned production of lithium carbonate and lithium manganate increased, and the production of power batteries increased last week. Terminal demand showed that the year - on - year growth rate of new energy vehicle production slowed down in August, and the 3C shipments were average. The planned production of energy storage batteries increased in September. The registered warehouse inventory decreased, and social inventory decreased. Smelters and other sectors reduced inventory, while downstream sectors increased inventory. Currently, both supply and demand are strong, and the upstream inventory pressure is not significant. The expected supply contraction is weakening as the resumption of lithium mines is progressing actively. It is expected that the price of lithium carbonate will fluctuate at a low level. Investors should be vigilant about the downstream restocking point [1]. - The trading strategy suggests short - selling on rallies [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Contract Closing Prices**: On September 16, the closing prices of the near - month contract, continuous - one contract, continuous - two contract, and continuous - three contract of lithium carbonate futures were 73060 yuan/ton, 73180 yuan/ton, 73340 yuan/ton, and 73340 yuan/ton respectively, with increases of 540 yuan/ton, 500 yuan/ton, 460 yuan/ton, and 460 yuan/ton compared to the previous day [1]. - **Trading Volume and Open Interest**: The trading volume of the active contract was 500267 hands (+17477), and the open interest was 300437 hands (-9009) [1]. - **Inventory**: The inventory was 38824 tons (-139 tons) [1]. - **Spreads**: The spread between the near - month and continuous - one contracts was - 120 yuan/ton (+40 yuan/ton), the spread between the continuous - one and continuous - two contracts was - 160 yuan/ton (+40 yuan/ton), and the spread between the continuous - two and continuous - three contracts was 0 yuan/ton (unchanged) [1]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 330 yuan/ton (-100 yuan/ton) [1]. 3.2 Spot Market Data - **Lithium Ore Prices**: The average price of lithium spodumene concentrate (6%, CIF China) was 853 US dollars/ton (+5 US dollars/ton), the average price of lithium mica (Li2O:1.5% - 2.0%) was 1075 yuan/ton (-82.5 yuan/ton), the average price of lithium mica (Li2O:2.0% - 2.5%) was 1815 yuan/ton (+40 yuan/ton), the average price of amblygonite (Li2O:6% - 7%) was 6090 yuan/ton (+115 yuan/ton), and the average price of amblygonite (Li2O:7% - 8%) was 7065 yuan/ton (-135 yuan/ton) [1]. - **Lithium Compound Prices**: The average price of battery - grade lithium carbonate (99.5%/domestic) was 72850 yuan/ton (+400 yuan/ton), the average price of industrial - grade lithium carbonate (99.2%/domestic) was 70600 yuan/ton (+400 yuan/ton), the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan, and South Korea) was 9.3 US dollars/kg (unchanged), the average price of battery - grade lithium hydroxide (56.5% coarse - grained/domestic) was 74050 yuan/ton (-100 yuan/ton), and the average price of battery - grade lithium hydroxide (56.5% micronized/domestic) was 79020 yuan/ton (-100 yuan/ton) [1]. - **Other Lithium - Related Product Prices**: The average price of lithium hexafluorophosphate (99.95%/domestic) was 56650 yuan/ton (+150 yuan/ton), the average price of ternary precursor 523 (polycrystalline/consumer - type) was 81250 yuan/ton (+600 yuan/ton), the average price of ternary precursor 523 (single - crystal/power - type) was 79125 yuan/ton (+300 yuan/ton), the average price of ternary precursor 622 (polycrystalline/consumer - type) was 74675 yuan/ton (+225 yuan/ton), the average price of ternary precursor 811 (polycrystalline/power - type) was 93800 yuan/ton (+300 yuan/ton), the average price of ternary material 523 (single - crystal/power - type) was 119650 yuan/ton (+200 yuan/ton), the average price of ternary material 523 (polycrystalline/consumer - type) was 114375 yuan/ton (+200 yuan/ton), the average price of ternary material 622 (polycrystalline/consumer - type) was 118325 yuan/ton (+200 yuan/ton), the average price of ternary material 811 (polycrystalline/power - type) was 146650 yuan/ton (+750 yuan/ton), the average price of lithium iron phosphate (power - type) was 33470 yuan/ton (+95 yuan/ton), the average price of lithium iron phosphate (mid - to - high - end energy - storage type) was 32075 yuan/ton (+95 yuan/ton), the average price of lithium iron phosphate (low - end energy - storage type) was 29300 yuan/ton (+100 yuan/ton), and the average price of lithium cobalt oxide (60%, 4.35V/domestic) was 231500 yuan/ton (+750 yuan/ton) [1]. - **Cobalt - Related Product Prices**: The average price of electrolytic cobalt (≥99.8%/imported) was 273000 yuan/ton (unchanged), the average price of cobalt sulfate (≥20.5%/domestic) was 57400 yuan/ton (+725 yuan/ton), and the average price of tricobalt tetroxide (≥72.8%/domestic) was 226500 yuan/ton (+1500 yuan/ton) [1]. 3.3 Inventory Data - **SMM Lithium Carbonate Inventory**: The inventory of smelters was 36213 tons (-3262 tons), the inventory of downstream sectors was 58279 tons (+3072 tons), the inventory of other sectors was 44020 tons (-1390 tons), and the total inventory was 138512 tons (-1580 tons) [1]. 3.4 Company News - On September 16, Salt Lake Co., Ltd. (000792.SZ) stated on the investor interaction platform that the original annual production capacity of 30,000 tons of lithium carbonate in Lanke Lithium Industry was upgraded through technological innovation, and the current capacity has been increased to 40,000 tons per year. The company will continue to benchmark against the industry's advanced level to further improve resource extraction and utilization efficiency and promote high - quality industrial development [1].

每经记者｜孔泽思 张宝莲 朱成祥 每经编辑｜文多 近期，宁德时代位于宜春的锂云母矿——枧下窝矿区停产，此事引发业界热议。普遍的关注点在于，矿区是短期停产还是长期停产？ 8月12日，《每日经济新闻》记者来到枧下窝矿区附近，只见不少山体都以"绿布"覆盖。整个下午，记者仅见到一台挖掘机在作业，矿区显得异常安静，进 入矿区的双车道路面干净整洁。 实探枧下窝矿区：已经停工 宁德时代表示，公司目前正按相关规定尽快办理采矿证延续申请，待获得批复后将尽早恢复生产。公司同时强调，此事对公司整体经营影响不大。 8月12日，枧下窝矿区已停工 图片来源：每经记者 孔泽思 摄 当下，碳酸锂主要来源为锂辉石型和盐湖型锂矿。而在中国本土锂矿中，锂云母型锂矿仍占据很大比例。而枧下窝矿区，又是宁德时代最大的锂云母矿。由 此可见，该矿区的一举一动对锂云母市场乃至碳酸锂市场影响深远。 枧下窝矿区位于江西省宜春市的宜丰县和奉新县交界处，这里目前是宜春市产能最大的锂云母矿之一。从山下远远望去，开采中的丘陵露出灰褐色肌肤，山 体一侧建起"钢铁长龙"，矿石传送带在群山中绵延，输送到数公里外的"奉新资源"选矿厂。 枧下窝矿区附近的矿石传送带 图片来源：每经 ...