交易咨询业务资格：证监许可【2012】1091号 | | | 供给端来看 ， | 上周碳酸锂产量为21822吨 环比增长8 11% ， . , | 。 | | | 高于历史同期平均水平 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 需求端来看 ， | 上周磷酸铁锂样本企业库存为92556吨 环比增加0 ， . | 50% 上周三元材料样 , | | | | | | | 本企业库存为17234吨 ， | 环比减少2 99% 。 . | | | | | | | | 成本端来看 ， | 外购锂辉石精矿成本为168303元/吨 日环比减少0 ， . | 55% 生产所得为1457 , | | | | | 1 、 | 基本面: | 元/吨 有所盈利 | 外购锂云母成本为164301元/吨 日环比减少1 | 38% 生产所得为 | | 中性 。 | | | | | ， ； | ， . | , | | | | | | | 1790元/吨 有所盈利 ， ； | 回收端生产成本接近矿石端成本 ， | 排产积极性一般 盐湖端季 ； | | | | | | | ...

资源扰动再现，关注 下游旺季备货 碳酸锂周报 2026/02/28 0755-23375139 zengyuke@wkqh.cn 从业资格号：F03121027 交易咨询号：Z0023147 曾宇轲（有色金属组） CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 库存 03 供给端 06 成本端 01 周度评估及策略推荐 周度要点小结 ◆ 期现市场：2月27日，五矿钢联碳酸锂现货指数（MMLC）早盘报173736元，周涨19.62%。MMLC电池级碳酸锂均价为174100元。同日广期所 LC2605收盘价176040元，周涨15.33%。 ◆ 供给：节后锂盐厂产量上移，2月26日，SMM国内碳酸锂周度产量报21822吨，较节前一周增8.1%。2026年1月国内碳酸锂产量为97900吨，2月 预计国内碳酸锂产量环比减少16.3%。2026年1月份智利出口到中国的碳酸锂为16950吨，环比增44.82%，同比减少11.35%；出口至中国的硫 酸锂为2.78万吨。 ◆ 需求：据中汽协，1月国内新能源汽车产量为104.1万辆，同比增长2.5%；销量为94.5万辆，同比增长0.1%， ...

东吴证券股份有限公司研报显示："碳酸锂价格自2025年12月下旬开始加速上行，预计2026年至2027年 碳酸锂供需紧平衡，2028年或供需反转。我们认为碳酸锂价格合理中枢为15万元/吨，但由于供给端受 到不可控风险影响，会加剧紧缺，价格不排除超涨至20万元/吨以上。" 碳酸锂价格抬升给上游企业带来直接利好。例如，西藏矿业发展股份有限公司拥有独家开采权的西藏扎 布耶盐湖是世界三大、亚洲第一大锂矿盐湖。该公司相关负责人近日在互动易平台上表示："如果碳酸 锂价格能持续稳定上涨，对公司未来业绩会有好的支撑。" 本报记者 丁蓉 春节假期后，碳酸锂价格迎来强势上涨。Wind资讯数据显示，2月26日，电池级碳酸锂现货报17.31万 元/吨，较春节前最后一天2月13日的报价14.38万元/吨，上涨20.38%。 此轮涨势主要受海外供应扰动、节后补库需求等因素影响。 浙大城市学院副教授林先平向《证券日报》记者表示："供给端，春节期间锂盐企业集中检修，国内产 量阶段性收缩，叠加海外锂矿出口政策收紧，市场对供应稳定性担忧升温。需求端，动力电池刚需稳 定，储能需求快速放量，成为重要增量，下游补库意愿显著增强。加之当前行业库存处于低 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2026年2月25日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为20184吨，环比减少2.69%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为92097吨，环比减少3.08%,上周三元材料样 本企业库存为17767吨，环比减少2.60%。 成本端来看，外购锂辉石精矿成本为145499元/吨，日环比持平，生产所得为-3229元/ 吨，有所亏损；外购锂云母成本为146416元/吨，日环比增长3.00%,生产所得为74元/ 吨，有所盈利；回收端生产成本接近矿石端成本，排产积极性一般；盐湖端季度现金生 产成本为32231元/吨，盐湖端成本显著低于矿石端，盈利空间充足，排产动力十足 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current supply and demand of lithium carbonate are still tight, with the price rising sharply during intraday trading. The price increase is mainly due to the strong supply - demand fundamentals, the expectation of a continued tight - balance situation after the holiday, and the pre - layout of funds with improved sentiment [2]. Group 3: Summary by Related Contents New Dynamics and Reasons - The price of lithium carbonate rose sharply during intraday trading today, with the main contract rising more than 5%. The reasons are strong supply - demand fundamentals, the expected continuation of the tight - balance situation after the holiday, and pre - layout by funds [2]. Fundamental Situation - Currently, the fundamentals of lithium carbonate are still strong despite marginal weakening, and the impact of macro sentiment has decreased. In January - February, both supply and demand sides face production suspension for maintenance by some enterprises, maintaining a tight balance overall. Social inventory is expected to continue to decline, but supply and demand are weakening marginally. In January 2020, the new - energy vehicle wholesale volume of national passenger - car manufacturers was about 900,000, a year - on - year increase of 1%. On February 6, the inventory of available imported ore was 282,000 tons, an increase of 87,000 tons compared to a month ago. In March, the demand - side production schedule is expected to be good, and the supply side will see a significant increase in imports. Before downstream resumption of production, a tight - balance situation is expected to continue [3]. Summary and Strategy - Currently, the supply - demand of lithium carbonate is strong, social inventory is continuously decreasing, and the price has an upward driving force. However, due to high macro uncertainties during the Spring Festival, it is recommended to temporarily exit the market and participate cautiously [4]

Report Industry Investment Rating - Not provided in the report Core View of the Report - The lithium carbonate market is in a state of tight supply - demand balance, with sentiment fluctuations caused by news. The 2605 contract of lithium carbonate is expected to oscillate in the range of 130,740 - 144,420. There are both positive and negative factors in the market. Positive factors include the production cut plans of lithium mica manufacturers and the decline in the import volume of lithium carbonate from Chile. Negative factors are the continuous high supply at the ore/salt lake end with limited decline. The main risk points are the impact of production cut/overhaul plans and the start - time of industry clearance [8][9][10][11] Summary by Directory 1. Daily View - **Supply**: Last week, the lithium carbonate output was 20,744 tons, a 3.82% week - on - week decrease, but still higher than the historical average. In January 2026, the output was 97,900 physical tons, and the predicted output for next month is 81,930 physical tons, a 16.31% month - on - month decrease. The import volume in January was 24,500 physical tons, and the predicted import volume for next month is 21,800 physical tons, an 11.02% month - on - month decrease [8] - **Demand**: Last week, the inventory of sample enterprises of lithium iron phosphate was 95,032 tons, a 1.84% week - on - week decrease, and the inventory of sample enterprises of ternary materials was 18,243 tons, a 2.39% week - on - week decrease. The demand is expected to strengthen next month [8] - **Cost**: The cost of purchased lithium spodumene concentrate is 138,350 yuan/ton, with no daily change, resulting in a loss of 5,672 yuan/ton. The cost of purchased lithium mica is 136,032 yuan/ton, with no daily change, resulting in a loss of 5,711 yuan/ton. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, with sufficient profit margin and strong production motivation [8] - **Basis**: On February 9, the spot price of battery - grade lithium carbonate was 135,500 yuan/ton, and the basis of the 05 contract was - 1,500 yuan/ton, with the spot at a discount to the futures [8] - **Inventory**: The smelter's inventory was 18,356 tons, a 3.40% week - on - week decrease, lower than the historical average. The downstream inventory was 43,657 tons, a 7.53% week - on - week increase, higher than the historical average. Other inventory was 43,450 tons, a 9.25% week - on - week decrease, higher than the historical average. The total inventory was 105,463 tons, a 1.87% week - on - week decrease, lower than the historical average [8] - **Disk**: The MA20 of the disk is downward, and the futures price of the 05 contract closed below the MA20 [8] - **Main Position**: The main position is net short, and the short position is decreasing [8] 2. Fundamental/Position Data - **Market Overview**: The prices of various lithium - related products showed different trends. For example, the price of lithium spodumene (6%) increased by 0.90% to 1,897 US dollars/ton, and the price of battery - grade lithium carbonate increased by 0.74% to 135,500 yuan/ton. The registered warehouse receipts increased by 2.43% to 34,597 lots [13] - **Supply - side Data**: The weekly operating rate was 87.14%, with no change. The daily production cost of lithium spodumene was 138,350 yuan/ton, with no change. The monthly processing cost of lithium spodumene increased by 0.43% to 20,950 yuan/ton. The monthly output of lithium carbonate in January was 97,900 tons, a 1.31% month - on - month decrease [15] - **Demand - side Data**: The monthly operating rate and output of lithium iron phosphate and some other products decreased. The monthly output of lithium iron phosphate decreased by 1.81% to 396,600 tons. The monthly power battery loading volume increased by 4.92% to 98,100 GWh [15]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The supply - demand pattern of lithium carbonate is shifting towards demand - led. Lithium carbonate 2605 is expected to fluctuate in the range of 126,220 - 139,980. The main logic is the emotional fluctuations caused by news under the tight supply - demand balance. [9][13] Summary According to the Directory 1. Daily Views - **Supply Side**: Last week, the lithium carbonate output was 20,744 tons, a 3.82% decrease from the previous week, but higher than the historical average. In January 2026, the output was 97,900 physical tons, and the predicted output for next month is 81,930 tons, a 16.31% decrease. The import volume in January 2026 was 24,500 physical tons, and the predicted import volume for next month is 21,800 tons, an 11.02% decrease. [8][9] - **Demand Side**: Last week, the inventory of lithium iron phosphate sample enterprises was 95,032 tons, a 1.84% decrease from the previous week, and the inventory of ternary material sample enterprises was 18,243 tons, a 2.39% decrease. Next month's demand is expected to strengthen, and inventory may decline. [8][9] - **Cost Side**: The CIF price of 6% concentrate decreased daily and was lower than the historical average. The cost of purchasing spodumene concentrate was 138,350 yuan/ton, a 0.42% daily decrease, resulting in a loss of 5,715 yuan/ton. The cost of purchasing lithium mica was 136,032 yuan/ton, a 2.88% daily decrease, with a loss of 6,691 yuan/ton. The recycling - end production cost was generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost at the salt - lake end was 32,231 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation. [9][10] - **Other Factors**: Bullish factors include the production cut plans of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile. Bearish factors are the continuous high supply at the ore/salt - lake end with limited decline. [11][12] 2. Fundamental/Position Data - **Market Quotes**: The report provides detailed data on yesterday's market quotes, including futures closing prices, basis, registered warrants, upstream prices, cathode material prices, and lithium - ion battery prices, along with their changes and percentage changes. [16] - **Supply - side Data**: It includes data such as weekly and monthly operating rates, production costs, processing costs, and production profits of lithium carbonate, as well as monthly production, import, and export data of lithium carbonate, lithium hydroxide, and lithium ore. [19] - **Demand - side Data**: It contains data on the production, inventory, and export of lithium - related downstream products such as lithium iron phosphate, lithium iron phosphate lithium, ternary precursors, and ternary materials, as well as data on new energy vehicle production, sales, and export. [19]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The lithium carbonate market is in a state of tight supply - demand balance, with sentiment fluctuations caused by news. The 2605 contract for lithium carbonate is expected to oscillate in the range of 140,040 - 153,440 yuan/ton. The supply side is predicted to see a decline in production and imports next month, while the demand side is expected to strengthen, and inventory may be depleted. [8][9][10][14] 3. Summary by Relevant Catalogs 3.1 Daily Views - **Supply**: Last week, lithium carbonate production was 21,569 tons, a 2.91% week - on - week decrease but higher than the historical average. In January 2026, production was 97,900 physical tons, and next month's production is predicted to be 81,930 tons, a 16.31% month - on - month decrease. The import volume in January 2026 was 24,500 physical tons, and next month's import volume is predicted to be 21,800 tons, an 11.02% month - on - month decrease. [8][10] - **Demand**: Last week, the inventory of lithium iron phosphate sample enterprises was 96,819 tons, a 0.24% week - on - week increase, and the inventory of ternary material sample enterprises was 18,691 tons, a 0.93% week - on - week decrease. Next month, demand is expected to strengthen, and inventory may be depleted. [8][10] - **Cost**: The cost of purchased lithium spodumene concentrate is 142,475 yuan/ton, unchanged day - on - day, with a production income of 8,641 yuan/ton, indicating profitability. The cost of purchased lithium mica is 144,570 yuan/ton, a 0.10% day - on - day increase, with a production income of 2,900 yuan/ton, also indicating profitability. The production cost of the recycling end is generally higher than that of the ore end, with negative production income and low production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, significantly lower than the ore end, with sufficient profit margins and strong production motivation. [9] - **Comprehensive Evaluation**: The fundamentals are neutral; the basis shows that on February 4, the spot price of battery - grade lithium carbonate was 153,000 yuan/ton, and the basis of the 05 contract was 5,780 yuan/ton, with the spot at a premium to the futures, which is bullish. The overall inventory is 107,482 tons, a 1.29% week - on - week decrease, equal to the historical average, which is neutral. The disk shows the MA20 moving upward, and the futures price of the 05 contract closed below the MA20, which is neutral. The main positions are net short, with an increase in short positions, which is bearish. [9] - **Likely Factors**: Positive factors include the production cut plans of lithium mica manufacturers and a month - on - month decline in lithium carbonate imports from Chile. Negative factors include the continuous high supply at the ore and salt lake ends with limited downward amplitude. [12][13] 3.2 Lithium Carbonate Market Overview - **Price and Basis**: The futures closing prices of various contracts showed different degrees of decline, while the basis of some contracts increased. The registered warehouse receipts were 34,114 lots, a 3.11% increase. [17] - **Upstream Prices**: The price of 6% lithium spodumene decreased by 0.10% to 1,945 US dollars/ton; the price of lithium mica concentrate remained unchanged at 4,745 yuan/ton; the price of battery - grade lithium carbonate decreased by 0.33% to 153,000 yuan/ton; the price of industrial - grade lithium carbonate decreased by 0.33% to 149,500 yuan/ton. [17] - **Positive and Cathode Materials and Lithium Battery Prices**: The prices of most cathode materials and lithium batteries showed a downward trend, such as the price of ternary precursor 5523 polycrystalline consumer - type decreased by 0.10% to 104,750 yuan/ton, and the price of lithium iron phosphate power - type decreased by 0.22% to 54,265 yuan/ton. [17] 3.3 Supply - Lithium Ore - **Price and Production**: The price of lithium ore showed a long - term trend, and the production of Chinese sample lithium spodumene mines and domestic lithium mica showed different trends in different years. The monthly import volume of lithium concentrate also fluctuated, and the self - sufficiency rate of lithium ore showed different trends for lithium spodumene and lithium mica. [26] - **Supply - Demand Balance**: The supply - demand balance of domestic lithium ore showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [29][31] 3.4 Supply - Lithium Carbonate - **Production and Capacity**: The weekly and monthly production and capacity of lithium carbonate from different sources (lithium spodumene, lithium mica, salt lake, and recycling materials) showed different trends. The monthly production and import volume of lithium carbonate also fluctuated. [33][34][35] - **Supply - Demand Balance**: The supply - demand balance of lithium carbonate showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [40] 3.5 Supply - Lithium Hydroxide - **Production and Capacity Utilization**: The weekly capacity utilization rate and monthly production of lithium hydroxide from different sources (causticization and smelting) showed different trends. The export volume of lithium hydroxide also fluctuated. [43] - **Supply - Demand Balance**: The supply - demand balance of lithium hydroxide showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [46] 3.6 Lithium Compound Cost - Profit - **Cost and Profit of Different Lithium Compounds**: The cost and profit of lithium compounds such as purchased lithium spodumene concentrate, lithium mica concentrate, and recycled lithium carbonate showed different trends over time. The processing cost composition of lithium mica and lithium spodumene also showed different proportions of energy consumption, auxiliary materials, and miscellaneous items. [49][52][54] 3.7 Inventory - **Lithium Carbonate Inventory**: The weekly and monthly inventory of lithium carbonate in smelters, downstream enterprises, and other aspects showed different trends. The inventory of lithium hydroxide also showed different trends. [58] 3.8 Demand - Lithium Battery - **Power Battery**: The price, production, and sales volume of power batteries showed different trends. The monthly production volume, loading volume, and export volume of power batteries also fluctuated. [60] - **Energy - Storage Battery**: The inventory, production, and winning bid situation of energy - storage batteries showed different trends. The monthly production volume and shipment volume of energy - storage battery cells also fluctuated. [62] 3.9 Demand - Ternary Precursor - **Price, Cost, and Profit**: The price, cost, and profit of ternary precursors showed different trends. The capacity utilization rate and production volume of ternary precursors also showed different trends. [65] - **Supply - Demand Balance**: The supply - demand balance of ternary precursors showed different situations in different months. In some months, there was a supply surplus, while in others, there was a supply shortage. [68] 3.10 Demand - Ternary Material - **Price, Cost, and Profit**: The price, cost, and profit of ternary materials showed different trends. The weekly operating rate and production volume of ternary materials also showed different trends. [72] - **Import and Export and Inventory**: The import and export volume and weekly inventory of ternary materials also showed different trends. [74] 3.11 Demand - Iron Phosphate/Iron Phosphate Lithium - **Price, Cost, and Profit**: The price, cost, and profit of iron phosphate and iron phosphate lithium showed different trends. The monthly operating rate and production volume of iron phosphate and iron phosphate lithium also showed different trends. [76] - **Export and Inventory**: The monthly export volume and weekly inventory of iron phosphate lithium also showed different trends. [79][81] 3.12 Demand - New Energy Vehicle - **Production, Sales, and Export**: The production, sales, and export volume of new energy vehicles showed different trends. The sales penetration rate, retail - wholesale ratio, and dealer inventory index of new energy vehicles also showed different trends. [84][85][88]

Summary of Key Points from Conference Call Industry Overview - The focus is on the lithium carbonate industry, particularly regarding pricing, supply-demand balance, and electric vehicle (EV) and energy storage demand trends. Core Insights and Arguments 1. **Price Trends**: - Lithium carbonate prices have surged from 90,000 to nearly 190,000, indicating a bullish outlook for the market. The internal rate of return (IRR) for energy storage projects in northern regions has decreased from 9% to 6%. Further price increases could lead to additional declines in IRR, but this may not significantly impact prices [1][1][1]. 2. **Supply-Demand Balance**: - Initial projections indicated a surplus of 30,000 to 50,000 tons in 2025, but adjustments now suggest a tight balance for the entire year. The supply-demand balance is projected to shift negatively from 2026 to 2030, with deficits of -15,000 tons in 2026, -6,000 tons in 2027, -89,000 tons in 2028, -189,000 tons in 2029, and -440,000 tons in 2030 [1][1][1]. 3. **Supply Details**: - By 2026, resource supply is expected to reach 2.05 to 2.06 million tons, an increase of 413,000 tons from 2025. Lithium salt supply is projected to rise from 1.54 million tons to 1.91 million tons, an increase of 370,000 to 380,000 tons. Major contributors to this growth include the commissioning of the Greenbushes project in Australia and other salt lake projects [1][1][1]. 4. **Future Supply Increases**: - In 2027, an additional 440,000 tons of resource supply is anticipated, primarily from the resumption of Australian projects and the commissioning of the Mariana project. The breakdown for 2026 includes 230,000 tons from spodumene, with contributions from Africa (140,000 tons), Australia (43,000 tons), and China (49,000 tons) [2][2][2]. 5. **Demand Projections**: - Domestic electric vehicle sales are expected to grow by 19% in 2026, with a projected 16 million units sold in 2025. Each 1% increase in sales corresponds to an additional 160,000 vehicles and 5,000 tons of lithium carbonate. Heavy-duty electric trucks are expected to see sales of 200,000 units in 2025 and 250,000 units in 2026 [3][3][3]. 6. **Energy Storage Demand**: - Actual shipments for energy storage in 2025 are projected to be between 620-640 GWh, representing over 80% year-on-year growth. The forecast for 2026 has been revised upwards to 900-950 GWh, with a potential aggressive target of 1,000 GWh. Domestic registered energy storage projects are expected to reach 1,200-1,300 GWh in the coming years [3][3][3]. Additional Important Insights 1. **Impact of Lithium Prices on IRR**: - The sensitivity of IRR to lithium prices is significant; a 50,000 increase in lithium prices results in a 1.25-1.5 percentage point decrease in IRR for storage projects. If prices rise from 90,000 to 190,000, the IRR could drop by 3 percentage points. If IRR falls below 6%, project delays may occur [4][4][4]. 2. **Market Dynamics**: - There is a time misalignment between energy storage installation and production, where current production exceeds current order volumes. If lithium prices fall to 100,000, previously registered projects could be restarted, providing a floor for lithium prices [4][4][4].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Supply - Last week, lithium carbonate production was 22,535 tons, a 0.51% week - on - week increase, higher than the historical average. In December 2025, production was 99,200 physical tons, and the predicted output for next month is 97,970 tons, a 1.23% decrease. The import volume in December 2025 was 26,000 physical tons, and the predicted import volume for next month is 22,500 tons, a 13.46% decrease [8][9]. - Demand - Last week, the inventory of lithium iron phosphate sample enterprises was 96,094 tons, a 3.80% week - on - week decrease, and the inventory of ternary material sample enterprises was 18,432 tons, a 0.80% week - on - week decrease. Next month's demand is expected to strengthen, and inventories may decline [8][9]. - Cost - The CIF price of 6% concentrate decreased on a daily basis, lower than the historical average. The cost of externally purchased spodumene concentrate was 152,997 yuan/ton, unchanged from the previous day, with a production profit of 6,514 yuan/ton. The cost of externally purchased lepidolite was 148,815 yuan/ton, a 0.84% daily decrease, with a production profit of 4,536 yuan/ton. The production cost at the recycling end is generally higher than that at the ore end, and the production profit is negative, resulting in low production enthusiasm. The quarterly cash production cost at the salt lake end is 32,231 yuan/ton, significantly lower than that at the ore end, with sufficient profit margins and strong production motivation [9][10]. - Market Outlook - The supply - demand pattern is shifting towards supply - led. The lithium carbonate 2605 contract is expected to fluctuate in the range of 157,560 - 166,240 yuan/ton. The main logic is the emotional fluctuations caused by news under the tight supply - demand balance [9][13]. Summary by Directory 1. Daily Viewpoints - Supply - Last week's production increase, and predicted decreases in next month's production and import. The cost of 6% concentrate decreased [8][9]. - Demand - Decreases in the inventory of lithium iron phosphate and ternary material sample enterprises last week, and expected strengthening of next month's demand [8][9]. - Cost - Different production costs and profits for various raw material sources, with the salt lake end having obvious advantages [10]. - Market - The 2605 contract is expected to fluctuate within a certain range, and the main logic is related to supply - demand balance and news sentiment [9][13]. - Factors - Positive factors include the production cut plan of lepidolite manufacturers and the decrease in lithium carbonate imports from Chile. Negative factors include the continuous high supply at the ore/salt lake end with limited decline [11][12]. 2. Fundamental/Position Data - **Lithium Carbonate Market Overview** - Price - The price of battery - grade lithium carbonate decreased by 2.45% to 159,000 yuan/ton, and the price of industrial - grade lithium carbonate decreased by 2.51% to 155,500 yuan/ton. The prices of other related products also showed different degrees of change [16]. - Supply - The weekly operating rate increased, and the monthly output of some products decreased. For example, the monthly output of lithium iron phosphate decreased by 2.17% to 403,900 tons [18]. - Demand - The inventory of downstream enterprises decreased, such as the 3.80% decrease in the weekly inventory of lithium iron phosphate sample enterprises to 96,094 tons [18]. - **Supply - Lithium Ore** - Price - The price of 6% lithium ore CIF decreased. The price of spodumene (6%) was 2,060 US dollars/ton, a 1.90% decrease [16]. - Production - The production of domestic lithium mines showed different trends in different periods. For example, the production of lithium mica increased by 3.95% to 10,010 tons in a certain month [18]. - Import - The monthly import volume of lithium concentrate increased by 27.59% to 677,528 tons, with a significant increase in imports from Australia [18]. - **Supply - Lithium Carbonate** - Operating Rate - The weekly and monthly operating rates of lithium carbonate from different sources showed different trends. For example, the weekly operating rate of lithium carbonate production from lithium ore was 87.14%, a 4.33% increase [18]. - Production - The monthly production of lithium carbonate increased in some months. In December 2025, the production was 99,200 tons, a 4.04% increase [18]. - Import - The monthly import volume of lithium carbonate decreased in some cases. The import volume from Chile decreased by 26.84% to 10,824.66 tons [18]. - **Supply - Lithium Hydroxide** - Capacity Utilization - The weekly capacity utilization rate of domestic lithium hydroxide showed different trends in different years [39]. - Production - The monthly production of lithium hydroxide was 30,450 tons in a certain month, and the export volume also changed over time [40][44]. - **Lithium Compound Cost - Profit** - Different raw materials have different cost - profit situations. For example, the production profit of externally purchased spodumene concentrate and lepidolite was positive, while the recycling end generally had a negative profit [10][47]. - **Inventory** - Lithium carbonate inventory - The total inventory decreased by 0.23% to 109,679 tons, with different trends in the inventory of smelters, downstream enterprises, and others [10]. - Lithium hydroxide inventory - The monthly inventory of lithium hydroxide from different sources also showed different trends [54]. - **Demand - Lithium Battery** - Price - The price of some batteries showed different trends. For example, the price of 523 square batteries changed over time [58]. - Production - The monthly production of battery cells, such as power ternary and power lithium iron phosphate, showed different trends [58]. - Sales - The monthly sales volume of new energy vehicles and the export volume of lithium batteries also changed [58][80]. - **Demand - Ternary Precursor** - Price - The price of ternary precursors showed different trends. For example, the price of 5 - series (single - crystal/power type) average was 119,250 yuan/ton, a 1.45% increase [16]. - Production - The monthly production of ternary precursors was 85,120 tons in a certain month, and the supply - demand balance also changed [63][66]. - **Demand - Ternary Material** - Price - The price of ternary materials showed different trends. For example, the price of 5 - series (single - crystal/power type) average was 205,000 yuan/ton [68]. - Production - The weekly operating rate of ternary materials and the production volume also changed [68]. - **Demand - Lithium Iron Phosphate/Phosphate** - Price - The price of lithium iron phosphate and phosphate showed different trends. For example, the price of power - type lithium iron phosphate changed over time [72]. - Production - The monthly production of lithium iron phosphate and phosphate showed different trends [75]. - **Demand - New Energy Vehicle** - Production - The production of new energy vehicles, including plug - in hybrids and pure - electric vehicles, showed different trends [80]. - Sales - The sales volume and sales penetration rate of new energy vehicles also changed [80][81].