碳酸锂调研报告 江西碳酸锂产业专项调研及市场研究报告 2025 年 11 月下旬在广州期货交易所的支持下，华金期货组织邀请 客户并在专家带领下对江西地区碳酸锂产业进行了调研，深入了解区 域产业情况、企业经营、当前碳酸锂供需结构及未来预期，并聚焦碳 酸锂产业未来发展情况。 一、调研背景与调研路线 2025 年碳酸锂市场价格在供给压力过剩的情况下由年初每吨 8 万 元跌至 6 月末最低 6 万元附近触底，此后伴随着反内卷政策、需求回 升及矿端减产的三重基本面向好地共振驱动下，价格一度攀升至最新 的 10 万元附近。当前行业头部企业纷纷发声看多 2026 年碳酸锂需求 及价格、外资投行看空后市，市场围绕江西矿端复产情况进行多空交 易，交易所连夜出台提高手续费政策抑制价格波动。在此背景下，华 金期货在广期所支持下，在江西碳酸锂产区，特别是有着"亚洲锂都" 之称的宜春地区，对碳酸锂重点生产企业、电池企业及相关行业协会 进行调研，围绕市场关注的热点，了解供需状况，未来行业发展趋势， 有助于对碳酸锂的市场行情进行研判，供产业链上下游企业及投资者 进行分析。 调研路线：九江市—新余市—宜春市 调研样本：7 家（4 家锂盐企业 ...

Report Title - "Carbonate Lithium Market Soars and Then Declines, with Intensified Capital Gaming in the Context of Strong Supply and Demand - Carbonate Lithium Weekly Report from October 27 - 31, 2025" [1] Report Industry Investment Rating - Not provided Core View of the Report - It is expected that lithium carbonate will oscillate between 80,000 - 84,000 yuan per ton next week, and attention should be paid to the actual impact of warrant cancellations. The current market is in a high - level oscillation stage. The core contradiction lies in the game between the expectation of new capacity release and strong demand. The short - term pattern of strong supply and demand will continue, but capital sentiment fluctuations will intensify price oscillations [2] Summary by Relevant Catalogs Lithium Salt Market Introduction - **Lithium Salt Price Changes**: The weekly increase of battery - grade carbonate lithium was 5.29% to 83,600 yuan per ton, and the basis changed from negative to positive to 2,820 yuan per ton. Industrial - grade carbonate lithium also rose 5.39% to 82,150 yuan per ton, with a stable price difference of 1,450 yuan per ton between battery - grade and industrial - grade. The weekly increase of carbonate lithium futures was 5.05%, from 75,700 yuan to 79,520 yuan. The arrival price of battery - grade carbonate lithium increased by 4.82% to 79,400 yuan, and the spot price of industrial - grade carbonate lithium increased by 4.77% to 77,950 yuan. The prices of lithium hydroxide remained unchanged [2][4] - **Lithium Salt Premium Changes**: The weekly premium changes of different raw materials and enterprises for lithium carbonate were significant. For example, the premium of spodumene raw materials increased by 150 yuan, and the premium of Ganfeng Lithium Industry increased by 100 yuan [7] Lithium Salt Fundamentals Supply - **China's Carbonate Lithium Production**: The capacity utilization rate of carbonate lithium remained at 74.39%. Although new production lines were put into operation, the actual increase was limited. The production of different regions and raw material sources is also an important part of the supply side [2] - **China's Lithium Hydroxide Production**: Not detailed in the provided content Demand - **Downstream Consumption**: The production of energy - storage cells increased by 5% week - on - week to 52GWh, the weekly production of ternary materials reached 18,568 tons, and the penetration rate of new energy vehicles exceeded 60%, showing strong demand [2] Import and Export - **Lithium Ore Import**: The shipping cost of lithium ore imports was stable with a slight increase. The shipping cost of the Nigerian route increased by 7.14% week - on - week. In September, the import volume decreased by 10% month - on - month, indicating tight overseas supply [2] - **Lithium Ore Transportation and Cost**: The shipping costs from South Africa, Zimbabwe, and other countries remained unchanged, while those from Nigeria decreased. For example, the bulk shipping cost from Nigeria decreased by 7.14% [27] - **Carbonate Lithium and Lithium Hydroxide Import and Export**: Not detailed in the provided content Inventory - **Carbonate Lithium Social Inventory**: The warrant inventory decreased by 3.76% week - on - week to 27,621 lots, and the available inventory of lithium ore increased by 9.09% to 12,000 tons, with limited overall inventory pressure [2] - **Carbonate Lithium Warrants**: The total number of carbonate lithium warrants decreased by 1,987 lots week - on - week, from 30,686 lots to 28,699 lots [40] Cost and Profit - **Carbonate Lithium**: The production profit of externally purchased lithium concentrate increased by 82.52% week - on - week to 9,339 yuan per ton, while the lithium mica route still had a loss of 7,681 yuan per ton, and cost differentiation intensified industry reshuffle [2] Lithium Battery Fundamentals Market - **Cathode Materials**: Not detailed in the provided content Supply - **Cathode Materials Production**: Not detailed in the provided content - **Electrolyte Price and Production**: Not detailed in the provided content Demand - **Cathode Materials Consumption**: Not detailed in the provided content Import and Export - **Lithium Battery Materials and Batteries**: Not detailed in the provided content Cost and Profit - **Ternary Materials**: Not detailed in the provided content Lithium Battery Recycling - Not detailed in the provided content New Energy Vehicles - **Production and Sales**: Not detailed in the provided content

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - On September 25, 2025, the 2511 contract of lithium carbonate futures rose 0.93% to 74,040 yuan/ton. The average price of battery - grade lithium carbonate decreased by 100 yuan/ton to 73,750 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 100 yuan/ton to 71,500 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton to 73,980 yuan/ton. The warehouse receipt inventory increased by 560 tons to 40,309 tons [3]. - In terms of supply, the weekly output increased by 153 tons to 20,516 tons. Among them, lithium extraction from spodumene increased by 120 tons to 12,989 tons, lithium extraction from lepidolite decreased by 20 tons to 2,840 tons, lithium extraction from salt lakes increased by 18 tons to 2,763 tons, and lithium recycling increased by 35 tons to 1,924 tons. In terms of demand, the weekly output of ternary materials increased by 113 tons to 16,762 tons, and the weekly inventory of ternary materials increased by 351 tons to 17,896 tons; the weekly output of lithium iron phosphate increased by 1,680 tons to 79,823 tons, and the weekly inventory of lithium iron phosphate increased by 2,069 tons to 98,286 tons. In terms of inventory, the weekly inventory decreased by 706 tons to 136,825 tons, mainly due to downstream restocking. Downstream inventory increased by 1,398 tons to 60,893 tons, intermediate - link inventory decreased by 1,140 tons to 42,440 tons, and upstream inventory decreased by 964 tons to 33,492 tons [3]. - As the National Day holiday approaches, the peak demand season, lithium carbonate destocking, and the firm price of lithium ore still support the price. However, the pre - holiday stocking demand may gradually weaken, and there is an expectation of project resumption after the holiday, but there is still some uncertainty. It is necessary to manage positions well [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 74,040 yuan/ton, up 1,160 yuan from the previous day; the closing price of the continuous contract was 73,740 yuan/ton, up 1,060 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) remained unchanged at 856 US dollars/ton. The price of lepidolite (Li2O: 1.5% - 2.0%) and lepidolite (Li2O: 2.0% - 2.5%) remained unchanged at 1,140 yuan/ton and 1,875 yuan/ton respectively. The price of amblygonite (Li2O: 6% - 7%) increased by 70 yuan to 6,150 yuan/ton, and the price of amblygonite (Li2O: 7% - 8%) increased by 75 yuan to 7,285 yuan/ton [5]. - **Lithium Carbonate and Lithium Hydroxide**: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide (coarse particles), battery - grade lithium hydroxide (micropowder), and industrial - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton. The price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) increased by 0.05 US dollars/kg to 9.45 US dollars/kg [5]. - **Lithium Hexafluorophosphate**: The price increased by 250 yuan to 58,000 yuan/ton [5]. - **Spreads**: The spread between battery - grade lithium carbonate and industrial - grade lithium carbonate remained unchanged at 2,250 yuan/ton, and the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate remained unchanged at 230 yuan/ton. The difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide increased by 494 yuan [5]. - **Precursors and Cathode Materials**: The prices of various ternary precursors and cathode materials generally increased, while the prices of different types of lithium iron phosphate decreased, and the prices of manganese acid lithium remained unchanged. The price of cobalt acid lithium increased by 6,000 yuan to 250,000 yuan/ton [5]. - **Cells and Batteries**: The prices of 523 square ternary cells and square lithium iron phosphate cells increased slightly, while the prices of other cells and batteries remained unchanged [5]. 3.2 Chart Analysis - **Ore Prices**: Charts 1 - 4 show the price trends of spodumene concentrate, different grades of lepidolite, and amblygonite from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Prices**: Charts 5 - 10 show the price trends of metal lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [11][13]. - **Spreads**: Charts 11 - 22 show the trends of various spreads such as the spread between battery - grade lithium hydroxide and battery - grade lithium carbonate, the spread between battery - grade lithium carbonate and industrial - grade lithium carbonate, and the basis from 2024 to 2025 [18][19][22]. - **Precursors and Cathode Materials**: Charts 16 - 20 show the price trends of ternary precursors, ternary materials, lithium iron phosphate, manganese acid lithium, and cobalt acid lithium from 2024 to 2025 [23][26][28]. - **Lithium Battery Prices**: Charts 21 - 24 show the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][33]. - **Inventory**: Charts 25 - 27 show the inventory trends of downstream, smelters, and other links from February 2025 to September 2025 [37][39]. - **Production Costs**: Chart 28 shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉,外购磷酸铁锂极片黑粉,外购锂云母精矿, and外购锂辉石精矿 from 2024 to 2025 [43].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report focuses on the fundamentals of lithium carbonate, including market data and macro - industry news. It shows that lithium carbonate production continues to increase and the market is in an oscillatory state [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the 2511 contract, the closing price was 74,040, with a change of 1,160 compared to T - 1; the trading volume was 342,719, down 2,502 from T - 1; the open interest was 261,141, up 487 from T - 1. For the 2601 contract, the closing price was 74,000, with a change of 1,140 compared to T - 1; the trading volume was 85,570, down 1,336 from T - 1; the open interest was 178,347, down 8 from T - 1. The warehouse receipt volume was 40,309, up 560 from T - 1 [1]. - **Base - related Data**: The spot - 2511 was - 290, down 1,260 from T - 1; the spot - 2601 was - 250, down 1,240 from T - 1; the 2511 - 2601 basis was 40, up 20 from T - 1; the electric carbon - industrial carbon was 2,250, unchanged from T - 1; the spot - CIF was 6,772, down 132 from T - 1 [1]. - **Raw Material and Lithium Salt Data**: The price of spodumene concentrate (6%, CIF China) was 856, unchanged from T - 1; the price of lithium mica (2.0% - 2.5%) was 1,875, unchanged from T - 1. The price of battery - grade lithium carbonate was 73,750, down 100 from T - 1; the price of industrial - grade lithium carbonate was 71,500, down 100 from T - 1 [1]. 3.2 Macro and Industry News - **Price Information**: The SMM battery - grade lithium carbonate index price was 73,678 yuan/ton, down 106 yuan/ton from the previous working day. The average price of battery - grade lithium carbonate was 73,750 yuan/ton, down 100 yuan/ton from the previous working day; the average price of industrial - grade lithium carbonate was 71,500 yuan/ton, down 100 yuan/ton from the previous working day [2]. - **Production and Inventory**: This week's lithium carbonate production was 20,516 tons, an increase of 153 tons from last week. The industry inventory was 136,825 tons, a decrease of 706 tons from last week [2]. - **Project News**: The 10,000 - ton battery - grade lithium carbonate project of the green comprehensive development and utilization of Zabuye Salt Lake in Tibet was officially put into production on September 20 - 24, 2025 [3]. 3.3 Trend Intensity The trend intensity of lithium carbonate is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The lithium carbonate market sentiment weakened today, with futures hitting the daily limit during the session and the main contract LC2511 closing at the limit price of 80,980. The sharp decline in the market was mainly due to the overall weakening of the macro - environment and capital stampede, while the fundamentals showed no obvious turning signal. The short - term seasonal support maintains a tight balance in the fundamentals, while the medium - term industrial supply and demand remain relatively loose. The lithium carbonate price is still greatly affected by short - term news, with limited downward space, and the main contract may find support between 75,000 - 80,000. It is expected to fluctuate widely in the short term [1][3][6] Summary by Related Content Market Performance - Today, the overall sentiment in the lithium carbonate market weakened. After a sharp low opening in the morning, the market continued to trade downward. Futures hit the daily limit across the board during the session. Some contracts opened during the afternoon session, but the overall market remained weak. The main contract LC2511 closed at the daily limit price of 80,980 [1] Factors Affecting the Market - **Macro and Sentiment Factors**: The sharp decline in the market was mainly due to the overall weakening of the macro - environment and capital stampede. After the main contract broke through 90,000 on Monday but failed to hold, some funds left the market in advance. Yesterday, the market sentiment adjusted, combined with the weakening macro - atmosphere and less - than - expected policy statements. The commodity night market was generally in the red, and negative news also triggered market discussions, intensifying capital stampede [3] - **Supply - related News**: Jiangte Motor announced that Yichun Yinli will resume production, which is in line with the previous 26 - day maintenance plan and has little impact on the overall supply. The Trump administration said it will highly prioritize law enforcement in several new industrial sectors including lithium, mainly related to product exports from Xinjiang. However, lithium projects in Xinjiang have not been scaled up, and the proportion of lithium - battery exports to the US has declined, so the actual impact may be limited. The results of mining rights issues in other mining areas in Jiangxi (except Jiaxiaowo) before September 30 and the resumption of production in Qinghai Salt Lake are still unclear, which may provide trading opportunities [3] Fundamental Situation - **Supply**: The fundamentals have maintained a tight balance recently. The smelting end has short - term inventory support, and supply has not significantly declined. Last week's production data was mainly driven by an increase in subcontracting. However, there is an expectation of a short - term contraction in domestic supply, which is expected to be gradually reflected in this week's data. In July, the total import of spodumene was 750,651 tons, a month - on - month increase of 30.35%, and the import volume increased due to price incentives. The total export of lithium carbonate from Argentina in July was 10,300 tons, of which 9,000 tons were exported to China, with a significant month - on - month increase in exports, which supplemented the reduction in domestic supply to some extent [4] - **Demand**: Demand is showing a stable and optimistic trend, gradually entering the peak season. Most orders for lithium iron phosphate have increased. The production of ternary materials has also increased due to the increase in customer - supplied demand from the cell end. The overall orders for electrolytes are good. However, the sustainability of the actual demand boost under the inventory pressure of the material industry chain still needs to be tracked. Last week, there was a slight de - stocking across the board. The inventory of upstream smelters continued to decrease, while downstream and other trading sectors had a certain amount of restocking. As of August 14, the total weekly inventory in the SMM sample was 142,256 tons, with smelter inventory at 49,693 tons, downstream inventory at 48,283 tons, and inventory in other sectors at 44,280 tons [5] Market Outlook - The short - term price of lithium carbonate is still greatly affected by news, with limited downward space. The main contract may find support between 75,000 - 80,000. It is expected to fluctuate widely in the short term as the fundamentals are in a tight balance in the short term due to seasonal support, while the medium - term industrial supply and demand remain relatively loose. After the third quarter, there are still project expectations for African mines, South American and domestic salt lakes to increase production [6]

目前来看，碳酸锂行情呈现震荡上行走势，盘面表现偏强。对于碳酸锂后市行情将如何运行，相关机构 观点汇总如下： 中金财富期货表示，随着宜春时代采矿停工后，碳酸锂价格走强，并且市场开始预期后端冶炼企业在权 益矿和库存矿使用完毕后，将进入长期停产模式。与此同时，青海地区企业采矿证到期，国家自然资源 部尚未公开续证并新增矿证规模，市场担忧哪怕续证后因为超产问题，四季度存在停产的不确定性，市 场也担忧续证的时间。目前碳酸锂市场不确定性依然较大，预计仍将明显波动。 8月18日，国内期市有色金属板块涨幅居前。其中，碳酸锂期货主力合约开盘报88160.0元/吨，今日盘 中高位震荡运行；截至发稿，碳酸锂主力最高触及90100.0元，下方探低87720.0元，涨幅达5.25%附 近。 新湖期货分析称，现阶段碳酸锂市场交易核心仍在供给端扰动，除枧下窝项目外，市场对国内云母端、 青海盐湖端、以及智利盐湖端均存有一定供应减量预期，预计现阶段锂价已较为充分计价枧下窝项目直 接供需影响量，不确定在于后续矿权扰动继续传导的情况、资金驱动强度以及即将进入旺季下游采购节 奏和补库预期是否会加速，从预期层面而言，仍有一定上行空间，且在此阶段供应端扰 ...

Group 1 - Lithium carbonate main contract prices rose sharply, reaching a peak of 69,980 yuan/ton before closing at 67,960 yuan/ton, reflecting a 2.47% increase [1] - Analysts believe that supply-side disturbances and a continuous decrease in exchange warehouse receipts are the main factors driving recent price increases, while the overall supply remains sufficient [1] - Despite being a traditional off-season for demand, downstream orders are still relatively stable, indicating a less pronounced seasonal effect [1] Group 2 - Cangge Mining announced a halt in lithium resource development activities, affecting a production line with a monthly capacity of approximately 1,200 tons of lithium carbonate equivalent, but the overall impact on the domestic lithium carbonate market supply is limited [2] - Domestic lithium carbonate production plans for July are projected to be 79,300 tons, a 7.1% increase month-on-month, with high operating rates maintained in Jiangxi and stable output in Qinghai [2] - Some manufacturers are experiencing increased orders and production enthusiasm, despite planned maintenance on certain spodumene production lines [2] Group 3 - Market sentiment is significantly driven by disturbances at the mining end, with lithium prices remaining strong, although downstream material manufacturers show little intention to actively replenish stocks [3] - The recent price increases are primarily driven by supply-side disturbances, with limited actual impact on the fundamentals, suggesting a cautious approach in the short term [3] - Continuous reduction in warehouse receipts and rising lithium ore prices, combined with various market news disturbances, are stimulating price increases, while long-term hedging pressures may arise [3]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report - On July 1, 2025, the 2509 contract of lithium carbonate futures rose 0.16% to 62,780 yuan/ton. The average price of battery - grade lithium carbonate remained at 61,300 yuan/ton, the average price of industrial - grade lithium carbonate remained at 59,700 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) dropped 100 yuan/ton to 57,720 yuan/ton. The warehouse receipt inventory increased 312 tons to 22,940 tons [3]. - On the supply side, the weekly lithium carbonate production increased 305 tons to 18,767 tons, with a relatively obvious increase from mica. In June, the lithium carbonate production increased over 9% month - on - month. On the demand side, according to third - party production scheduling data, the production of lithium iron phosphate in July is expected to increase 3% month - on - month, and the production of ternary materials is expected to increase 1.3% month - on - month. The weekly inventory turnover days have all increased, with a relatively obvious increase in lithium iron phosphate. On the inventory side, the weekly inventory increased 1,936 tons to 136,837 tons, with downstream inventory increasing 269 tons to 40,635 tons, intermediate link inventory increasing 1,260 tons to 37,170 tons, and upstream inventory increasing 407 tons to 59,032 tons [3]. - Last week, the lithium ore transaction price increased slightly. Lithium salt plants announced shutdowns for maintenance and technological upgrades, and there were many disturbances in the market news. However, the current price faces certain hedging pressure, and there are no signs of production cuts at the mine end. In the short term, it may still fluctuate [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 62,780 yuan/ton on July 1, 2025, up 520 yuan from June 30; the closing price of the continuous contract was 62,980 yuan/ton, up 560 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 625 US dollars/ton, down 5 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) remained at 720 yuan/ton; the price of lithium mica (Li2O: 2.0% - 2.5%) remained at 1,255 yuan/ton; the price of amblygonite (Li2O: 6% - 7%) was 4,275 yuan/ton, down 75 yuan; the price of amblygonite (Li2O: 7% - 8%) was 5,100 yuan/ton, down 100 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) remained at 61,300 yuan/ton; the price of industrial - grade lithium carbonate (99.2% industrial zero - grade/domestic) remained at 59,700 yuan/ton; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 57,720 yuan/ton, down 100 yuan; the price of battery - grade lithium hydroxide (micropowder) was 62,870 yuan/ton, down 100 yuan; the price of industrial - grade lithium hydroxide (coarse particles/domestic) was 52,070 yuan/ton, down 50 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained at 8.1 US dollars/kg [5]. - **Other Products**: The price of lithium hexafluorophosphate was 51,550 yuan/ton, down 150 yuan. Among the prices of precursors and cathode materials, most remained unchanged, with only the price of ternary precursor 622 (polycrystalline/consumer - type) up 20 yuan/ton to 71,310 yuan/ton, and the price of ternary material 811 (power - type) down 20 yuan/ton to 142,530 yuan/ton. The price of most lithium batteries remained unchanged, with only the price of square lithium iron phosphate batteries down 0.001 yuan/Wh to 0.299 yuan/Wh [5]. 3.2 Chart Analysis - **Ore Price**: Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%) from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Price**: Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [9][11][13]. - **Price Difference**: Charts present the price differences between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan, and South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2025 [16][17][19]. - **Precursor & Cathode Material**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [21][24][27]. - **Lithium Battery Price**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [30][32][33]. - **Inventory**: Charts present the weekly inventory trends of downstream, smelters, and other links of lithium carbonate from November 2024 to June 2025 [35][37]. - **Production Cost**: The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉 (Li: 5.5% - 6.5%),外购磷酸铁锂极片黑粉 (Li: 3.2% - 4.2%),外购锂云母精矿 (Li₂O: 2.5%), and外购锂辉石精矿 (Li₂O: 6%) from 2024 to 2025 [39][40]. 3.3 Research Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily & Securities Times. He has more than ten years of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won the awards of the 16th and 15th Best Metal Industry Futures Research Teams of Futures Daily & Securities Times and the title of Excellent Non - ferrous Metal Industry Team of the Shanghai Futures Exchange in 2016 [43]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [44]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [44].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - In April, lithium carbonate production scheduling was basically stable, cathode production scheduling increased slightly, and the supply - demand gap narrowed. Social inventories continued to accumulate, and downstream raw material inventories were at a high level. Short - term downstream purchases were mainly for刚需, and production still adopted long - term order and customer - supplied models. It is expected that the futures price will be mainly in a weak and volatile state [2]. 3. Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price was 71,450 yuan, down 100 yuan; SMM industrial - grade lithium carbonate average price was 69,650 yuan, unchanged [1]. Lithium Futures Contracts - The closing prices and changes of lithium carbonate futures contracts on April 21, 2025 were as follows: Li2505 was 70,320 yuan, down 0.28%; Li2506 was 70,260 yuan, down 0.26%; Li2507 was 70,180 yuan, down 0.34%; Li2508 was 71,300 yuan, down 0.11%; Li2509 was 71,460 yuan, down 0.2% [1]. Lithium Ore - The average price of spodumene concentrate (CIF China) was 808 yuan, down 1 yuan. The prices of different types of lithium mica and lithium - aluminum phosphate ore also had corresponding changes [1][2]. Cathode Materials - The average prices of cathode materials such as lithium iron phosphate (power type), ternary material 811 (polycrystalline/power type), ternary material 523 (single - crystal/power type), and ternary material 613 (single - crystal/power type) all decreased to varying degrees [2]. Price Spreads - The price spreads between battery - grade and industrial - grade lithium carbonate, battery - grade lithium carbonate and the main contract, and among different - term futures contracts all had corresponding changes [2]. Inventory - The total inventory (weekly, tons) was 131,605 tons, with inventory in smelters, downstream, and other sectors changing differently. The registered warehouse receipts (daily, tons) were 29,562 tons, an increase of 300 tons [2]. Production Profit - The cash cost of purchasing spodumene concentrate externally was 74,466 yuan, with a profit of - 3,998 yuan; the cash cost of purchasing lithium mica concentrate externally was 76,596 yuan, with a profit of - 7,845 yuan [2]. Other News - CATL was approved to list on the Hong Kong Stock Exchange, with an expected fundraising of at least $5 billion (about 36.5 billion yuan). The funds will be used for overseas capacity expansion and international business development [2]. - A lithium ore exploration right in Hotan, Xinjiang was successfully auctioned at a price of 500.196 million yuan, with a premium rate of 12,906% [2].