Report Industry Investment Rating - The rating for lithium carbonate is "Oscillating" [5] Core Viewpoints of the Report - The dominant logic of the current market is the downward spiral of salt and ore prices and cost reduction at the resource end. The significant month - on - month increase in lithium element imports in April exacerbated market pessimism. However, the short - term downward space for ore prices is limited, and salt factory maintenance may provide short - term price support. The long - term bearish pattern remains unchanged, but short - term decline is restricted, and previous short positions can consider partial profit - taking or contract switching [3][14][15] Summary by Directory 1. 4 月锂元素进口环比大增，盘面再创新低 - Last week (05/19 - 05/23), lithium salt prices continued to be weak. LC2506 and LC2507 closing prices decreased by 1.5% and 1.4% respectively. SMM battery - grade and industrial - grade lithium carbonate spot average prices dropped by 2.2%. SMM battery - grade lithium hydroxide average prices for coarse - grained and micronized types decreased by 1.5% and 1.4% respectively. The electric - industrial price difference slightly narrowed, and the premium of battery - grade lithium hydroxide over battery - grade lithium carbonate continued to widen. In April, China imported 2.83 million tons of lithium carbonate (month - on - month increase of 56%, year - on - year increase of 18%) and 623,000 tons of spodumene ore (equivalent to 535,000 tons, month - on - month increase of 20%, year - on - year increase of 10%), and the domestic lithium ore inventory at the end of April increased to 3.7 months [2][12][13] 2. Week - on - Week Industry News Review - Kodal expects to soon obtain an export license for 27,000 tons of lithium concentrate from its Bougouni project in Mali. In April, China imported 623,000 tons of spodumene, a 16.5% month - on - month increase. Argentina approved a $2.5 billion lithium mine project by Rio Tinto. Zimbabwean lithium exporters seek to postpone the export tax until 2027. The EU postponed two matters of the Battery Act, giving Chinese lithium - battery enterprises a buffer for exports to Europe [16][17][19] 3. Key High - Frequency Data Monitoring of the Industry Chain 3.1 Resource End: Spot Quotes of Lithium Concentrate Continue to Decline - The spot quotes of lithium concentrate are continuously dropping [19] 3.2 Lithium Salt: The Main Contract is Weakly Running - The main contracts of lithium salt are running weakly [23] 3.3 Downstream Intermediates: Quotes Decline - The quotes of downstream intermediates are falling [37] 3.4 Terminal: China's New Energy Vehicle Penetration Rate Rebounded in April - China's new energy vehicle penetration rate rebounded in April [43]