Core Viewpoint - The lithium carbonate futures prices have experienced significant fluctuations, with a recent drop exceeding 4%, following a peak above 90,000 yuan/ton, indicating a volatile market influenced by supply and demand uncertainties [1][2][3]. Group 1: Price Movements - Lithium carbonate prices surged due to rumors of mine shutdowns, reaching over 80,000 yuan/ton by August 11, and further climbing to over 90,000 yuan/ton by August 18 [2]. - Following the peak, prices began to decline sharply, with the main contract hitting the limit down on August 20 and falling below 80,000 yuan/ton by August 22 [1][2]. Group 2: Supply and Demand Dynamics - The market's supply dynamics have shifted as companies like Jiangxi Special Electric Motor Co. resumed production, and overseas operations, such as Albemarle's La Negra plant, have also restarted, increasing supply amid high prices [2]. - Analysts predict that the current supply reduction is temporary, with expectations of oversupply in the lithium market over the next two years, potentially exerting downward pressure on prices by 2026 [3]. Group 3: Market Predictions and Strategies - Analysts suggest that the lithium futures market will experience two phases in the second half of the year: a potential price increase in Q3 due to improved macro sentiment and a decline in Q4 as production ramps up [3]. - It is recommended to utilize options to hedge against market volatility, given the high uncertainty in news and market conditions [4].

| 交易日期(日) | 2025-08-21 | 2025-08-20 | 2025-08-14 | 较昨日变化 | 近两周走势 | | --- | --- | --- | --- | --- | --- | | 近月合约 收盘价 | 83000.00 | 81040.00 | 73480.00 | 1,960.00 | w | | 收盘价 连一合约 | 82960.00 | 81000.00 | 85140.00 | 1,960.00 | ( 1 | | 连二合约 收盘价 连三合约 收盘价 | 82180.00 82180.00 | 80880.00 80880.00 | 85300.00 85300.00 | 1,300.00 1,300.00 | | | 收盘价 | 82760.00 | 80980.00 | 85300.00 | 1,780.00 | ( | | 碳酸锂期货 成交量(手) | 777827.00 | 838879.00 | 1060127.00 | -61,052.00 | | | 活跃合约 | | | | | | | (元/吨) 持仓堂(手) | 390069.00 | 395102 ...

Core Viewpoint - The lithium carbonate futures prices in China experienced significant volatility this week, driven by expectations of increased lithium supply following the resumption of production by Jiangxi Special Electric Motor Co., Ltd.'s subsidiary Yichun Silver Lithium [2][4]. Group 1: Market Reactions - On August 20, lithium carbonate futures contracts fell sharply, with the main contract price dropping to 80,980 RMB per ton, a decrease of 8% [2]. - Just two days prior, on August 18, the contract price had reached a one-year high of 90,100 RMB per ton [3]. Group 2: Supply Expectations - The market's rapid response was influenced by a shift in supply expectations, particularly after the announcement of Jiangxi Special Electric Motor's resumption of production and the confirmation of Qinghai Salt Lake Industry Co., Ltd.'s lithium extraction project expected to begin trial production in September [5]. - Yichun Silver Lithium is a key part of Jiangxi Special Electric Motor's integrated supply chain, primarily engaged in lithium ore processing, with an expected initial monthly output of approximately 300 tons, gradually increasing to a maximum of 1,000 tons [5]. Group 3: Domestic and International Supply - The resumption of production by individual companies, while limited in its overall impact on supply-demand dynamics, has been interpreted by the market as a stabilization of domestic lithium resource supply [5]. - Data from Chinese customs indicated that lithium spodumene imports reached 750,000 tons in July 2025, a month-on-month increase of over 30%, marking a historical high for monthly imports [6]. Group 4: International Mining Activity - Significant increases in imports from Australia, Nigeria, and South Africa suggest ample overseas mineral supply [7]. - Major overseas mining companies have also issued production guidance indicating increases, with Australia's Greenbushes project expected to see a 3% to 11% increase in production for the 2026 fiscal year, and Pilbara's project expected to increase by 8% to 15% [7]. Group 5: Market Outlook - Overall, the lithium carbonate market is expected to remain in a capacity release cycle, with both ore and salt lake supplies anticipated to stay high [8]. - Demand remains robust, with an increase in orders for lithium iron phosphate batteries and a rise in production schedules for ternary batteries due to growing downstream demand [8]. - However, the pressure from lithium carbonate inventory will influence the supply-demand dynamics alongside the sustainability of actual demand recovery [9].

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]

Report Summary 1. Investment Rating The provided report does not mention the industry investment rating. 2. Core Viewpoints - On August 19, 2025, the 2511 contract of lithium carbonate futures dropped 1.79% to 87,540 yuan/ton. The average price of battery - grade lithium carbonate rose 1,100 yuan/ton to 85,700 yuan/ton, and the average price of industrial - grade lithium carbonate also increased 1,100 yuan/ton to 83,400 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) went up 1,000 yuan/ton to 77,740 yuan/ton. The warehouse receipt inventory increased 60 tons to 23,615 tons [3]. - Jiangte Motor's subsidiary, Yichun Yinli, will resume production after equipment maintenance. The weekly output of lithium carbonate increased by 424 tons to 19,980 tons. It is expected that the supply in August will increase by 3% to 84,200 tons. The lithium consumption of two major cathode materials in August is expected to increase by 8% to 86,000 tons LCE. The total social inventory decreased by 162 tons to 142,256 tons, with upstream destocking and restocking in other and downstream sectors [3]. - The suspension of mining operations has slightly adjusted the oversupply of resources, but there are still uncertainties in other mines. The lithium ore price has exceeded $1,000/ton, providing some support for lithium prices. The price reached over 90,000 yuan/ton this week. With the news of resumption of production and increased imports, there may be a short - term correction, but further attention should be paid to supply disruptions in the resource end [3]. 3. Section Summaries 3.1 Ore Prices The report presents charts of prices for various lithium ores such as lithium spodumene concentrate (6%, CIF China), lithium mica (with different Li₂O contents), and phospho - lithium - aluminum stone (with different Li₂O contents) from 2024 to 2025 [6][8][10]. 3.2 Lithium and Lithium Salt Prices Charts show the prices of metal lithium, battery - grade and industrial - grade lithium carbonate, battery - grade and industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [12][14][16]. 3.3 Price Spreads The report includes charts analyzing price spreads such as the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade and industrial - grade lithium carbonate, and price differences between domestic and CIF prices for lithium hydroxide and lithium carbonate, as well as the basis from 2024 to 2025 [18][20][21]. 3.4 Precursor & Cathode Materials Charts display the prices of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobalt oxide from 2024 to 2025 [22][25][28]. 3.5 Lithium Battery Prices The report provides charts of prices for 523 square ternary cells, square lithium iron phosphate cells, lithium cobalt oxide cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][33][34]. 3.6 Inventory Charts show the downstream, smelter, and other环节 inventories of lithium carbonate from December 26, 2024, to August 14, 2025 [35][37][38]. 3.7 Production Costs A chart presents the production costs and profits of lithium carbonate from different raw materials such as purchased ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025 [39][40][41]. 4. Research Team - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and has won multiple industry awards [43]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on 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, focusing on lithium and nickel [44]. 5. Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Plaza, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222 - Fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979 - Zip code: 200127 [47]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - On August 18, the main contract of lithium carbonate futures fluctuated at a high level. The market showed rigid - demand procurement, and the basis discount widened. In the short - term, both supply and demand strengthened, with the profit margin expanding, lithium carbonate production rebounding, downstream demand rising, and social inventory being depleted. However, it is necessary to guard against the "reversal" sentiment decline. It is expected that the price of lithium carbonate will fluctuate widely. The operation suggestion is short - term range operation and appropriate purchase of options for protection [3] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - **Closing Prices**: On August 18, the closing prices of the near - month contract, consecutive - one contract, consecutive - two contract, and consecutive - three contract of lithium carbonate futures were 89,300.00 yuan/ton, 89,280.00 yuan/ton, 89,240.00 yuan/ton, and 89,240.00 yuan/ton respectively, showing an increase compared to previous days [3] - **Volume and Open Interest**: The trading volume of the active contract of lithium carbonate futures on August 18 was 1,036,328.00 lots, an increase of 167,517.00 lots from the previous day. The open interest was 421,106.00 lots, an increase of 19,967.00 lots [3] - **Inventory**: The inventory on August 18 was 23,555.00 tons, an increase of 70.00 tons from the previous day [3] - **Spreads**: The spread between the near - month and consecutive - one contracts was 20.00 yuan/ton, the spread between the consecutive - one and consecutive - two contracts was 40.00 yuan/ton, and the spread between the consecutive - two and consecutive - three contracts was 0.00 yuan/ton [3] - **Basis**: The basis of the SMM battery - grade lithium carbonate average price minus the closing price of the active contract of lithium carbonate futures was - 4,640.00 yuan/ton on August 18 [3] 3.2 Spot Market Data - **Lithium Ore Prices**: The average price of lithium spodumene concentrate (6%, CIF China) was 978.00 US dollars/ton on August 18, an increase of 38.00 US dollars/ton from the previous day. The average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,385.00 yuan/ton, an increase of 65.00 yuan/ton [3] - **Lithium Salt Prices**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 84,600.00 yuan/ton on August 18, an increase of 1,900.00 yuan/ton from the previous day. The average price of industrial - grade lithium carbonate (99.2%, domestic) was 82,300.00 yuan/ton, an increase of 1,900.00 yuan/ton [3] - **Other Lithium - Related Product Prices**: The prices of various lithium - related products such as lithium hydroxide, ternary precursors, ternary materials, lithium iron phosphate, cobalt - based materials, and negative electrode materials also showed different degrees of changes [3] 3.3 Supply and Demand Information - **Supply**: The weekly production of lithium carbonate increased. The SMM lithium carbonate inventory was 142,256 tons in total, with the inventory of smelters at 49,693 tons, showing a decreasing trend [3] - **Demand**: In the downstream, the production of lithium iron phosphate and ternary materials increased last week. The production of cobalt - based lithium decreased in August, while the production of manganese - based lithium increased. The production of power batteries increased last week. In July, the year - on - year growth rate of new - energy vehicle production and sales continued, but the sales volume decreased month - on - month. The 3C shipment volume was average, and the production plan of energy - storage batteries increased in August [3] 3.4 Company News - Nengdongli stated on the interactive platform on August 18 that since the self - operation of its Lijiagou lithium mine, the operation has been good, and it is currently in the production - capacity climbing stage. De'ayi Industry successfully produced qualified battery - grade lithium salts in July 2025 [3] - Australian Covalent Lithium Company started producing lithium hydroxide at its 50,000 - ton/year Kwinana refinery on August 15, confirming that the commissioning has entered the trial - production stage, but its expansion plan has been shelved [3]

Core Viewpoint - Rongjie Co., Ltd. reported a significant decline in net profit for the first half of 2025, despite an increase in revenue, primarily due to falling lithium salt product prices and reduced investment income from joint ventures [1] Financial Performance - The company achieved a net profit of approximately 85.41 million yuan, a year-on-year decrease of 48.54% [1] - Revenue for the first half of 2025 was approximately 303 million yuan, reflecting a year-on-year growth of 21.06% [1] Business Segments - The lithium mining and selection business saw a substantial increase in lithium concentrate production and sales, with revenue from lithium concentrate products rising by 51.87% compared to the same period last year [1] - In response to the significant drop in sales prices of lithium salt products due to increased supply and concentrated capacity release, the company reduced the production and sales volume of lithium salt products, leading to a substantial decline in revenue from this segment [1] - The decrease in investment income from joint venture lithium salt enterprises also contributed to the overall decline in net profit [1] Market Position - As of August 18, the stock price of Rongjie Co., Ltd. was reported at 36.46 yuan per share, with a total market capitalization of 9.467 billion yuan [1]

Core Viewpoint - The company reported a significant increase in revenue but a substantial decline in net profit, reflecting challenges in the lithium market and operational adjustments [2][3]. Financial Performance - Total revenue for the reporting period reached 303.41 million yuan, a year-on-year increase of 21.06% [2]. - Net profit attributable to shareholders was 85.41 million yuan, a decrease of 48.54% compared to the previous year [2]. - Net profit excluding non-recurring items was 73.59 million yuan, down 48.23% year-on-year [2]. - Basic and diluted earnings per share both stood at 0.3289 yuan, reflecting a decline of 48.55% [2]. - The weighted average return on equity decreased to 2.51%, down 2.51 percentage points from the previous year [2]. Asset Overview - Total assets at the end of the reporting period were 4.41 billion yuan, an increase of 1.87% from the end of the previous year [2]. - Net assets attributable to shareholders were 3.40 billion yuan, up 1.26% from the previous year [2]. Business Operations - The company's main business includes lithium mining, lithium salt production, and lithium battery equipment manufacturing [3]. - The lithium mining segment saw a significant increase in production and sales, with revenue from lithium concentrate rising by 51.87% year-on-year [3]. - However, due to increased supply and a significant drop in lithium salt prices, the company reduced its lithium salt production and sales, leading to a substantial decline in revenue from this segment [3]. - The company also experienced a significant decrease in investment income from joint ventures in lithium salt production [3]. - The lithium battery anode and cathode material projects are still in the construction and planning stages, with no products generated yet [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The current market is dominated by the mining license issue in Jiangxi. If it remains unresolved, significant market fluctuations may occur. The market has two logics: one is a potential "futures up - capacity release - increased ore consumption - ore price increase" chain during price rebounds; the other is a "lithium salt down - ore price down - lithium salt down again" negative feedback during price declines. In the second half of the year, the futures market is expected to first rise in Q3 due to improved macro - sentiment, mining license issues, and off - season demand, then fall in Q4 as production increases after technical upgrades [3]. - There are both positive and negative factors in the market. Positive factors include improved macro - sentiment and unresolved mining license issues; negative factors are high future lithium ore production expectations, inventory pressure, continuous inventory accumulation of lithium salt and cells, and cost reduction from technological upgrades [3][5]. 3. Summary by Relevant Catalogs 3.1 Futures Price Interval Prediction - The short - term strong support level for the lithium carbonate futures main contract is 65,000 yuan/ton. The current 20 - day rolling volatility is 42.2%, and its historical percentile in 3 years is 73.5% [2]. 3.2 Risk Management Strategy Recommendations - **Inventory Management**: For high - inventory situations with potential for inventory impairment, sell 20% of LC2511 lithium carbonate futures, sell 20% of call options (both over - the - counter and on - exchange), and buy out - of - the - money put options [2]. - **Procurement Management**: For future procurement plans, buy lithium carbonate forward contracts according to the plan to lock in costs, sell put options, and buy out - of - the - money call options [2]. 3.3 Futures Data - **Futures Main Contract**: The closing price of the lithium carbonate futures main contract is 72,300 yuan/ton, with a daily increase of 2,680 yuan (3.85%) and a weekly increase of 4,020 yuan (5.89%). The trading volume is 766,669 lots (an 80.24% daily increase and 46.91% weekly increase), and the open interest is 289,832 lots (a 12.44% daily increase and 26.36% weekly increase) [8]. - **LC2601 Contract**: The closing price is 72,600 yuan/ton, with a daily increase of 2,560 yuan (3.66%) and a weekly increase of 3,460 yuan (5.00%). The trading volume is 129,077 lots (a 78.65% daily increase and 12.79% weekly increase), and the open interest is 112,441 lots (a 4.61% daily decrease and 12.77% weekly increase) [8]. - **Month - spread Changes**: LC09 - 11 is - 380 yuan/ton, with a daily decrease of 20 yuan (6%) and a weekly decrease of 60 yuan (19%); LC11 - 12 is - 280 yuan/ton, with a daily decrease of 20 yuan (8%) and a weekly increase of 240 yuan (- 46%); LC11 - 01 is - 300 yuan/ton, with a daily increase of 120 yuan (- 29%) and a weekly increase of 240 yuan (- 44%) [10]. 3.4 Spot Data - **Lithium Ore**: The average prices of various lithium ores have different daily and weekly changes. For example, the average price of lithium mica (Li2O: 2 - 2.5%) is 1,750 yuan/ton, with a daily increase of 60 yuan (3.55%) and no weekly change; the average price of lithium spodumene (Li2O: 6%, Brazil CIF) is 750 US dollars/ton, with a daily increase of 12.5 US dollars (1.69%) and a weekly decrease of 15 US dollars (- 1.96%) [16]. - **Carbon/Hydrogen Lithium**: The average price of industrial - grade lithium carbonate is 69,000 yuan/ton (a 0.22% daily increase and - 1.29% weekly decrease), and the average price of battery - grade lithium carbonate is 71,100 yuan/ton (a 0.21% daily increase and - 1.25% weekly decrease) [19]. - **Downstream Products**: The prices of downstream products such as lithium iron phosphate, ternary materials, and electrolytes also have different daily changes. For example, the average price of lithium iron phosphate (power - type) is 32,535 yuan/ton, with a daily decrease of 60 yuan (- 0.18%) [24]. 3.5 Basis and Warehouse Receipt Data - **Basis**: The basis of the lithium carbonate main continuous contract is shown in the chart. The brand - based basis quotes of different companies for the LC2507 contract vary, with most having no daily changes [26][27]. - **Warehouse Receipts**: The total number of lithium carbonate warehouse receipts increased from 15,023 to 16,443, with different changes in each warehouse [30][31]. 3.6 Cost and Profit No specific numerical summaries are provided due to the graphical presentation of cost - profit data, but it includes production profit from purchased lithium ore, theoretical delivery profit, and import profit of lithium carbonate [33].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate market is currently in a state of complex supply - demand balance. The overall supply is relatively high, and the demand is gradually strengthening. The cost of different raw materials varies, and the profitability also shows differences. The market is expected to shift towards demand - led in the future, with the lithium carbonate 2511 contract expected to fluctuate in the range of 67,980 - 71,260 [8]. - The main logic is that capacity mismatch leads to a situation of strong supply and weak demand, and the downward trend is difficult to change [11]. 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: Last week, lithium carbonate production decreased by 7.31% week - on - week, higher than the historical average. The inventory of sample enterprises of lithium iron phosphate and ternary materials decreased. The cost of purchased lithium spodumene concentrate decreased by 1.08% day - on - day, with a profit of 2,248 yuan/ton. The cost of purchased lithium mica decreased by 0.61% day - on - day, with a loss of 6,781 yuan/ton. The production cost of the recycling end is close to that of the ore end, and the production scheduling enthusiasm is average [8]. - **Basis**: On August 6th, the spot price of battery - grade lithium carbonate was 70,950 yuan/ton, and the basis of the 11 - contract was 1,330 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The total inventory decreased by 1.00% week - on - week, higher than the historical average. The inventory of smelters decreased by 6.18% week - on - week, while the downstream inventory increased by 7.18% week - on - week [8]. - **Disk**: The MA20 of the disk is upward, and the price of the 11 - contract closed below the MA20, showing a neutral situation [8]. - **Main Position**: The net short position of the main position increased, showing a bearish situation [8]. - **Expectation**: In the future, supply is expected to increase, with production and imports expected to rise. Demand is expected to strengthen, and inventory may be depleted. The supply - demand pattern will shift towards demand - led, and the lithium carbonate 2511 contract is expected to fluctuate in the range of 67,980 - 71,260 [8]. 3.2 Market Overview - **Lithium Ore**: The price of 6% lithium spodumene decreased by 1.58% to 748 US dollars/ton, and the price of 2.5% lithium mica concentrate decreased by 1.17% to 1,690 yuan/ton [14]. - **Lithium Compounds**: The price of battery - grade lithium carbonate decreased by 0.35% to 70,950 yuan/ton, and the price of industrial - grade lithium carbonate decreased by 0.36% to 68,850 yuan/ton [14]. - **Positive and Negative Factors**: Positive factors include manufacturers' production cut plans, a decrease in the import volume of lithium carbonate from Chile, and a decline in the import volume of lithium spodumene. Negative factors include continuous high supply at the ore/salt lake end with limited decline, and insufficient willingness to take delivery at the power battery end [9][10]. 3.3 Supply - Side Data - **Lithium Ore**: The monthly import volume of lithium concentrate decreased by 17.25% to 427,626 tons, and the monthly import volume of lithium carbonate decreased by 16.31% to 17,697.62 tons [17]. - **Lithium Carbonate**: The weekly production decreased by 1.01% to 141,726 tons, and the monthly production increased by 4.41% to 81,530 tons [17]. - **Lithium Hydroxide**: The monthly production increased by 2.94% to 25,170 tons, and the monthly net export volume increased by 0.73% to 4,777.73 tons [17]. 3.4 Demand - Side Data - **Lithium Batteries**: The monthly output of lithium iron phosphate increased by 9.70% to 252,200 tons, and the monthly output of lithium iron phosphate lithium batteries increased by 1.86% to 290,700 tons [17]. - **New Energy Vehicles**: The monthly production decreased by 0.16% to 1,268,000 vehicles, and the monthly sales increased by 1.68% to 1.329 million vehicles [17].