Report Industry Investment Rating - Not provided Core Viewpoints - The price of lithium carbonate futures is under pressure from macro hedging and the slowdown of inventory reduction, but is supported by demand. Due to the unclear macro situation, investors are advised to participate with caution [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 152,500 with a rise of 5,000; SMM industrial - grade lithium carbonate average price is 149,500 with a rise of 5,000 [1] - Futures contracts: lithium carbonate 2604 closes at 158,740 with a 3.96% increase; 2605 closes at 159,120 with a 4.34% increase; 2606 closes at 158,580 with a 4.6% increase; 2607 closes at 158,660 with a 4.55% increase; 2608 closes at 159,780 with a 4.84% increase [1] Lithium Ore - Lithium spodumene concentrate (CIF China) average price is 2,143 with a rise of 71 (Li20: 5.5% - 6%) [1] - Lithium mica (Li20: 1.5% - 2.0%) average price is 3,175 with a rise of 110; (Li20: 2.0% - 2.5%) average price is 4,600 with a rise of 135 [2] - Phosphorus lithium aluminum stone (Li20: 6% - 7%) average price is 12,325; (Li20: 7% - 8%) average price is 13,400 with a rise of 475 [2] Cathode Materials - Lithium iron phosphate (power type) average price is 54,140 with a rise of 1,215 [2] - Ternary material 811 (polycrystalline/power type) average price is 210,250 with a rise of 1,500 [2] - Ternary material 523 (single - crystal/power type) average price is 183,250 with a rise of 2,000 [2] - Ternary material 613 (single - crystal/power type) average price is 185,400 with a rise of 1,950 [2] Price Spreads - The price difference between battery - grade and industrial - grade lithium carbonate is 3,000 [2] - The price difference between battery - grade lithium carbonate and the main contract is - 6,620 with a change of - 1,180 [2] - The price difference between the near - month and the first - continuous contract is - 380 with a change of 120; between the near - month and the second - continuous contract is 160 with a change of - 320 [2] Inventory - Total inventory (weekly, tons) is 98,873 with a decrease of 86 [2] - Smelter inventory (weekly, tons) is 16,608 with an increase of 316 [2] - Downstream inventory (weekly, tons) is 46,105 with an increase of 458 [2] - Other inventory (weekly, tons) is 36,160 with a decrease of 860 [2] - Registered warehouse receipts (daily, tons) is 31,460 with a decrease of 618 [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 148,927, and the profit is 1,602 [3] - The cash cost of purchasing lithium mica concentrate externally is 141,044, and the profit is 6,289 [3] Industry News - The Delhi government in India plans to introduce a subsidy policy for scrapping old cars and purchasing new electric vehicles during the Delhi budget meeting next week to accelerate the electrification transformation and reduce the number of old high - emission vehicles [3] - Macroscopically, the situation between the US and Iran persists, and capital hedging creates upward pressure. Fundamentally, the new energy vehicle data in February was lower than expected, but the energy storage demand remains strong [3]