Report Industry Investment Rating - The report gives a rating of "oscillating operation" for the industry [3] Core Viewpoint - The steel price is currently oscillating and weakening, mainly dragged down by coking coal on the raw material side. The steel price is temporarily following the changes in the raw material side, and the subsequent focus is on the downstream demand situation [2][3] Summary by Related Catalog Industry Data - In March, China's manufacturing, non - manufacturing, and comprehensive PMI output indices all returned to the expansion range, at 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1 percentage points from the previous month [2] - In March, the actual production of tube billet steel mills was 1.3393 million tons, a month - on - month increase of 85,000 tons and a year - on - year increase of 107,600 tons. The estimated output in April is 1.3542 million tons [2] - On March 31, the average cost of 76 independent electric arc furnace construction steel mills was 3,410 yuan/ton, a daily increase of 2 yuan/ton. The average profit was a loss of 86 yuan/ton, and the off - peak electricity profit was 21 yuan/ton [2] Industry Events - On March 30, the UK Trade Remedies Authority announced an anti - absorption review of the anti - dumping measures applicable to imported excavators from China to decide whether to maintain or adjust the current anti - dumping duty rate [2]

Report's Investment Rating for the Industry - No information provided Core View of the Report - The lithium carbonate market is experiencing high-level fluctuations due to the combination of macro factors and supply disruptions [2][3] Summary Based on Relevant Catalogs Market Performance - Yesterday, the main contract 2605 of lithium carbonate oscillated downward with increased trading volume and showed a position reduction throughout the day. The Guangzhou Futures Exchange warehouse receipt volume decreased to 11,318 lots. The difference in open interest between the 2605 and 2609 contracts has narrowed to only 10,000 lots. The SMM average price of battery-grade lithium carbonate in the spot market is 164,500 yuan/ton. As prices fall, upstream lithium salt producers are more reluctant to sell, while downstream material manufacturers' procurement has not significantly improved. Inquiries are active, but transactions are somewhat light [2] Fundamental Analysis - **Supply**: Last week, raw material prices were divided. The CIF price of spodumene concentrate in China slightly increased, while the domestic spot price slightly decreased. The SMM operating rate continued to rise to 56.57%, and the total output increased to 24,814 tons, with overall supply steadily increasing [3] - **Demand**: Ternary lithium iron phosphate continued the trend of increasing production and inventory. Energy storage cells had strong production and sales and low inventory, presenting a structural highlight. The intensive release of new models from March to April is expected to drive a marginal improvement in demand [3] - **Inventory**: Last week, the SMM four - region social inventory decreased to 39,300 tons. The sample weekly inventory increased to 99,500 tons in a cumulative manner but remained at a relatively low level. The total inventory days increased to 27.9 days. Structurally, upstream and downstream enterprises increased inventory, while traders reduced inventory [3] Macro - policy Analysis - **International**: The 15% temporary tariff policy of the US White House is still within the window period, which is a phased positive for demand. Geopolitical conflicts in the Middle East continue to cause disruptions, but Trump has signaled the end of the war, and macro uncertainties still exist [3] - **Domestic**: The comprehensive utilization management method for new - energy vehicle power batteries will long - term optimize the domestic supply structure and raise the cost support center. The development of Qinghai salt lakes, the "14th Five - Year Plan" for energy storage, and the Central Economic Work Conference support the long - term balance of supply and demand. The 2026 government work report mentioned zero - carbon parks/factories, which are expected to become the second growth curve for energy storage [3]

Report Overview - The report focuses on the lithium carbonate market, analyzing its current situation, fundamentals, and macro - policy environment, and providing an outlook and risk factors [2][3][4] 1. Industry Investment Rating - No industry investment rating is provided in the report 2. Core View - The lithium carbonate market is expected to experience an upward - biased range - bound oscillation due to mine - end disturbances and a tight - balance pattern [2][4] 3. Summary by Relevant Aspects Market Performance - Last week, the main contract of lithium carbonate oscillated upward intraday, closing at 168,440 yuan/ton, with a significant increase in trading volume, a slight increase in positions, and a decrease in the warehouse receipt volume of the Guangzhou Futures Exchange. The average price of SMM battery - grade lithium carbonate in the spot market was 158,000 yuan/ton. Upstream lithium salt producers' shipping sentiment improved, while downstream material producers remained cautiously wait - and - see, only making small - scale rigid - demand purchases [2] Fundamentals Supply - Last week, raw material prices showed a divergence. The CIF price of lithium spodumene concentrate in China increased slightly, while the domestic spot price decreased slightly. The SMM operating rate continued to rise to 56.57%, and the total output increased to 24,814 tons, with overall supply steadily increasing. News from Zimbabwe, Australian mines, and Jiangxi mines continuously boosted market sentiment [3] Demand - Ternary lithium iron continued the trend of increasing production and inventory. Energy - storage cells had strong production and sales and low inventory, presenting a structural highlight. The intensive release of new models from March to April is expected to drive a marginal improvement in demand [3] Inventory - Last week, the SMM's four - location social inventory decreased to 39,300 tons. The sample weekly inventory increased to 99,500 tons but remained at a relatively low level, and the total inventory days increased to 27.9 days. Structurally, upstream and downstream inventories increased, while traders' inventories decreased [3] Macro - Policy International - The 15% temporary tariff policy of the US White House is still within the window period, which is a phased positive factor for demand. The geopolitical situation in the Middle East continues to cause disturbances, and macro - uncertainties remain [3] Domestic - The management method for the comprehensive utilization of new - energy vehicle power batteries will optimize the domestic supply structure in the long term and raise the cost - support center. The development of Qinghai Salt Lake, the "15th Five - Year Plan" for energy storage, and the Central Economic Work Conference support long - term supply - demand balance. The 2026 Government Work Report mentioned zero - carbon parks/factories, which are expected to become the second growth curve for energy storage [3] Later Concerns - Supply disturbances and capacity - release rhythm, downstream restocking rhythm, inventory evolution trend, geopolitical situation, and capital and sentiment [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of lithium carbonate will experience range - bound fluctuations due to the game between supply and demand and macro - level disturbances [2][4] 3. Summary According to Relevant Contents 3.1 Futures and Spot Market Conditions - The main contract of lithium carbonate dropped to 142600 yuan/ton yesterday with increased trading volume and decreased positions, and the warehouse receipt volume on GIE continued to decline. The average price of SMM battery - grade lithium carbonate in the spot market was 152500 yuan/ton. Upstream lithium salt producers were reluctant to sell and tried to support prices, while downstream material producers bought on dips and some enterprises actively replenished their inventories at low prices. Market inquiries and actual transactions were more active than the previous day [2] 3.2 Supply - side Situation - Last week, the prices of raw materials were differentiated (spodumene prices generally increased, while lepidolite and amblygonite prices decreased) and remained at a high level. This week, the SMM operating rate continued to rise to 55.14% with a total output of 24186 tons. In March, imports from Chile were sufficient, supplementing domestic supply. Overall supply was steadily increasing, strengthening the expectation of loose medium - term supply [3] 3.3 Demand - side Situation - The production schedule in March was expected to be optimistic, but downstream acceptance of high prices was low. This week, the production and inventory of ternary lithium - iron continued to increase. The production and sales of energy - storage cells were booming with low inventory, which was a structural highlight. In general, the short - term fundamentals showed a marginal weakening trend, and there was a tug - of - war between downstream inventory replenishment on dips and upstream price support [3] 3.4 Inventory Situation - Last week, the SMM four - region social inventory decreased to 42,500 tons (- 490 tons), and this week, the sample weekly inventory decreased to 98,900 tons, at a relatively low level. The total inventory days decreased to 27.7 days, continuing the tight - balance pattern. Downstream enterprises continued to replenish their inventories to 46,100 tons [3] 3.5 Macroeconomic Policy - Internationally, the 15% temporary tariff policy of the US White House was still within the window period, which was beneficial to demand in the short term. Geopolitical conflicts, such as the escalation of the US - Iran situation, led to a stronger crude oil price, suppressing the non - ferrous metals sector and causing funds to flee for safety. Domestically, subsidies for car trade - ins and battery export tax rebates (officially implemented on April 1st, currently in the last window period) stimulated terminal consumption. The comprehensive utilization management method for new energy vehicle power batteries would optimize the domestic supply structure in the long term and raise the cost support center. The development of Qinghai salt lakes, the "14th - 15th Five - Year" plan for energy storage, and the Central Economic Work Conference supported long - term supply - demand balance. The 2026 Government Work Report mentioned zero - carbon parks/factories, which were expected to become the second growth curve for energy storage [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand game and macro - sentiment pressure lead to a wide - range volatile trend in the lithium carbonate market [2][4] 3. Summary by Relevant Catalogs 3.1 Market Performance - The main contract of lithium carbonate dropped to 150,120 yuan/ton yesterday. The average price of battery - grade lithium carbonate in the spot market is 155,500 yuan/ton. Market inquiries and actual transactions improved compared to the previous day [2] 3.2 Supply - Last week, raw material prices were divided (spodumene prices generally increased, while lepidolite and hectorite prices decreased) and remained at a high level. The SMM operating rate rose to 53.41%, and the total output increased to 23,426 tons (+836 tons). Imports from Chile in March were sufficient, supplementing the domestic supply. Overall supply is steadily increasing, strengthening the medium - term expectation of a loose supply [3] 3.3 Demand - The production schedule expectation in March is optimistic, but downstream acceptance of high prices is low. Last week, ternary lithium - iron phosphate production and inventory increased, and the production and sales of energy - storage cells were booming with low inventory, which was a structural highlight. However, downstream enterprises mainly replenished inventory at low prices, creating a stalemate with upstream price - holding [3] 3.4 Inventory - Last week, the SMM four - location social inventory decreased to 42,500 tons (-490 tons), and the sample weekly inventory decreased to 99,000 tons, at a relatively low level. The total inventory days decreased to 27.8 days, maintaining a tight - balance pattern. Smelters continued to reduce inventory, and downstream inventory increased to 45,600 tons [3] 3.5 Macro Policy - Internationally, the 15% temporary tariff policy of the US White House is still within the window period, which is a phased positive for demand. The tense situation between the US and Iran continues, and geopolitical risk premiums still exist, disturbing market sentiment. The weakening of the global interest - rate cut expectation puts pressure on the non - ferrous sector. Domestically, subsidies for car trade - ins and battery export tax rebates (officially implemented on April 1st, currently in the last window period) stimulate terminal consumption. The management method for the comprehensive utilization of new - energy vehicle power batteries optimizes the domestic supply structure in the long term and raises the cost - support center. Developments such as Qinghai Salt Lake development, the "14th Five - Year Plan" for energy storage, and the Central Economic Work Conference support long - term supply - demand balance. The 2026 government work report mentions zero - carbon parks/factories, which are expected to become the second growth curve for energy storage [4]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core View - The steel products are expected to move in a volatile range [4] Group 3: Summary by Relevant Content Economic Data - From January to February 2026, the national fixed - asset investment increased by 1.8% year - on - year, and the growth rate was 5.2% after deducting real estate development investment. Real estate development investment decreased by 11.1%. The added value of industrial enterprises above the designated size increased by 6.3%, and the total retail sales of consumer goods increased by 2.8% [3] - In January - February 2026, China's crude steel output was 160.34 million tons, a year - on - year decrease of 3.6%; steel output was 221.19 million tons, a year - on - year decrease of 1.1% [3] Cost and Profit - On March 16, the average cost of 76 independent electric arc furnace construction steel mills was 3,393 yuan/ton, an increase of 5 yuan/ton compared with last Friday, and the average profit was a loss of 79 yuan/ton [3] Production Resumption - Tangshan lifted the level - II emergency response for heavy pollution weather on March 14. The billet - rolling strip steel enterprises that had stopped production due to environmental protection restrictions began to gradually resume production. It is expected that the weekly output of billet - rolling strip steel enterprises will gradually recover to about 10,000 tons per day [3] Market Situation - The steel products fluctuated slightly yesterday. The Middle - East geopolitical conflict made the market focus on the energy and chemical sectors, which had a certain impact on raw material varieties such as coking coal and iron ore, but the overall impact on the black - goods sector was limited. The steel fundamentals were calm, lacking significant driving factors, and mainly followed the raw material trends. Attention should be paid to downstream demand [3] Later Concerns - Macro - policies and downstream demand conditions [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The lithium carbonate market is in a state of supply - demand game and will experience wide - range oscillations within a certain range [2][5] 3. Summary by Related Catalogs Market Performance - The futures market of lithium carbonate continued to be weak yesterday. The main contract oscillated upwards in the afternoon and closed at 159,620 yuan/ton, with shrinking trading volume and continuous decline in positions. The market sentiment was cautious. The average spot price of battery - grade lithium carbonate was 156,500 yuan/ton [3] Supply - side Situation - Last week, raw material prices were differentiated (spodumene prices generally increased, while lepidolite and amblygonite prices decreased) and remained at a high level. The SMM operating rate rose to 53.41%, and the total output increased to 23,426 tons (+836 tons). In March, imports from Chile were sufficient, supplementing the domestic supply. Overall supply steadily increased, strengthening the medium - term expectation of supply surplus [4] Demand - side Situation - The production schedule expectation in March was optimistic, but downstream acceptance of high prices was low. Last week, the production and inventory of ternary lithium - iron phosphate increased, and the production and sales of energy - storage cells were booming with low inventory, which was a structural highlight. However, downstream buyers mainly replenished inventory at low prices, forming a tug - of - war with upstream price - holding [4] Inventory Situation - Last week, the SMM four - location social inventory decreased to 42,500 tons (-490 tons), the sample weekly inventory decreased to 99,000 tons, at a relatively low level. The total inventory days decreased to 27.8 days, maintaining a tight - balance pattern overall. Refineries continued to reduce inventory, and downstream inventory increased to 45,600 tons [4] Macro - policy Impact - Internationally, the 15% temporary tariff policy of the US White House is still within the window period, which is a phased positive for demand. The tense situation between the US and Iran continues, and the geopolitical risk premium still exists, disturbing the market sentiment. The weakening of the global interest - rate cut expectation puts pressure on the non - ferrous metals sector. Domestically, the subsidy for car trade - ins and the battery export tax rebate (officially implemented on April 1st, currently in the last window period) stimulate terminal consumption. The management method for the comprehensive utilization of new - energy vehicle power batteries optimizes the domestic supply structure in the long term and raises the cost support center. The development of Qinghai salt lakes, the "15th Five - Year Plan" for energy storage, and the Central Economic Work Conference support the long - term supply - demand balance. The 2026 government work report mentioned zero - carbon parks/factories, which is expected to become the second growth curve for energy storage [5]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The lithium carbonate market will continue the supply - demand game pattern and experience weak oscillations within a certain range [1][3]. 3. Summary by Directory 3.1 Market Performance - Last week, the lithium carbonate futures market continued to be weak, with the main contract closing down 2.60% to 152,080 yuan/ton. Market trading sentiment cooled, trading volume increased to 288,600 lots, and positions continued to decline. The spot price of battery - grade lithium carbonate was 159,000 yuan/ton on average. Upstream lithium salt producers were reluctant to sell and tried to support prices, while downstream material producers were cautious and only made purchases based on rigid demand, resulting in light trading [1]. - The trading momentum of the lithium - battery sector weakened, and funds flowed to the oil - chemical and precious - metal sectors [1]. 3.2 Supply - demand Fundamentals Supply - Last week, raw material prices were divided (spodumene prices generally rose, while lepidolite and amblygonite prices fell) and remained at a high level. The SMM operating rate rose to 53.41%, and the total output increased to 23,426 tons (+836 tons). Imports from Chile in March were sufficient, supplementing the domestic supply. Overall supply increased steadily, strengthening the medium - term expectation of a loose supply [2]. Demand - The production scheduling in March was expected to be optimistic, but the downstream's acceptance of high prices was low. Last week, the production and inventory of ternary lithium - iron phosphate increased. The production and sales of energy - storage cells were booming, and the inventory was at a low level, which was a structural highlight. However, the downstream mainly replenished inventory at low prices, creating a stalemate with the upstream's price - support efforts [2]. Inventory - Last week, the SMM four - location social inventory decreased to 42,500 tons (-490 tons), the sample weekly inventory decreased to 99,000 tons, and the total inventory days decreased to 27.8 days, maintaining a tight - balance pattern. Refineries continued to reduce inventory, while the downstream replenished inventory to 45,600 tons [2]. 3.3 Policy and Geopolitical Factors International - The US White House's 15% temporary tariff policy is still within the window period, which is a phased positive for demand. The tense situation between the US and Iran continues, and the geopolitical risk premium still exists, disturbing market sentiment. The weakening of the global interest - rate cut expectation puts pressure on the non - ferrous metal sector [3]. Domestic - The subsidy for trading in old cars for new ones and the battery export tax rebate (to be officially implemented on April 1st, currently in the last window period) stimulate terminal consumption. The management measures for the comprehensive utilization of new - energy vehicle power batteries will optimize the domestic supply structure in the long term and raise the cost - support center. Policies such as the development of Qinghai salt lakes, the "14th Five - Year Plan" for energy storage, and the Central Economic Work Conference support the long - term supply - demand balance. The 2026 government work report mentioned zero - carbon parks/factories, which are expected to become the second growth curve for energy storage [3].

Report Summary 1. Industry Investment Rating - No information provided 2. Core View - The market is characterized by a game between increasing supply and demand, with weakening market sentiment and wide - range oscillations [5] 3. Summary by Relevant Catalogs 3.1 Market Condition - The closing price of the main contract yesterday was 155,040 yuan/ton, a 5.14% drop from the previous trading day. Trading volume increased, and positions decreased to 330,400 lots. The long - short ratio of the top twenty institutional net positions decreased. The average price of battery - grade spot was 159,000 yuan/ton. Upstream lithium salt factories' willingness to sell single orders increased, while downstream material factories were cautious and had weak purchasing willingness, mainly for rigid - demand restocking. Market inquiry and actual transactions were somewhat light [3] 3.2 Supply - Last week, the prices of raw materials (SMM lithium spodumene concentrate CIF China, lithium mica, and amblygonite) decreased compared to the previous week but remained at a high level. The SMM weekly operating rate rose to 51.5%, and the total output increased to 22,590 tons (+768 tons). In February, Chile's lithium carbonate exports to China increased by 32.04% month - on - month and 85.89% year - on - year. Rio Tinto's Rincón lithium project in Argentina made its first export, sending 200 tons of lithium carbonate to China, strengthening the medium - term supply relaxation expectation [4] 3.3 Demand - Last week, the production and inventory of ternary lithium iron increased. As of February 8th, the penetration rate of new energy vehicle sales in SMM dropped to 36.3%, at a relatively low level. Energy - storage cells had strong production and sales and low inventory, being a structural highlight. SMM predicted that the production of ternary lithium iron in March would increase by more than 19% month - on - month, and the industrial chain production schedule maintained high prosperity [4] 3.4 Inventory - Last week, the SMM four - place social inventory decreased to 43,000 tons (-1,300 tons), the sample weekly inventory decreased to 99,400 tons, at a relatively low level. The total inventory days decreased to 27.9 days, maintaining a tight - balance pattern [4] 3.5 Macro - policy - Internationally, the US White House's 15% temporary tariff policy is still within the window period, providing phased benefits to demand. Geopolitical conflicts, with the tense situation between the US and Iran, keep Brent crude oil around $89 per barrel, and geopolitical risk premiums still exist, disturbing market sentiment. Domestically, car trade - in subsidies and battery export tax rebates directly stimulate terminal consumption. The management method for the comprehensive utilization of new energy vehicle power batteries optimizes the domestic supply structure in the long term and raises the cost support center. Qinghai salt - lake development, energy - storage "14th Five - Year Plan", and the Central Economic Work Conference support long - term supply - demand balance. The 2026 government work report mentioned zero - carbon parks/factories, which is expected to become the second growth curve for energy storage [5]

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The supply - demand game in the lithium carbonate market is intensifying, and the price will experience wide - range fluctuations within a certain range [2][5]. 3. Detailed Summary Market Performance - The lithium carbonate futures market showed a trend of rising first and then falling yesterday. The main contract oscillated between 162,000 - 166,000 yuan/ton in the morning, and the price slightly declined in the afternoon, closing at 163,000 yuan/ton, up 4.15%. The open interest increased to 332,500 lots. The average price of battery - grade lithium carbonate in the spot market was 158,500 yuan/ton, but the actual trading was light. Upstream lithium salt producers were strongly reluctant to sell and tried to support prices, while downstream material producers became cautious and observant as prices rose [3]. Fundamental Analysis - **Supply**: Last week, the prices of raw materials (SMM lithium spodumene concentrate CIF China, lepidolite, and amblygonite) decreased compared with the previous week but remained at a high level. The SMM weekly operating rate rebounded to 51.5%, and the total output increased to 22,590 tons (+768 tons). The industry's operating rate and output continued to rise steadily. In February, the lithium carbonate exported from Chile to China increased by 32.04% month - on - month and 85.89% year - on - year, strengthening the expectation of loose medium - term supply [4]. - **Demand**: Last week, the production and inventory of ternary lithium iron phosphate increased. As of February 8, the penetration rate of new energy vehicle sales in SMM dropped to 36.3%, at a relatively low level. The production and sales of energy - storage cells were booming, and the inventory was at a low level, which was a structural highlight. SMM predicted that the output of ternary lithium iron phosphate in March would increase by more than 19% month - on - month, and the production schedule of the industrial chain remained highly prosperous [4]. - **Inventory**: Last week, the SMM four - place social inventory decreased to 43,000 tons (-1,300 tons), the sample weekly inventory decreased to 99,400 tons, at a relatively low level. The total inventory days decreased to 27.9 days, and the overall inventory maintained a tight - balance pattern [4]. Macro - policy Analysis - **International**: The 15% temporary tariff policy of the US White House is still within the window period, which is beneficial to demand in the short term. The situation between the US and Iran remains tense, and Brent crude oil is maintained at around $89 per barrel. The geopolitical risk premium still exists, which disturbs market sentiment [5]. - **Domestic**: The subsidy for car trade - ins and the export tax rebate for batteries directly stimulate terminal consumption. The comprehensive utilization management method for new energy vehicle power batteries optimizes the domestic supply structure in the long term and raises the cost support center. The development of Qinghai salt lakes, the "15th Five - Year Plan" for energy storage, and the Central Economic Work Conference support the long - term supply - demand balance. The 2026 government work report mentioned zero - carbon parks/factories, which is expected to become the second growth curve for energy storage [5].