碳酸锂产业日报 2025/8/27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 78,860.00 | -160.00↓ 前20名净持仓（日，手） | -138,531.00 | +13645.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 351,322.00 | +1826.00↑ 近远月合约价差（日，元/吨） | 580.00 | +20.00↑ | | | 广期所仓单（日，手/吨） | 26,690.00 | +1060.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 81,600.00 | -100.00↓ 工业级碳酸锂平均价（日，万元/吨） | 79,300.00 | -100.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 2,740.00 | +60.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 961.00 | 0.00 磷锂铝石平均价 ...

碳酸锂日报 碳酸锂日报 碳酸锂日报（2025 年 8 月 27 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2511 合约跌 0.75%至 79020 元/吨。现货价格方面，电池级碳酸锂平均价下跌 800 元/吨至 81700 元/吨，工业级碳酸锂平均价下跌 800 元/吨至 79400 元/吨，电池级氢氧化锂（粗颗 粒）下跌 250 元/吨至 77080 元/吨。仓单方面，昨日仓单库存增加 1060 吨至 26690 吨。 2. 消息面，据文华财经，津巴布韦 2025 年上半年锂出口量激增 30%，达到 586,197 吨锂辉石精矿，该 国将自己定位为电动汽车和电池市场的全球主要供应商。出口量从 2024 年同期的 451.824 吨急剧增 加，凸显了津巴布韦在全球供应链中日益增长的影响力及其在清洁能源转型中的战略重要性。 3. 基本面来看，供应端生产小幅放缓，减量主要还是由于云母停产所带来的，后续来看，随着前期价 格走强和海外进口的增加，锂辉石提锂依旧有望持续增加，对于供应来看，有更多的锂矿转化为碳 酸锂的形式存在，但需要注 ...

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年8月26日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 每日观点 供给端来看，上周碳酸锂产量为19138吨，环比减少4.21%,高于历史同期平均水平。 需求端来看，上周磷酸铁锂样本企业库存为93640吨，环比减少1.51%,上周三元材料样本企业 库存为17617吨，环比增加1.86%。 供给端，2025年7月碳酸锂产量为81530实物吨，预测下月产量为84200实物吨，环比增加 3.27%,2025年7月碳酸锂进口量为13845实物吨，预测下月进口量为18500实物吨，环比增加 33.62%。需求端，预计下月需求有所强化，库存或将有所去化。成本端，6%精矿CIF价格日度 环比有所减少，低于历史同期平均水平，需求主导局面 ...

1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoint - The supply contraction concern persists, and the downside space for lithium carbonate prices is limited. In the short - term, lithium carbonate prices are expected to fluctuate widely. Attention should be paid to the progress of mines in Jiangxi and the continuity of the "anti - involution" sentiment [1][4][78]. 3. Summary by Directory 3.1 Market Review - Last week, lithium carbonate prices opened high and closed low, with a weekly decline of 7.39%. Trading volume reached 4.32 million lots (-310,000), and open interest reached 362,300 lots (-38,800). The basis premium was 4,940 yuan/ton [6][7]. 3.2 Supply Side 3.2.1 Lithium Ore - In July, China's lithium spodumene production was 6,500 tons of LCE, a month - on - month increase of 0.8%; lithium mica production was 16,100 tons of LCE, a month - on - month decrease of 4.2%. Lithium concentrate imports rebounded to 576,100 tons, a month - on - month increase of 34.7% and a year - on - year increase of 4.8% [12][16]. 3.2.2 Lithium Battery Recycling - In August, the expected recycling volume of waste lithium batteries was 23,484 tons, a month - on - month increase of 6.4% and a year - on - year increase of 28.9% [19]. 3.2.3 Lithium Carbonate - Last week, lithium carbonate production was 19,138 tons, a month - on - month decrease of 4.2%. In July, lithium carbonate imports dropped to 13,845 tons, a month - on - month decrease of 21.8% and a year - on - year decrease of 42.7%. In July, Chile's lithium carbonate exports to China were 13,633 tons, a month - on - month increase of 33.3% and a year - on - year decrease of 13.5% [25][27]. 3.2.4 Lithium Hydroxide - In August, the operating rate of lithium hydroxide was 36%, and the production was 23,820 tons, a month - on - month decrease of 5.4% and a year - on - year decrease of 24.3%. In July, lithium hydroxide exports were 1,248 tons, a month - on - month decrease of 80.1% and a year - on - year decrease of 86.3% [33]. 3.3 Downstream Demand 3.3.1 Lithium Iron Phosphate - Last week, lithium iron phosphate production was 75,886 tons, a month - on - month decrease of 4.0%. In July, the operating rate of iron phosphate was 59%, and the production was 252,200 tons, a month - on - month increase of 10% and a year - on - year increase of 70% [36]. 3.3.2 Ternary Materials - Last week, ternary material production was 16,565 tons, a month - on - month increase of 1.7%. In July, imports increased and exports decreased [39]. 3.3.3 Ternary Precursors - In August, the operating rate of ternary precursors was 41%, and the production was 76,160 tons, a month - on - month increase of 8.1% and a year - on - year increase of 5.4%. In July, exports increased [42]. 3.3.4 Lithium Manganate and Lithium Cobaltate - In August, the operating rate of lithium manganate was 33%, and the production was 11,978 tons, a month - on - month increase of 3% and a year - on - year increase of 26%. The operating rate of lithium cobaltate was 61%, and the production was 8,880 tons, a month - on - month decrease of 3.8% and a year - on - year increase of 11.1% [43]. 3.3.5 Electrolyte - In August, electrolyte production was 169,680 tons, a month - on - month increase of 4.1% and a year - on - year increase of 38.0%. In July, exports of lithium hexafluorophosphate increased [50]. 3.4 Terminal Demand 3.4.1 Power Batteries - In July, power battery production was 133.8 GWh, a month - on - month increase of 3.6% and a year - on - year increase of 45.8%. Power battery installations were 55.9 GWh, a month - on - month decrease of 4.0% and a year - on - year increase of 34.3% [53]. 3.4.2 New Energy Vehicles - In July, new energy vehicle production was 1.243 million units, a month - on - month decrease of 2.0% and a year - on - year increase of 26.3%. Sales were 1.262 million units, a month - on - month decrease of 5.1% and a year - on - year increase of 27.4% [56]. 3.4.3 Energy Storage - In August, energy storage battery production was 45.15 GWh, a month - on - month increase of 2.2% and a year - on - year increase of 42.9%. In June, the winning bid power scale of energy storage was 4.57 GW, a month - on - month decrease of 11.3% and a year - on - year increase of 15.1%; the winning bid capacity scale was 12.11 GWh, a month - on - month decrease of 27.3% and a year - on - year increase of 45.0% [61]. 3.4.4 Consumer Electronics - In July, China's smartphone production was 94.32 million units, a month - on - month decrease of 12.9% and a year - on - year increase of 2.1%. China's micro - computer production was 25.52 million units, a month - on - month decrease of 19.2% and a year - on - year decrease of 9.8% [64]. 3.5 Cost - Lithium ore prices declined. The price of 6% lithium spodumene concentrate dropped by $53/ton, and the price of lithium mica dropped by 190 yuan/ton [68]. 3.6 Inventory - The total inventory decreased by 713 tons. Structurally, smelter inventory decreased by 2,847 tons, downstream inventory increased by 3,224 tons, and other inventory decreased by 1,090 tons. Last week, lithium iron phosphate inventory decreased by 1,441 tons, and ternary material inventory increased by 321 tons [74][75]. 3.7 Market Outlook - Strategy: After an over - decline, short - term long positions can be taken, and options can be appropriately bought for protection; buy straddle options. The operating range is 70,000 - 100,000. In the short - term, lithium carbonate prices are expected to fluctuate widely [78].

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2025 年 8 月 25 日 碳酸锂：宽幅震荡 | 邵婉嫕 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | | 刘鸿儒（联系人） 期货从业资格号：F03124172 | liuhongru@gtht.com | 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2509合约（收盘价） | 79,180 | -3,820 | -7,740 | 2,540 | 9,800 | 16,820 | | | | 2509合约（成交量） | 23,175 | -7,397 | -16,759 | -121,959 | -1,310,984 | -13,537 | | | | 2509合约（持仓量） | 51,084 | -5,986 | -38,565 | -98,405 | -310,970 | -40,194 | | | 盘面 | 2511合约（收盘价） | ...

碳酸锂产业日报 2025/8/21 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 82,760.00 | +1780.00↑ 前20名净持仓（日，手） | -142,510.00 | -3052.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 390,069.00 | -5033.00↓ 近远月合约价差（日，元/吨） | 820.00 | +660.00↑ | | | 广期所仓单（日，手/吨） | 24,045.00 | +430.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 85,200.00 | -500.00↓ 工业级碳酸锂平均价（日，万元/吨） | 82,900.00 | -500.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 2,440.00 | -2280.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 980.00 | 0.00 磷锂铝石平 ...

Group 1: Research Views - Yesterday, all lithium carbonate futures contracts hit the daily limit down, with the main contract dropping to 80,980 yuan/ton. The average price of battery-grade lithium carbonate remained at 85,700 yuan/ton, the average price of industrial-grade lithium carbonate remained at 83,400 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) remained at 77,740 yuan/ton. The warehouse receipt inventory increased by 430 tons to 24,045 tons [3]. - The Trump administration announced on Tuesday that the Department of Homeland Security will subject steel, copper, lithium, caustic soda, and red dates to stricter reviews due to alleged human - rights violations against the Uyghur population in these industries. However, for lithium batteries exported to the US, raw material procurement is generally avoided. In July 2025, China imported 750,700 tons of spodumene, a month - on - month increase of 174,800 tons; the import volume of lithium carbonate in July was 13,845 tons, a month - on - month decrease of 3,853 tons [3]. - On the supply side, the weekly output increased by 424 tons to 19,980 tons. Spodumene - based lithium production increased by 477 tons to 11,659 tons, lepidolite - based lithium production decreased by 510 tons to 3,900 tons, salt - lake - based lithium production increased by 300 tons to 2,742 tons, and recycled - material - based lithium production increased by 157 tons to 1,679 tons. It is expected that the supply in August will increase by 3% month - on - month to 84,200 tons. On the demand side, the lithium consumption of two major cathode materials in August is expected to increase by 8% month - on - month to 86,000 tons of LCE. In terms of inventory, the social inventory increased this week, with the total inventory decreasing by 162 tons to 142,256 tons. The upstream reduced inventory, while other links and downstream increased inventory [3]. - Currently, the production issues of known resource projects have basically been resolved. The price reached over 90,000 yuan/ton on Monday and is facing short - term回调 pressure. In the future, attention should be focused on the mining license issue in Jiangxi. Other projects need to complete report compilation and submission by September 30 [3]. Group 2: Daily Data Monitoring - In the futures market, the closing price of the main contract decreased from 87,540 yuan/ton on August 19 to 80,980 yuan/ton on August 20, a decrease of 6,560 yuan/ton; the closing price of the continuous contract decreased from 87,580 yuan/ton to 81,040 yuan/ton, a decrease of 6,540 yuan/ton [5]. - Among lithium ores, the price of spodumene concentrate (6%, CIF China) decreased from 978 US dollars/ton to 951 US dollars/ton, a decrease of 27 US dollars/ton; the price of lepidolite (Li2O: 1.5% - 2.0%) decreased from 1,385 yuan/ton to 1,340 yuan/ton, a decrease of 45 yuan/ton; the price of lepidolite (Li2O: 2.0% - 2.5%) decreased from 2,185 yuan/ton to 2,125 yuan/ton, a decrease of 60 yuan/ton; the price of amblygonite (Li2O: 6% - 7%) decreased from 7,765 yuan/ton to 7,325 yuan/ton, a decrease of 440 yuan/ton; the price of amblygonite (Li2O: 7% - 8%) decreased from 8,940 yuan/ton to 8,525 yuan/ton, a decrease of 415 yuan/ton [5]. - For lithium salts, the prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide (coarse particles), battery - grade lithium hydroxide (micronized), industrial - grade lithium hydroxide, and battery - grade lithium hydroxide (CIF China, Japan, and South Korea) remained unchanged. The price of lithium hexafluorophosphate remained at 56,300 yuan/ton [5]. - In terms of price differences, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate remained at - 7,960 yuan/ton; the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,300 yuan/ton; the difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide increased by 22 yuan/ton [5]. - Among precursors and cathode materials, the prices of some ternary precursors and materials increased slightly, while the prices of lithium iron phosphate, lithium manganate, and cobalt acid lithium remained unchanged [5]. - For batteries, the prices of some battery cells and batteries increased slightly, such as the 523 square ternary battery cell, 523 cylindrical ternary battery, and cobalt acid battery cell [5]. Group 3: Chart Analysis 3.1 Ore Prices - Charts show the price trends of spodumene concentrate (6%, CIF), lepidolite (1.5% - 2.0%), lepidolite (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2025 [7][8][9]. 3.2 Lithium and Lithium Salt Prices - Charts display the price trends of metallic lithium, battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025 [10][11][12][13][14][15]. 3.3 Price Differences - 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, and other price differences from 2024 to 2025 [17][18]. 3.4 Precursors & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [26][27][29][30][31][32][33]. 3.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary battery cells, square lithium iron phosphate battery cells, cobalt acid battery cells, and square lithium iron phosphate batteries from 2024 to 2025 [35][36][37][38]. 3.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links from December 26, 2024, to August 14, 2025 [40][41][42][43]. 3.7 Production Costs - The chart presents 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 [44][45]. Group 4: Research Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, an excellent metal 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 and has served many leading spot enterprises. He has published dozens of professional articles in public newspapers and magazines and has been interviewed by many media. His team has won awards [48]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has in - depth research on hedging accounting and hedging information disclosure [49]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She focuses on the integration of non - ferrous metals and new energy [49]. Group 5: Contact Information - Company address: 6th Floor, Building 1, Lujiazui Century Financial Square, 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 [52]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The game between reality and expectations in the lithium carbonate market is intensifying, leading to increased volatility in the market [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Contracts**: The closing price of the 2509 contract was 81,040 yuan, down 6,540 yuan; the trading volume was 55,748 lots, and the open interest was 65,157 lots. The closing price of the 2511 contract was 80,980 yuan, down 6,560 yuan; the trading volume was 838,879 lots, and the open interest was 395,102 lots [1] - **Warehouse Receipts**: The warehouse receipt volume was 24,045 lots, up 430 lots [1] - **Basis**: The basis of spot - 2509 was 4,660 yuan; the basis of spot - 2511 was 4,720 yuan; the basis of 2509 - 2511 was 60 yuan [1] - **Raw Materials**: The price of lithium spodumene concentrate (6%, CIF China) was 951 US dollars, down 27 US dollars; the price of lithium mica (2.0% - 2.5%) was 2,125 yuan, down 60 yuan [1] - **Lithium Salts**: The price of battery - grade lithium carbonate was 85,700 yuan, unchanged; the price of industrial - grade lithium carbonate was 83,400 yuan, unchanged [1] 3.2 Macro and Industry News - SMM's battery - grade lithium carbonate index price was 85,752 yuan/ton, down 189 yuan/ton compared with the previous working day. The average price of battery - grade lithium carbonate was 85,700 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate was 83,400 yuan/ton, unchanged [2] - In July, lithium ore imports were 750,700 tons, a month - on - month increase of 30.35%. Imports from Australia were 427,300 tons, a month - on - month increase of 67.24%, with an average price of 631.35 US dollars/ton, a month - on - month decrease of 9.16% [2][3] 3.3 Trend Intensity - The trend intensity of lithium carbonate was 0, indicating a neutral trend [3]

Report Overview - Report Title: Supply and Demand Improve, but the Actual Magnitude is Limited. Lithium Carbonate is Difficult to Maintain Long - Term and Significant Increases - Lithium Carbonate Industry Chain Weekly Data Report [1] - Report Date: August 20, 2025 [1] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level, and the marginal change from passive inventory accumulation to passive inventory depletion in lithium carbonate supply and demand has significantly improved the market expectations in the first half of the year, with the price center expected to rise. However, the expected annual inventory depletion of 1 - 2 million tons after the shutdown is limited compared to the current market inventory of 14 million tons. If the market continues to rise significantly, it may open the profit window for imported lithium mines such as those from Australia and Africa, quickly making up for the supply reduction caused by the shutdown of the Jianxiawo Mine and attracting hedging funds, so it may experience short - term significant increases but is difficult to maintain in the long term [4]. 3. Summary by Directory 3.1 Weekly Report Summary 3.1.1 Fundamental Overview - Lithium Ore: The price of spodumene has risen rapidly, leading the increase in ore prices. Affected by administrative orders in Jiangxi and Qinghai, the operating rates of lithium mica and salt lake sectors have significantly declined in July. After the confirmation of the shutdown of Jianxiawo, the market demand for lithium mica has significantly decreased, and the price of spodumene, as an alternative, has led the increase in the lithium ore market. Attention should be paid to the quantity of imported spodumene supplemented due to high prices [3]. - Lithium Salt: It has continued to take advantage of the situation, and the upper integer price levels may be the targets of long - positions. The news of the shutdown of Jianxiawo last week pushed the lithium carbonate LC futures contract to the price range of 80,000 yuan. The marginal reduction may change the domestic lithium carbonate supply - demand from passive inventory accumulation to passive inventory depletion. The market long - positions continue to take advantage of the market rumors of the shutdown of the salt lake sector to drive up prices, with the upper levels of 90,000 and 100,000 yuan being the next targets of long - positions. However, with a high inventory of 14 million tons, it is difficult for lithium carbonate to maintain high prices in the long term [3]. - Cathode Materials and Lithium Batteries: The impact of anti - involution is gradually fading. The impact of anti - involution focused on the new energy vehicle market is gradually fading. Recently, lithium carbonate has been indirectly affected by the sentiment of industries such as photovoltaics, with limited substantial impact [3]. 3.1.2 Market Summary - The shutdown of the Jianxiawo Mine has brought lithium carbonate prices to a new level. The marginal change in supply and demand has improved market expectations, but the expected inventory depletion is limited compared to the current inventory. If the market rises significantly, it may attract imported lithium mines and hedging funds, making it difficult to maintain long - term high prices [4]. 3.2 Supply - Demand Balance Sheet 3.2.1 Lithium Carbonate Balance Sheet - Slowing Inventory Accumulation - From July 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium carbonate showed different trends. For example, in July 2025, the supply was 81,530 tons, demand was 96,275 tons, import was 18,000 tons, export was 573 tons, inventory change was 2,682 tons, and the cumulative balance was 164,565 tons [8]. 3.2.2 Lithium Hydroxide Balance Sheet - From August 2024 to July 2025, the supply, demand, import, export, inventory change, and cumulative balance of lithium hydroxide also showed different trends. For example, in July 2025, the supply was 25,170 tons, demand was 22,969 tons, import was 750 tons, export was 6,100 tons, inventory change was - 3,149 tons, and the cumulative balance was 25,163 tons [12]. 3.3 Upstream Ore Supply, Demand, and Price 3.3.1 Spodumene Import - From December 2023 to June 2025, the import volume and average import price of lithium concentrate from different countries (Australia, Brazil, etc.) showed different trends. For example, in June 2025, the total import volume was 427,626 tons, with 255,506 tons from Australia and 39,811 tons from Brazil, and the average import price was 639 US dollars per ton [19]. 3.3.2 Chinese Lithium Ore - Spodumene Quotation Leading the Increase - From December 2023 to July 2025, the production of sample lithium mica mines and spodumene mines showed different trends. For example, in July 2025, the production of lithium mica was 16,100 tons with a month - on - month decrease of 4.17%, and the production of spodumene was 6,500 tons with a month - on - month increase of 0.78% [24]. 3.4 Lithium Salt Supply, Demand, and Price 3.4.1 Lithium Salt Spot and Futures Prices - Obvious Impact of Lithium Ore Shutdown - From July 1, 2025, to August 15, 2025, the prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, battery - grade lithium hydroxide, and the price differences between them showed different trends. For example, on August 15, 2025, the price of battery - grade lithium carbonate was 84,000 yuan, industrial - grade was 83,000 yuan, battery - grade lithium hydroxide was 77,875 yuan, the difference between battery - grade and industrial - grade lithium carbonate was 1,000 yuan, and the difference between lithium carbonate and lithium hydroxide was 6,125 yuan [27]. 3.4.2 Production Cost and Profit - Spodumene Expected to Supplement Market Gap - From July 9, 2025, to August 15, 2025, the production costs and profits of lithium carbonate produced from spodumene, low - grade mica, and high - grade mica showed different trends. For example, on August 15, 2025, the production cost of lithium carbonate from spodumene was 73,053 yuan per ton, with a profit of 10,947 yuan; the production cost from low - grade mica was 91,674 yuan per ton, with a loss of 7,674 yuan; and the production cost from high - grade mica was 53,983 yuan per ton, with a profit of 30,017 yuan [41]. 3.4.3 Lithium Carbonate Production - From July 2023 to July 2025, the weekly and monthly production of lithium carbonate showed different trends. For example, in July 2025, the total monthly production was 81,530 tons, a year - on - year increase of 26% and a month - on - month increase of 4% [50]. 3.4.4 Operating Rate - Obvious Decline in Operating Rates of Mica and Salt Lake Sectors in July - From July 2022 to July 2025, the operating rates of lithium salt, lithium carbonate, and lithium hydroxide showed different trends. The operating rates of lithium carbonate production from different raw materials (spodumene, lithium mica, salt lake) also showed different trends [52][55]. 3.4.5 Lithium Carbonate Monthly Import Volume - From December 2021 to June 2025, the total import volume of lithium carbonate and the import volumes from Argentina and Chile showed different trends. For example, in June 2025, the total import volume was 17,698 tons, with 5,094 tons from Argentina and 11,853 tons from Chile [60]. 3.4.6 Lithium Carbonate Inventory - Attention Needed on the Sustainability of Inventory Depletion - From December 2022 to July 2025, the inventory of lithium carbonate in downstream and smelting plants, weekly inventory, and the number of registered futures warehouse receipts showed different trends [62][63][65]. 3.5 Lithium Salt Downstream Production and Demand 3.5.1 Lithium Iron Phosphate - Slowing Production Growth - From November 2019 to July 2025, the production and operating rate of lithium iron phosphate showed different trends. For example, in July 2025, the production was 290,700 tons, a year - on - year increase of 50.00% and a month - on - month increase of 1.86%, and the operating rate was 57.00% [70]. 3.5.2 Ternary Materials Production and Operating Rate - From December 2023 to July 2025, the production and operating rate of ternary materials showed different trends. For example, in July 2025, the production was 68,640 tons, a year - on - year increase of 16.70% and a month - on - month increase of 5.80% [75]. 3.5.3 Ternary Materials Import and Export Volume - From December 2021 to June 2025, the import, export, and net import volumes of ternary materials showed different trends. For example, in June 2025, the import volume was 5,349 tons, the export volume was 10,636 tons, and the net import volume was - 5,287 tons [80]. 3.5.4 New Energy Vehicle Production and Sales - From November 2021 to July 2025, the production of pure - electric vehicles, plug - in hybrid vehicles, and the inventory warning index of automobile dealers showed different trends. For example, in July 2025, the production of pure - electric vehicles was 807,000, the production of plug - in hybrid vehicles was 436,000, and the inventory warning index was 57.2 [81].