Jefferies-锂产业链调研：趋势不一，平均销售价格疲软，需留意库存

USA | Chemicals Equity Research April 14, 2025 Lithium Value Chain Survey: Mixed Trends, Weak ASPs With Caution On Inventory Our survey of lithium converters (90% of sales in China) and battery material producers (64%) suggests a mixed picture: prices are expected to decline ~6% in Q2; convert volumes up YoY after several years of declines; new orders mixed and backlogs stalling; and concerns over inventory levels have returned. Tariff- related disruptions likely trigger a soft patch this summer: the debate ...