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LiCarbonate Daily - March 11th

iconMar 11, 2024 17:11
On March 11th, lithium carbonate futures surged 3.28% to 116,400 yuan/ton, and spot prices rose to an average of 109,250 yuan/ton, amidst cautious market optimism.

The lithium carbonate market on March 11th saw a notable increase in both futures and spot prices, reflecting a market with ongoing adjustments and cautious optimism.

Futures Market Dynamics: The lithium carbonate 2407 main contract rose by 3.28%, opening at 112,750 yuan/ton and closing at 116,400 yuan/ton. Trading volume was recorded at 362,739 lots, with open interest up to 229,549 lots, an increase of 12,226 lots from the previous day. Prices experienced an upward trend throughout the day, with a slight dip towards the end of the morning session but continued to surge in the afternoon, ultimately closing with a 3.28% increase.

Spot Market Overview: Spot prices for battery-grade lithium carbonate were quoted between 106,500 and 112,000 yuan/ton, with an average price of 109,250 yuan/ton, marking an increase of 350 yuan/ton from the previous working day. The SMM battery-grade lithium carbonate index stood at 107,295 yuan/ton, up by 498 yuan/ton. Prices for industrial-grade lithium carbonate ranged from 97,000 to 106,000 yuan/ton, with an average price of 101,500 yuan/ton, up by 1,100 yuan/ton.

Market Insights: Lithium salt companies continue to focus on long-term contracts, with spot sales remaining firm. Some lithium salt companies adjusted their spot prices upward in the morning, reflecting a tightening in the low-priced industrial-grade lithium carbonate supply, following the end of releases from a certain salt lake enterprise. Most downstream cathode and other companies persist with their strategy of necessity-based purchases of low-priced lithium carbonate without the intention of stockpiling. However, their spot purchasing price centers have gradually increased along with the spot sales prices of lithium salt companies, yet their capacity to absorb high-priced lithium carbonate remains limited. Trade enterprises reported that despite maintaining their premiums and discounts for the April contract between a discount of 2,000 yuan/ton and 500 yuan/ton, the current absolute prices of lithium carbonate are still above the psychological purchasing levels of most downstream cathode companies, resulting in subdued transaction activity, with more low bids waiting for matches.

Conclusion: On March 11th, the lithium carbonate market experienced a significant uplift, with futures and spot prices reflecting a market adjusting to supply and demand dynamics. The focus on long-term contracts among suppliers and necessity-based purchasing among buyers indicates a market navigating through price sensitivity and supply constraints, with cautious optimism prevailing amidst price adjustments.

If you have any questions regarding the industry data (e.g. how this can affect your business), or would like to know more comprehensive pricing info on Lithium Carbonate. Please feel free to reach out to me:

Robin He

SMM Li-ion Battery Materials Department

E: robinhe@smm.cn | T: +86-21-51595884

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