LiCarbonate Daily - Market Update for May 17

Published: May 17, 2024 19:04 (GMT+8)

Source: SMM

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On May 17, lithium carbonate futures rose 2.45% to 106,450 yuan/ton (~14,723.37 USD/ton). The battery-grade index dropped to 106,882 yuan/ton (~14,783.13 USD/ton).

Market Overview: On May 17, the lithium carbonate market saw a rebound with both futures and spot prices showing mixed performance. The main 2407 futures contract rose by 2.45%, while the spot market prices remained stable overall.

Spot Market:

Battery-Grade Lithium Carbonate:
- SMM index: 106,882 yuan per ton (~14,783.13 USD/ton), down by 362 yuan from the previous day.
- Price range: 104,000 - 110,000 yuan per ton, with an average price of 107,000 yuan per ton (~14,799.45 USD/ton), unchanged from the previous day.
Industrial-Grade Lithium Carbonate:
- Price range: 101,000 - 104,000 yuan per ton, with an average price of 102,500 yuan per ton (~14,177.04 USD/ton), unchanged from the previous day.

Futures Market: The main lithium carbonate 2407 contract opened at 104,500 yuan per ton (~14,453.67 USD/ton) and closed at 106,450 yuan per ton (~14,723.37 USD/ton). The trading volume was 147,292 contracts, and open interest decreased by 12,676 contracts to 184,611. After a stable morning session, prices steadily rose throughout the day, ultimately closing up by 2.45%.

Looking Forward:

Production and Sales:
- Non-integrated lithium salt producers face challenges adjusting production costs in response to recent price changes due to the time required for raw material procurement, transportation, and smelting.
- Most lithium salt producers are maintaining prices and a wait-and-see approach, avoiding new quotes and scattered order sales.
Purchasing Behavior:
- Downstream buyers reported difficulties in purchasing spot goods at the previous day's lower prices, as trade companies adjusted their prices in line with the market rebound.
- Some downstream enterprises, with high lithium carbonate inventories, continued to refrain from making new spot purchases.

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