1. Basic properties of lithium carbonate
Lithium carbonate is an alkaline lithium salt with the chemical formula of Li2CO3. It is a colorless monoclinic crystal or white powder, belonging to inorganic compounds, slightly soluble in water and dilute acid, insoluble in ethanol and acetone.
2. Classification and use of lithium carbonate
Lithium carbonate can be divided into industrial grade lithium carbonate and battery grade lithium carbonate according to different contents. Among them, industrial lithium carbonate can be used to prepare energy storage lithium ferrous phosphate and lithium manganate products, which are widely used in glass, ceramics, synthetic rubber, medicine and other industries; Battery-grade lithium carbonate is generally used to prepare lithium cobaltate, medium-low nickel ternary materials, power lithium ferrous phosphate and other products.
3. Distribution characteristics and production technology of lithium carbonate
Lithium carbonate products have strong dependence on resources and strong regionality. In East China, lithium extraction from lepidolite ore and waste recycling are the main methods, which are relatively concentrated in Jiangxi Province. Southwest China is the main producing area for extracting lithium from ores with Sichuan Province as the core. Northwest China is a production area for extracting lithium from brine based on Qinghai salt lake resources.
Due to the different sources of raw materials, the production process of lithium carbonate is also very different. The process of extracting lithium from spodumene is mature, with high lithium recovery rate and low entry threshold. Through technological transformation, mainstream technology enterprises continuously improve the recovery rate, reduce the unit consumption of ore and expand the production capacity.
In the process of extracting lithium from salt lake brine, due to the different resource endowments of salt lakes in China, the ratio of magnesium to lithium is very different, so the lithium extraction process adopted by each salt lake needs to be suitable for its own resources and is not universal. At present, the adsorption method used in Chaerhan Salt Lake can produce a small amount of battery-grade lithium carbonate, and Dongtai Jinaier Salt Lake can produce quasi-battery-grade products because of its low content of magnesium and lithium, and enter some battery material supply chains. At present, none of the industrialized lithium extraction technologies can adapt to all types of salt lake brine, and the applicability of lithium extraction technology is single. Only by comprehensively applying different lithium extraction technologies can lithium resources in salt lakes be recovered more efficiently.
4. Overview of upstream and downstream of lithium carbonate
Lithium carbonate is in the middle and upper reaches of the industrial chain. The upstream raw materials are lithium resources such as lithium ore, lepidolite and brine, and the direct downstream products are lithium battery cathode materials (lithium ferrous phosphate, ternary materials, lithium cobaltate and lithium manganate), glass, ceramics, rubber and other industries. Among them, the cathode material is the largest direct downstream industry of lithium carbonate, accounting for about 84.2% of the consumption. According to different cathode materials, their lithium carbonate unit consumption is different.
5. The cost composition of lithium carbonate
The cost of producing lithium carbonate from different raw materials varies greatly.
The cost of extracting lithium from salt lake brine is 3000-4000 yuan/ton, and different salt lake processes are different, and the approximate cost is within 20 thousand yuan/ton-40 thousand yuan/ton. When extracting lithium from spodumene, based on the lithium concentrate with lithium oxide content of 6%, 8 tons of lithium concentrate can produce 1 ton of lithium carbonate, and the raw material cost fluctuates with the price fluctuation of lithium concentrate. Lithium is extracted from lepidolite, which has low lithium oxide content. Considering the output, 2%-3.5% lepidolite ore needs 17-20 tons to produce 1 ton lithium carbonate, and the raw material cost fluctuates with the fluctuation of lepidolite price.
6. Overview of lithium carbonate industry development
Lithium carbonate products are in the growth stage. With the gradual increase of supply growth, the industry will gradually transition to maturity in the next few years. It is difficult to obtain raw material resources in the upstream of lithium carbonate, and the requirements for operating funds of enterprises are high, and the industry threshold is high. Listed companies, state-owned enterprises and joint ventures account for a relatively large proportion. In recent years, the acquisition, equity participation and expansion of head enterprises are the main ways for domestic lithium carbonate enterprises to expand their production capacity and the downstream enterprises to extend upward. Small and medium-sized enterprises have been unstable in recent years, and some of them have gradually turned to processing and production.
7. Changes in the supply and demand structure of lithium carbonate
From the scale of domestic lithium carbonate production enterprises, the number of enterprises below 20,000 tons/year accounts for about 75%. The difficulty in obtaining raw materials and the technical level are the factors that restrict the scale of enterprise production capacity. The main application field of lithium carbonate in China is lithium battery industry, and the consumption proportion of lithium carbonate is increasing year by year. The development of lithium carbonate products is inseparable from the lithium battery industry.
From the perspective of supply and demand structure, the supply and demand pattern of lithium carbonate in China has changed many times. In the past five years, China's lithium carbonate industry has changed from oversupply to tight supply, and 2020 is the time point for the change of supply and demand structure of the industry. In 2020, the policy will be favorable to the development of the terminal industry, which will drive the middle-reaches material enterprises to concentrate on production, while the production cycle of lithium carbonate plant is long, which will lead to the domestic supply increment being slower than the demand growth. 2022 is the last year of new energy subsidies. In the second half of the year, the terminal industry was active in production and sales, and buyers grabbed goods in advance, which promoted the continuous tightening of lithium salt supply in the spot market. At the beginning of 2023, the terminal consumption was halved, and all links in the industrial chain entered the destocking stage, and the shortage of lithium carbonate was obviously alleviated.
8. Lithium carbonate import market
China is rich in lithium resources, but its uneven distribution makes it difficult to mine. The import of lithium carbonate is another supply channel. In recent years, the import dependence of lithium carbonate in China has gradually increased to about 30%. As the main producers of lithium carbonate products, Chile and Argentina account for more than 97% of China's total lithium carbonate imports, of which Chile accounts for nearly 90%. Nearly 80% of lithium carbonate imported from China is imported by enterprises in East China. Driven by rising demand, the proportion of enterprises in Shanghai, Fujian and Guangdong has increased year by year.
9. Price changes of lithium carbonate
In recent years, the market price of lithium carbonate has the characteristics of large price span and accelerated price fluctuation. Supply and demand, cost, policy, capital and news are all important factors of market price changes. Around 20 15, the supply and demand of domestic lithium carbonate industry were weak. The gradual development of 20 16 new energy vehicles has promoted the demand, and the price of lithium carbonate has risen to about 170000 yuan/ton. From 2018 to 2020, the supply of products exceeds demand, and the price of lithium carbonate keeps falling. In mid-2020, the price will drop to about 40,000 yuan/ton. With favorable policies, increased consumption and improved industrial chain demand, market prices began to rise for two and a half years after mid-2020. In the middle of 2022 10, the market price of lithium carbonate exceeded 600,000 yuan/ton. Subsequently, the terminal subsidy policy came to an end, the buyer's market replenishment sentiment weakened, and the price of lithium carbonate peaked. In five months, the price of lithium carbonate fell below150,000 yuan/ton. The price fell below the cost line, and the price was adjusted to about 300,000 yuan/ton in late April.
10. Future development of lithium carbonate
Lithium carbonate and its downstream industries are obviously demand-oriented industries, and the changes in the terminal consumption market directly affect the middle and upstream product markets in the industrial chain. Looking forward to the future, the development of terminal new energy vehicles and energy storage market is an important factor affecting the price, profit and supply of lithium carbonate products. With the development of lithium resources at home and abroad, the planned capacity of lithium carbonate is gradually released, and the supply structure will tend to be loose; The domestic terminal new energy vehicle and energy storage market will continue to develop in the next few years until the demand tends to be saturated. The export of end products such as lithium batteries, new energy vehicles and energy storage batteries is another development direction of demand growth. In the long run, the structure of supply and demand tends to be stable, and the fluctuation space of lithium carbonate price is expected to gradually narrow. However, it should be noted that in recent years, the new energy industry has been highly concerned, and the lithium carbonate link is also the focus of capital attention, and the role of market mentality on prices has gradually strengthened; In addition, the speed of technological innovation in the new energy industry is constantly improving, and substitutes such as sodium batteries and hydrogen fuel cells are developing rapidly. How the structure of the battery industry changes in the future will affect the development of lithium batteries, thus affecting the demand for lithium carbonate.
(Zhuo Chuang Information Han)