中国电池材料：6月进入第三周，JXW复产存隐忧

China Battery Materials Lithium into 3rd week of June-Looming concern on JXW resumption link).Thoughtheexactpurposeofthelanduse(i.e.mining ormineralprocessing),remainingprocessandtimelineisyettobeconfirmed,themarket appearedtoprice intheresumptionof JxWinthenear-termandlithiumASPdeterioratedsharplythismorning.Accordingtoourcheckswithindustrycontacts,it'spossibletoseeJXWmining（采矿)resumptioninAugorOctwhilstthemineralprocessing（选矿)mightneedtobepostponed,andthelepidolitemines couldbeoutsourcedtoathirdpartyformineral processingandconversionafterwards.WeseeloomingconcernonJxWresumption,butwestill expectlithiumS/Ddynamicsmaycontinuetobetightaslotsofnewbatterycapacitiesarescheduled in3Q26. +852-2501-2441jack.shang@citi.comAnna Wang +852-2501-2739anna.d.wang@citi.com Jimmy Feng+852-2501-7588jimmy.feng@citi.com Weeklywrap-up:LithiumAsP was largely flattishWoW during last week.Amongthat, Li2C03and LiOHASPisquotedatRmb167.25k/t and Rmb152.5k/tas of18thJunerespectively,vsRmb166.5k/tandRmb152.5k/tasof11thJune.Productionwise,ChinaLi2CO3productionwasflattishWoWat26,399tonslastweek.Amongthat,outputfrombrine,lepidolite,spodumene,andrecyclewas-1%/+1%/flattish/flattishWoWrespectively.Inventorywise,total inventoryofLi2c03cameinat96,645tonsthisweek(-1%WoW/-1184tonsWoW).Withinthat,inventoryofdownstreamplayers(mainly cathodemakers),smelters,andothers (mainlybattery makers and traders)wereflattish,-7%,flattishWoWto46,690tons,15,373tons,and34,582tonsrespectively. Cynthia Wu+852-2868-7813cynthia.d.wu@citi.com Shreyas Madabushi+91-22-4277-5048shreyas.madabushi@citi.com Source: Citi Research, SMM @ 2026 Citigroup Inc. No redistribution without Citigroup's written permission.Source: Citi Research,SMM Source: Citi Research, SMM @ 2026 Citigroup Inc.No redistribution without Citigroup's written permission.Source: Citi Research,SMM 2026 Citigroup Inc.Noredistribution without Citigroup's writtenpermissionSource: Citi Research, SMM ofthegraphicsinthisdocument,pleasecallUSA1-888-500-5008(TTY:711),fromoutsidetheUS+1-210-677-3788 Appendix A-1 Theresearchanalystsprimarilyresponsibleforthepreparationandcontentofthisresearchreportareeither(i)designated by"Ac"intheauthorblock or(ii)listed inboldalongside contentwhichis attributabletothatanalyst.IfmultipleAcanalystsaredesignatedintheauthorblock,eachanalystiscertifyingwithrespecttotheentireresearchreportotherthan(a)contentattributabletoanotherACcertifyinganalystlisted inboldalongsidethecontentand(b)viewsexpressedsolelywithrespecttoaspecificissuerwhichareattributabletoanotherACcertifyinganalystidentifiedinthepricechartsorratinghistorytablesforthatissuershownbelow.Eachoftheseanalysts certify,withrespecttothesectionsofthereportforwhichtheyareresponsible:(1)thattheviewsexpressedthereinaccuratelyreflecttheirpersonalviewsabouteachissuerandsecurityreferencedandwerepreparedinan independentmanner,includingwith respecttoCitigroupGlobalMarketsInc.and itsaffiliates;and (2)nopartoftheresearchanalyst'scompensationwas,is,orwillbe,directlyorindirectly,relatedtothespecificrecommendationsorviewsexpressedbythatresearchanalystinthisreport.IMPORTANTDISCLOSURES Analysts'compensationisdeterminedbyCiti ResearchmanagementandCitigroup'sseniormanagementandisbasedupon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc.and its affiliates (the"Firm").Compensationisnot linkedtospecifictransactionsorrecommendations.LikeallFirmemployees,analystsreceivecompensationthatisimpactedbyoverall Firmprofitabilitywhichincludes investmentbanking,sales andtrading,andprincipaltradingrevenues.Onefactorin equityresearchanalystcompensation isarrangingcorporateaccesseventsbetweeninstitutionalclientsandthemanagementteamsofcoveredcompanies.Typically,companymanagementismorelikelytoparticipatewhentheanalysthasapositiveviewofthecompany.ForfinancialinstrumentsrecommendedintheProductinwhichtheFirmisnotamarketmaker,theFirmisaliguidityprovider in suchfinancialinstruments (and anyunderlying instruments)andmayactas principal in connection withtransactionsinsuch instruments.TheFirm isaregularissueroftradedfinancial instruments linkedto securities thatmayhavebeenrecommended in the Product.The Firm regularlytrades in the securities of theissuer(s)discussed inthe Product.The Firmmayengage insecuritiestransactions inamannerinconsistentwiththe Productand,with respecttosecurities covered bytheProduct,will buyorsell from customers onaprincipal basis.Unless statedotherwiseneitherthe ResearchAnalyst noranymemberoftheirteamhasviewed thematerialoperations ofthe Companiesforwhichaninvestmentviewhasbeenprovidedwithinthepast12months.Forimportant disclosures (includingcopies ofhistorical disclosures)regardingthecompanies that arethe subject ofthis Citi Research product("theProduct"),pleasecontact Citi Research,388GreenwichStreet, 6thFloor,NewYork,NY,10013,Attention:Legal/Compliance[E6wYB6412478].Inaddition,thesameimportantdisclosures,withtheexceptionoftheValuationandRiskassessmentsandhistoricaldisclosures,are