太阳集团城娱8722稀土行情简报201728期（总第194期）08-07~08-11

JL MAG Rare-earth Industry Price Briefing08-07~08-11

2017年第32周

Week 32.2017

1.重要新闻简报Briefing of Important News

本周稀土市场镨钕镝铁价格持续上涨，金属铽价格企稳。亚洲金属网价格: 镨钕金属价格620-630元/KG，镝铁合金价格1520-1570元/KG，铽金属价格5200-5250元/KG。

This week the prices of PrNd and DyFe on rare earth market continue to rise, while the price of Tb is stable. Price from Asian Metal of this weekend presented: PrNd 620-630 RMB/KG, DyFe 1520-1570 RMB/KG, Tb 5200-5250 RMB/KG.

媒体称，国家稀土办给六大稀土集团发文，称当前稀土市场报价无序，要求六大集团加强自律，维护生产经营秩序。业内人士称此举是希望六大稀土集团不要带头涨价，稳定市场，然而目前稀土价格仍在涨。

According to the media, National Rare Earth Office requests the six rare earth groups to strengthen their self-discipline to keep the order of production and operation because of the current disordered rare earth quotation. Professional insiders think that the purpose of the action is making the six rare earth groups stop increasing the price so as to calm down the market. However, current price of rare earth is still rising.

2.业内人士分析Analysis of Professional Insiders

供给侧结构性改革之下，长期低迷的稀土市场各材料价格迎来明显上涨。有人甚至感慨2011年时光重现。

On the circumstances of the structural reform of supply-side, all metal prices go up very obviously after a long-time downturn in the rare-earth market. Some even says that current situation is the same with 2011.

一位长期关注稀土领域的消息人士对《每日经济新闻》记者表示，一些下游企业对于涨价很“着急"。在券商的眼中，稀土下游的永磁材料将成为“新能源拉动的第三大风口"。但记者注意到，从目前来看，涉足永磁材料的企业在这轮涨价潮中受到的影响远不及“风口"状态。

An insider who cares about rare earth field for a long time told the journalist of National Business Daily, some downstream companies is anxious about the increasing price. In the view of securities companies, permanent magnetic material in the downstream of rare earth will become the third one that is driven by new energy. However, according to the journalists, at present, the influence that the price surge on the companies producing permanent magnetic materials is more than thought.

百川资讯近发布的报告显示，稀土报价连续上涨。8月8日到8月9日一日之隔，标志性氧化钆报价到13万~14万元/吨，涨4万元，氧化钬报价到50万元/吨，涨8万元，而其他稀土产品也一齐上涨。同时，该报告还指出氧化钆上目前下游询盘增加，商家不出货，供给量又出现下降，直接拉动钆价出现上涨。

According to the latest report released by Baiinfo, rare earth quotation continues to rise. Only one day from August 8 to August 9, the symbolic quotation of Gadolinium oxide is 130,000 -140,000 RMB/T, which increased by 40,000 RMB; Ho oxide quoted 500,000 RMB/T, which increased by 80,000; and the prices of other rare-earth products are increasing. Meanwhile, this report also points out that now the downstream enquiries of Gadolinium oxide increase, the sellers keep the stock and supplies reduce which lead the rising price of Gadolinium.

招商证券的一份研报称，惜售与补库存交织，稀土价格加速上升。多数稀土产品表现供不应求，现货难以买到。

According to a research report of China Merchants Securities, sellers are reluctant to sell out but restocking which makes the price of rare earth increase. Most rare-earth products are short in demand. It is hard to buy spot goods.

在稀土原材料价格上升的背景下，不论是囤货还是“打黑"，下游产品都将会面临成本上升的问题。自2011年以后稀土价格长期下跌，在长期下跌过程中市场形成悲观预期，包括磁材厂、贸易商等企业库存均大幅下降，仅保持企业正常生产库存。

On the background of rising price of rare-earth material, no matter stocking up goods or cracking down the illegal goods, the downstream products still face the problem of rising cost. Since 2011, the price of rare earth has decreased for a long time in which the whole market forms pessimistic expectations. The storage of magnetic material factories and traders are decreasing a lot. They only have the storage that keeps the regular production.

而据相关研报分析，在这波稀土价格上涨前，包括下游钕铁硼厂以及贸易商等，对镨钕价格上涨前期判断错误，库存没有补上，当价格上涨趋势形成，再去补库存，导致镨钕价格快速上涨。就目前来看，现货难以买到，镨钕价格依旧呈现上涨的趋势。这意味着，稀土价格大涨的背后或许存在着人为囤货。

According to the relevant analysis of research report, before the price of rare earth begin to rise, the downstream NdFeB plants and traders have a wrong judgment about the rising price of PrNd. So they did not keep up with the storage. The trend of rising price is formed, then restocking which makes the price of PrNd go up quickly. At present, it is difficult to buy spot goods and the price of PrNd continues to rise, which means that there are stockpiling behind the reality of rising rare-earth price.

3. 趋势图（参考亚洲金属网）Tendency Chart (refer to Asian Metal)

2017年08月11日

August.11th, 2017

提示：以上信息仅供参考！

Notes: the information above is for reference only!