太阳集团城娱8722稀土行情简报201747期（总第213期）12-25~12-29

Week 52, 2017

1. 重要新闻简报Briefing of Important News

本周稀土市场行情镨钕价格继续保持小幅上涨，镝铁和铽价格相对稳定。亚洲金属网价格:镨钕金属价格395-405元/KG (28日百川资讯, 镨钕金属价格410-420元/KG )，镝铁合金价格1150-1180元/KG (28日百川资讯, 镝铁合金价格1170-1180元/KG )，铽金属价格3800-3850元/KG。

This week, the price of PrNd still increase slightly，DyFe and Tb continued to be stable in the rare earth market. Price from Asian Metal at this weekend presented: PrNd 395-405 RMB/KG(PrNd 410-420 RMB/KG on 28th Baichuan News), DyFe 1150-1180 RMB/KG(DyFe 1170-1180 RMB/KG on 28thBaichuan News) and Tb 3800-3850 RMB/KG.

2. 业内人士分析Analysis of Professional Insiders

2017年于中国稀土业来说，是不平凡的一年。在经历了持续两年的低迷、下滑行情后，今年无疑是稀土价格与价值逐步回归的一年。

2017 is a special year for RE industry. In 2017, there is no doubt that rare earth price and value is gradually increased after two year's downturn and decline.

年内，政策上的调整、国储的推动、环保整顿、稀土打黑专项行动，都对稀土供给端产生约束，产量明显下降，下游企业积极备货，需求升温，从而令价格大幅上涨。以氧化镨钕为例，从年初的不足30万元/吨一路涨至高的54万元/吨，价格将近翻倍。然而后期在没有持续的政策刺激之下，价格还是出现了滑坡。8月开始，国内稀土价格开始松动，并一路下行，直至12月才略有好转。多数稀土产品的跌幅将近50%。因此，今年稀土整体行情呈现先扬后抑。今年轻稀土表现较好，其中，镨钕的表现抢眼，变化也大，因为镨钕对应的永磁下游，仍在稳步增长。

This year, the adjustment on politics,promotion of SRB,reorganization of environment protection and crackdown action of rare earth restrained the supply of rare earth. The production decreased obviously and downstream industries stock up positively, which led to the growth of requirement and rapidly increased RE price.Take PrNd oxides for example,the price increased from 300,000 RMB/T to 540,000 RMB/T,almost double when compared to the price in the early 2017.However,without continually policy stimulus,the price has slightly dropped.From August, the domestic RE price started decline and moderate growth in December.Most of the rare earth products declined nearly 50%.In a word, rare earth market has experienced increase-decline process this year.However,light rare earth performed well,especially PrNd,which contributed to the steadily growth of permanent magnet.

稀土打黑行动自2016年12月至2017年4月在全国开展打击稀土违法违规行为专项行动。“专项行动将逐步影响稀土供应量，有效规范行业秩序。"业内人士说。 发改委、财政部、环保部、公安部等部门的人员参加了会议。与会部门表示，将进一步发挥部门合力，共同推进行业秩序整顿工作，研究解决发现的突出问题，加大联合惩戒力度，推动《稀有金属管理条例》尽快出台，保持对稀土违法违规行为的高压态势，确保整顿取得实效。业内人士认为，此次会议透露出国家将继续加大稀土行业的整顿力度，新一轮稀土“打黑"也将启动。

The Rare earth crackdown carried out the special action to combat the illegal violations of rare earth across the country from December 2016 to April 2017.Insiders indicated that Special operation will gradually affect rare earth supply and effectively standardize the order of industry.Personnel of NDRC,Ministry of Finance,Ministry of Environment,Ministry of Public Security attended the meeting.The departments said they would cooperate to regularize the industry order, trash out prominent problems,strengthen penalties and promote the Regulations on Administration of Rare Metal in time. And the high pressure on rare earth violation behaviors will ensure reorganization effective implement.Insiders indicated that this meeting showed the government will continue to intensify the consolidation of rare earth industry.A new round of crackdown on rare earth will start.

今年已经开展了三次收储，纵观2017年稀土收储形势，大体呈现以下新趋势，即收储频次增多，但每次的收储规模缩减。随着收储价格均逐步提高，每次微幅溢价。

The SRB has carried out storage three times in 2017. Throughout rare earth storage situation, it generally presents a new trend of an increased frequency on storage while downscale each time.With the storage price gradually increased,it is slightly premium every time.

展望2018年，SMM认为，稀土行业的发展及价格走势依旧对国家政策的依赖性较大。稀土开采指标大幅调整的可能性不大，基本仍会保持在近几年的水平。国储存在太多不确定性，但市场普遍对于收储寄予较高预期。稀土打黑及环保督查将持续存在，一定程度缩减了市场供应量。需求层面，稳中有升，其中新能源汽车的快速发展带来的钕铁硼需求的稳步增长，将是确定并较为乐观的。因此在供应仍有缩减空间、需求稳中向好的背景下，供需之间的差距将进一步缩小，稀土价格会继续得支撑，SMM认为明年以镨钕为代表的稀土价格有望继续冲高，高达55-60万元/吨。

SMM considers that the development and price trend of rare earth industry will still highly dependence on the national policy in 2018.Rare earth mining index is unlikely to overhaul, it will remain at the levels of recent years.The SRB has too much uncertainties, but the market still has highly expectations for storage.Rare earth crackdown and environmental supervision will continue to exist, which has reduced the market supply in some way. The demand is steadily growing,especially the rapid development of new energy vehicles,which is determined and optimistic.In the background of flexible decrease of supply and slightly increasing demand,the gap between supply and demand will be narrowed,which will contribute to support the RE price.SMM forecasts that the RE price such as PrNd will continue to increase,expects up to 550,000-600,000 RMB/T.

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

2017年12月29日

Dec. 29th, 2017

提示：以上信息仅供参考！

Notes: the information above is for reference only!