JL MAG Rare-Earth Industry Price Briefing 07-15~07-19

Week 29, 2019

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕，镝铁和铽价格继续走低。亚洲金属网价格: 镨钕金属价格400-405元/KG，镝铁合金价格1870-1890元/KG，金属铽价格5150-5200元/KG。

This week, prices of PrNd, DyFe and Tb kept on dropping. Price from Asian Metal at this weekend presented: PrNd metal 400-405RMB/KG, DyFe alloy 1870-1890RMB/KG, and Tb metal 5150-5200RMB/KG.

2. 业内人士分析Analysis of Professional Insiders

本周市场延续下滑走势，上游中小企业竞相出货，而下游订单收缩采购克制，主流看跌情绪。稀土产品低位交信息频繁，镨钕受其影响尤为敏感，相对冷清的交量心不断向低位靠拢，而基于需求普遍低迷的共识，库存积压成为上游工厂难题。

This week, the market continued to decline. Upstream middle-sized and small-sized enterprises competed to ship orders, while downstream purchasing orders were contracted and restrained. The mainstream was emotionally bearish. Low-price transactions of rare earth products were so many and frequent that price of PrNd was sensitively affected. The relatively low volume of PrNd made it move closer to low price. Based on the consensus that demand was generally low, inventory backlog had become the primary problem of upstream manufacturers.

重稀土受整体弱势影响亦有下调。南方各大企业库存较多，镝铽等主流产品相对集中。然而需求遇冷走货不畅，市面散货持有商占当下交比例扩大，短期内看不到希望的情况下灵活周转，交价位出现小幅滑坡。

Price of heavy rare earths had also been affected by the overall decline. There were more inventories in major enterprises in the South, with concentrated mainstream products such as Dy and Tb. However, the demand for them was not so popular or smooth in the market, proportion of the transaction by bulk cargo holders had kept expanding. Flexible turnover should be done if hope was unseen in the short term. The transaction price presented a slight decline.

虽然稀土交本周不停走低，但业内心态较为敏感微妙。因轻重稀土原矿价位相对氧化物下调缓慢，同步对应难以达成，稀土各系产品理论成本相对之前正比增加，而稀土产品尤其镨钕产品价位不断向成本价位靠拢，部分人士对后市观点出现变化，对于近期走势虽仍一致看弱，却已对未来是否有机会逆转开始思考。

Though the turnover of rare earths had continued to decline this week, the industry's mentality was sensitive and subtle. Since the price of rare earth ore declined slower than that of oxides, the synchronous response was difficult to achieve. The theoretical cost of rare earth products kept increasing comparing to the previous costs, while the price of rare earth products, especially the price of PrNd products, was moving closer to their production cost price. Some people had changed their views on the market outlook. Although the recent trend was still regarded as consistently weak, people had already begun to think about the possibility of reversed price in the future.

不同于一般有色金属，稀土行业受政策影响效果大，这也是稀土行业特征之一，市场调节和政策因素共同影响。虽然未来一段时间内属市场调节重归低位，但政策助推并未失去其生长的土壤。（瑞道金属网）

Unlike general non-ferrous metals, the rare earth industry is highly influenced by policies, which is also one of the characteristics of the rare earth industry, that market regulation and policy factors have a common impact on it. Although market regulation has returned to a low level for some time to come, policy assistance does not lost the soil for its growth. (Ruidow)

南方稀土发布7月15日稀土氧化物挂牌价

Listing price on July 15th from China Southern Rare Earth

单位：万元/吨（出厂含税价）

Unit: 10,000RMB/ton (EXW price incl. VAT)

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

2019年7月19日

July 19, 2019

提示：以上信息仅供参考！

Notes: the information above is for reference only!