JL MAG Rare-Earth Industry Price Briefing 02-24~02-28

Week 9, 2020

1.     重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕和钕的价格相对稳定，镝铁和铽价格持续上涨。亚洲金属网周末价格: 镨钕金属价格355-360元/KG，金属钕价格368-373元/KG，镝铁合金价格1780-1800元/KG，金属铽价格5050-5100元/KG。

This week, price of PrNd was relatively stable while DyFe and Tb continued to rise. Price from Asian Metal at this weekend presented: PrNd metal 355-360RMB/KG, Nd metal 368-373RMB/KG, DyFe alloy 1,780-1,800RMB/KG and Tb metal 5,050-5,100RMB/KG.

2.       业内人士分析Analysis of Professional Insiders

本周轻重稀土分化走势仍在继续，但随着轻稀土成本高压及下游采购滞后，轻重分化走势趋于缓和，但后续继续分化仍存在一定空间。

The trend of light and heavy rare earth differentiation continued this week, but with the pressure of high cost of light rare earth and the lag of downstream procurement, the trend of light and heavy rare earth differentiation tends to ease, but there is still some room for further differentiation

重稀土产品涨势仍在继续，且氧化镝报价涨幅有所增加。重稀土缩减预期持续给业内构成信心支撑，虽然江西等重稀土生产厂家恢复生产，但多反馈原矿库存较少，且中钇标矿成交价位也跟随上调。

The upward trend of heavy rare earth products continued and price for Dy oxide increased. Heavy rare earth reduction expectations continue to provide confidence support for the industry, although heavy rare earth producers such as Jiangxi province resumed production, but more feedback on raw ore inventory is low, and the Yttrium ore trading price also followed the increase.

短期预测：镨钕节后供给端更先开工、开工率也更全面，造成期间镨钕过剩库存积压更为严重，上游之间的竞价短期内仍无可避免。2020年指标下发，镨钕指令计划如期继续小幅增加，镨钕上游企业受疫情影响相对较弱，后期镨钕继续下行的风险仍在，但因成本压力走势必然缓和。

Short-term forecast: after the holiday, the supply side of PrNd start work first and the rate of operation is more comprehensive, resulting in the period of PrNd overstock is more serious, the upstream bidding is still inevitable in the short term. The index of 2020 is issued, the PrNd instruction plan will continue to increase slightly as scheduled, the upstream enterprises of PrNd are relatively weak due to the impact of the epidemic, the risk of the future downward trend of PrNd is still in the late stage, but the trend of cost pressure will inevitably ease.

重稀土受供给与需求双重收缩同时影响，供给端收缩影响仍占据上风，下游需求虽然有所抑制但短期内仍不足以抵消镝铽上涨的动力。（瑞道稀土资讯）

Heavy rare earth is affected by both supply and demand contraction, and the supply-side contraction still prevails, while downstream demand, though subdued, is not enough to offset the momentum of Dy in the short term. (Ruidow Rare Earth Info)

南方稀土发布2月24日稀土氧化物挂牌价

Listing Price of Rare Earth Oxides on 24th Feb from Southern Rare Earth

单位：万元/吨（出厂含税价）

Unit: 10 thousand RMB/ton (EXW incl. Tax)

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

2020年2月28日

Feb 28th, 2020

提示：以上信息仅供参考！

Notes: the information above is for reference only!