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JL MAG Rare-earth Industry Price Briefing 2402（Issue No.494）01-08~01-12

Week 2，2024

1.    重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕、金属钕、镝铁合金和金属铽价格出现小幅下跌。亚洲金属网周末价格: 镨钕金属价格495-500元/KG；金属钕价格495-505元/KG；镝铁合金价格2020-2040元/KG；金属铽价格7800-8000元/KG。

This week, the prices of PrNd, Nd metal, DyFe alloy and Tb metal fell slightly. Prices from Asian Metal at this weekend presented: PrNd metal 495-500 RMB/KG; Nd metal 495-505 RMB/KG; DyFe alloy 2020-2040 RMB/KG; Tb metal 7800-8000 RMB/KG.

2.业内重要新闻News of Rare-Earth Industry

本周（1.8-12）稀土市场开局即暴跌，在静待观望之后，低采有所活跃，产业链各端从当前价位预判让利已至下线，故低位之下成交有所放量，新的走势平台破“4”已现。

This week (1.8-1.12) the rare earth market began to plunge, after waiting to see, low mining has been active, and various ends of the industry chain have predicted that the yield has reached the bottom line from the current price. Therefore, trading volume has increased based on the low level, and a new trend that platform has broken the "4".

分离企业：作为源头，当前很多企业处在盈亏线以内挣扎，虽然矿价及废料让利最为明显，但生产周期使然，价格下浮太快，导致氧化物成本仍处高点位，重稀土镝铽在缺乏需求支撑下，价格下滑尤其迅猛。

Separation of enterprises: as the source, many enterprises are currently struggling within the profit and loss line. Although mining prices and waste concessions are the most obvious, due to the production cycle, prices fluctuate too quickly, resulting in high oxide costs. In the absence of demand support, the prices of heavy rare earth Dy and Tb have slid particularly rapidly.

金属企业：是产业链的重灾区，产能调整过程中，同质化竞争相当严峻，尽管现货库存量不大，但是低价抢占市场份额的境况，使得冶炼企业如履薄冰，再以当前价位已不敢放空，谨慎对补，以销订料。

Metal enterprises: is the industry chain of the disaster area, during the process of capacity adjustment, homogeneous competition is quite fierce. Although the spot inventory is not large, the situation of seizing market share at low prices makes smelting enterprises feel like walking on thin ice. Even at the current price, they are no longer willing to let go, so they are cautious in supplementing and selling materials.

磁材企业：季度接单，随接随跌，接单成本不断“超前”，只能谨慎做空，中型企业有单可做也仅在保本维持，小企业缩量生产或选择提前放假，大企业年前订单表现一般开工率勉强尚可。在终端订单缓慢释放，对于稀土的下游企业虽仍在压价也有难言之隐，且基于现有订单，备货普遍不会过多。

Magnetic material enterprises: Quarterly orders are accepted, with prices falling as they are accepted. The cost of accepting orders is constantly "ahead of schedule", and can only be cautiously shorted. Medium sized enterprises have orders to do but only maintain their breakeven. Small enterprises may reduce production or choose to take early holidays. Large enterprises generally have decent operating rates for orders before the year. In the slow release of terminal orders, downstream enterprises of rare earths are still pressing prices, which is difficult to express. Moreover, based on existing orders, stocking is generally not excessive.

贸易企业：如果说，在涨价过程中，贸易企业“追涨提前”，那么在跌价过程中，“止跌割肉”就为常态，本轮下行速度之快超出想象，贸易企业也纷纷深割止痛。

Trade enterprises: If during the price increase process, trade enterprises "chase up ahead", then in the price decrease process, "Stop the decline and cut the flesh" is the norm. The speed of this round of decline is beyond imagination, and trade enterprises are also deeply cutting to relieve pain.

后市预测：本周后期，由于龙头企业的稳价，使得镨钕价格趋稳，此前由做空情绪拉低的价格，再次达到心里低价的平衡点后，纷纷有所试探抬头，尽管上下游的情绪由做空到谨慎，甚至认为年前备货力度恐仅仅稳固现有状态，但仍有部分业内对年后抱有理性幅度的期待。（瑞道稀土资讯）

Future market forecast: later this week, due to the stable price of leading enterprises, the price of PrNd will stabilize. After the price was previously lowered by short selling sentiment, it has once again reached the balance point of low prices in the mind, and has begun to explore and rise. Although the sentiment in the upstream and downstream has shifted from short selling to caution, and even believes that the pre-year stocking level may only stabilize the current state, there are still some industries with rational expectations for the post-year period. (Ruidao Rare Earth Information)

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

2024年01月12日

January 12^th, 2024