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JL MAG Rare-Earth Industry Price Briefing 01-21~01-25

Week 4, 2019

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕，镝铁和铽价格保持平稳，与上周持平。亚洲金属网价格: 镨钕金属价格400-405元/KG，镝铁合金价格1200-1220元/KG (上海有色，1210-1230元/KG)，金属铽价格3800-3850元/KG (上海有色，3850-3900元/KG)。

This week, price of PrNd, DyFe and Tb kept stable and basically unchanged from last week. Price from Asian Metal at this weekend presented: PrNd metal 400-405RMB/KG, DyFe alloy 1200-1220RMB/KG (price from SMM: 1210-1230RMB/KG), and Tb metal 3800-3850RMB/KG (price from SMM: 3,850-3,900RMB/KG).

澳大利亚稀土生产商莱纳斯2018年第四季度稀土氧化物销量达到5,522吨，营收7,990万澳元。尽管稀土氧化物产量比上一季度下降了798吨，但莱纳斯仍实现了创纪录的销量。产量短缺是去年12月暂时停产的结果。随着耗资3,500万澳元的NEXT分离电路项目的升级完工，配额也受到了抑制。尽管产量较低，但在2018年10月，NdPr产量连续二个月超过600吨。去年12月，当达到处理镧精矿的年度批准限额时，生产也暂停了，其综合效应是NdPr产量减少了400多吨。

Australian rare earth producer Lynas sold 5,522 tons of rare earth oxides in Q4 of 2018 on revenue of 79.9 million Australian dollar. Lynas posted record sales despite a 798 tons drop in rare earth oxide production from the previous quarter. The production shortfall was the result of a temporary shutdown in December. Quotas were also curtailed as the $35 million NEXT split-circuit project was finally upgraded. Despite low production, the PrNd output was more than 600 tons for the second month in a row in October 2018. Production was also suspended in December when the annual approval limit for processing La concentrate was reached, with the combined effect of reducing PrNd output by more than 400 tons.

Pensana Metals在安哥拉的Longonjo获得了高质量的稀土结果，该项目距离一条直达大西洋港口的铁路线有4公里。Pensana Metals Ltd在安哥拉的Longonjo钕-镨(NdPr)项目进行钻探后，获得了稀土氧化物(REO)。这些结果是2018年一个108孔钻井项目的测试结果，预计下个月完成修订后的资源估算。新的交叉点确定了一个富含NdPr氧化物的矿化厚带，特别是在NdPr占总稀土36%的两个交叉点处。

Pensana Metals obtained high-quality rare earth results in Longonjo, Angola, which is four kilometres from a rail link to an Atlantic port. Pensana Metals Ltd obtained higher-grade rare earth oxides after drilling in Angola's Longonjo PrNd project. These results are the final test results for a 108 well drilling project in 2018. Revised resource estimates are expected to be completed next month. The new intersections identified a thick mineralized zone with rich PrNd oxides, especially at the two intersections where PrNd accounted for 36% of the total rare earths.

2. 业内人士分析Analysis of Professional Insiders

本周稀土整体市场实现筑底企稳，且重稀土表现稳健物。年末物流大多暂停，年底成备货收尾，稀土上游企业步入歇业状态，下游磁材除大厂仍有生产，中小企业亦开始年前的休整。

This week, the overall rare earth market is bottom stabilized, and the performance of heavy rare earths is solid. At the end of the year, most of the logistics were stopped; the transaction and preparation of goods were completed. The upstream rare earth enterprises went out of business, downstream magnetic material except big factories still have production; small and medium-sized enterprises also began to rest and reorganization before the New Year.

受氧化镝成上浮，虽然暂无明显需求，成本的压力迫使镝铁厂商上调报价，且本周为数不多的成价亦有上浮。镨钕金属成范围变动较小，低交并未刷新，但主流报价有所变动，小部分企业低价企业开始向上微调。

Affected by Dy oxide prices rose, although there was no immediate demand, cost pressures forced Dy producers to raise their bids, as did the few prices on offer this week. Change of PrNd metal deal limits is lesser, minimum deal did not refresh, but mainstream quoted price changed a bit; small part enterprises and low price enterprises begin to trim up.

年后预期需求低迷，但价格同时也走向了底点，两者在年前达到平衡。节后上下游企业复产开工，加之年前备货量少，届时交将有一定幅度改善，而平衡点将会向卖方倾斜。预计，节后镨钕市场有望实现企稳，且存在小幅上调的可能，镝铽系产品延续上浮，且上调速度将略微加快。(瑞道稀土资讯)

Demand is expected to be low after the year, but prices are also heading for a bottom, and the demand and price will balance by the end of the year. After the holiday, the upstream and downstream enterprises will resume production and start work. In addition, the amount of goods in stock before the Spring Festival is very small. At that time, the transaction will be improved to a certain extent, and the balance point will be tilted to the seller. It is expected that the PrNd market is expected to stabilize after the Spring Festival, and there is the possibility of a small increase; Dy and Tb products will continue to rise, and the rate of increase will be slightly accelerated.(Ruidao Rare Earth Information)

南方稀土发布1月21日稀土氧化物挂牌价

Listing price on Jan 21st from China South 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1月25日

Jan 25th, 2019

提示：以上信息仅供参考！

Notes: the information above is for reference only!