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JL MAG Rare-Earth Industry Price Briefing 10-21~10-25

Week 43, 2019

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕，镝铁和铽价格都有所下调。亚洲金属网价格: 镨钕金属价格375-380元/KG，镝铁合金价格1600-1620元/KG，金属铽价格4700-4750元/KG。

Rare earth market this week showed prices fall for PrNd, DyFe and Tb. Price from Asian Metal at the weekend presented: PrNd metal 375-380RMB/KG, DyFe alloy 1,600-1,620RMB/KG and Tb metal 4,700-4,750RMB/KG.

2. 业内人士分析Analysis of Professional Insiders

本周稀土整体走势不容乐观，各系产品均出现不同程度明显下滑，但后期镨钕镝铽主流产品弱势趋缓，后续预期虽仍有下行空间但幅度及走向存在差异。

The overall trend of rare earth this week is not optimistic and all series of products have different degrees of significant decline, but late stage PrNd, Dy and Tb mainstream products weakness is slowing, the follow-up is expected to still have downward space but there is difference for the extent and direction.

造成此次下滑的主要原因除需求处于冷淡期外，业内对供给的增加预期加剧了持货商恐慌心理导致抢跑出货。轻稀土方面，距离指令计划下发的期限逐渐逼近，受指标限制的分离产能有放宽风险；重稀土方面，腾冲海关仍持续通关，后续是否封关暂不确定，畏高心态促使散货提前抛售，价位迅速趋向采购成本。

The main reason for the decline in addition to the demand in the cold period, the increase in supply in the industry is expected to aggravate the fear of cargo owners leading to false shipment. With respect to light rare earth, the deadline for issuing the instruction plan is approaching, and the separation capacity limited by the index is at risk of relaxation. In terms of heavy rare earth, Tengchong customs is still continuing to clear the customs, whether the subsequent closure is temporarily uncertain, fear of high mentality prompted bulk goods to sell ahead of time, the price quickly approached the purchase cost.

镨钕产品弱势逐步放缓，成本压力的抗拒效应开始出现。镝铽虽然有散货商畏高抢跑，但镝铽库存相对集中在南方几家集团，且散货成本较高，目前价位已临近市场散货收购成本，贸易商及散货再度让价的空间已然不大，且业内向稳心态强烈，再者新生产库存则更为集中在集团，镝铽价位具备较强的控制能力。

The final weakness of PrNd products gradually slowed down and the resistance effect of cost pressure began to appear. For Dy and Tb, although there is a bulk cargo business with fear of high price and getting false start, Dy and Tb inventories relatively concentrated in several groups of south and bulk cost is higher, the price is close to market bulk purchase cost, the space of price concession again from traders and bulk business is small, and the industry to the steady state of mind is strong, and also new production inventory are more concentrated in the group, the price of Dy and Tb has strong control ability.

四季度并无过多需求亮点，但国外订单备货将逐步开展，磁材行业虽大概率仍以刚需采购为主，但采购量有望增加，对缓解稀土走势有一定支撑。轻稀土方面，镨钕虽临近历史转折点，但若无突发事件仅由市场自我发展，尚有较长的一段弱稳时间。重稀土方面，镝铽产品在当下价位暂时“止跌"，但随着高位散货库存出清，新进缅甸稀土产量逐步补充，仍有缓慢下移可能，但不排除政策利好的可能性，或将影响后续镝铽走向。（瑞道稀土资讯）

There was no bright spot in demand for Q4, but foreign order preparation will be gradually carried out, although the probability of the magnetic industry is still based on the demand for procurement, but the purchase volume is expected to increase, which has some support to the alleviation of rare earth trend. For light rare earth, although PrNd is near to historical turning point, but if no emergency only by the market self-development, there is a long period of weak stability time. For heavy rare earth, Dy and Tb products in the current price temporarily "stop falling", but with the clearance of high bulk cargo inventory, the new Myanmar rare earth production gradually supplement, there is still a slow-down possibility, but do not rule out the possibility of favorable policy, or will affect the subsequent Dy and Ty trend.(Ruidao rare earth information)

南方稀土发布10月23日稀土氧化物挂牌价

Listing price on Oct.23rd from China Southern Rare Earth

单位：万元/吨（出厂含税价）

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

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

2019年10月25日

Oct. 25th, 2019

提示：以上信息仅供参考！

Notes: the information above is for reference only!