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JL MAG Rare-Earth Industry Price Briefing 08-17~08-21

Week34,2020

1. 重要新闻简报Briefing of Important News本周稀土市场行情，镝铁的价格较为稳定，镨钕，金属钕和铽的价格持续上涨。亚洲金属网周末价格: 镨钕金属价格443-448元/KG，金属钕价格460-465元/KG，镝铁合金价格1780-1800元/KG，金属铽价格6330-6380元/KG。

This week, price of DyFe was relatively stable while PrNd, Nd metal and Tb continued to rise. Price from Asian Metal at this weekend presented: PrNd metal 443-448 RMB /KG, Nd metal 460-465 RMB/KG, DyFe alloy 1,780-1,800 RMB/KG, and Tb metal 6,330-6,380RMB /KG.

2. 业内人士分析Analysis of Professional Insiders

本周稀土市场整体来看仍算表现良好，但高位敏感与畏高波动也随之出现。镨钕产品已连续上涨近一月时间，在近几年的走势中极为少见，随着涨势趋缓，业内信心出现动摇。

This week, the rare earth market was still performing well as a whole, but sensitivity and fear of high price also appeared. PrNd products had been rising for nearly a month, which was extremely infrequent in the trend in recent years. With the slowdown of the rise, confidence in the industry had been shaken.

镨钕长期现货不足的状态有所缓解但中间金属端产能供给仍显短缺，然而上游原料储存较为充足，氧化镨钕供给相对金属也较多。涨价期间无论是上游惜售还是下游扩大采购均对金属企业造成生产压力，同时也刺激了生产企业扩大产量。然而这一现状随着下游期货订单逐步延长开始衰减，风险随着价位高走弥生滋长。

The long-term shortage of PrNd had been alleviated, but the capacity supply of intermediate metal end was still in short supply. However, the upstream raw material storage was relatively sufficient, and the supply of PrNd oxide was relatively more than that of metal. During the price rise period, that upstream reluctant to sell or downstream expansion of procurement, both caused production pressure on metal enterprises, meanwhile they also stimulated production enterprises to expand production. However, this situation began to decline with the gradual extension of downstream futures orders, and the risk increased following with the price increase.

近期预测：镨钕高位调整较有可能在下周出现，但生产方逐步积累的原料成本较高，下调幅度与速度预计不会过激。整体需求在未来有一定的收缩风险，但重稀土调整也应趋于缓和。（瑞道稀土资讯）

Recent forecast: the high level adjustment of PrNd would be more likely to appear in the next week, but cost of the raw material gradually accumulated by the manufacturer was relatively high, and the reduction range and speed would not expected to be excessive. Overall demand in the future had a certain risk of contraction, but adjustment of heavy rare earth should also tend to ease. (Ruidow Rare Earth Info)

南方稀土发布08月17日稀土氧化物挂牌价

Listing Price of Rare Earth Oxides on August 17th 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)

2020年08月21日

August 21st, 2020