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JL MAG Rare-Earth Industry Price Briefing 04-01~04-04

Week 14, 2019

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕价格继续小幅下跌，镝铁和铽价格保持平稳。 亚洲金属网价格: 镨钕金属价格350-355元/KG (上海有色，350-355元/KG)，镝铁合金价格1450-1470元/KG (上海有色，1460-1480元/KG)，金属铽价格4030-4080元/KG (上海有色，4000-4050元/KG)。

This week, price of PrNd fell slightly while DyFe and Tb price kept stable. Price from Asian Metal at this weekend presented: PrNd metal 350-355RMB/KG (price from SMM: 350-355 RMB/KG), DyFe alloy 1450-1470RMB/KG (price from SMM: 1460-1480RMB/KG), and Tb metal 4030-4080RMB/KG (price from SMM: 4000-4050RMB/KG).

2. 业内人士分析Analysis of Professional Insiders

受4月1日开始税率下调的影响，稀土市场在短暂平稳观望两天之后，轻稀土市场价格再次开启下行模式，以镨钕氧化物及金属带动镧铈等轻稀土价格均出现不同程度下调，再次突破市场商家心理预期。税率下调虽带来相应成本降低的冲击，但中重稀土价格依旧高位持稳，镝铽产品低价难交，且后市仍旧向好。

Influenced by the overall reduction of tax rate on April 1, after a short and steady wait and see for two days, the price of light rare earth market started to decline again. Led by PrNd oxide and metal, the price of light rare earth such as La and Ce decreased to varying degrees, which breaking through the psychological expectations of market merchants once again. Although the reduction of tax rate has brought about the impact of the corresponding cost reduction, the price of heavy rare earth is still high and stable, Dy and Tb products are difficult to trade at low prices, and the future market is still good.

税率下调虽不等于直接降价，但下游商家在由此降低成本方面进行压价，因此此次价格下调对轻稀土市场来说是不可避免的“副作用"，但本次降价也仅仅是根据税点降低进行的让利调整，幅度有限，并且上游商家多数保持观望，挺价情绪积极，因此价格下调趋势平缓。

Although the reduction of tax rate is not equal to the direct reduction of price, downstream merchants depress their prices in terms of cost reduction. Therefore, the price reduction is an inevitable "side effect" for the light rare earth market. However, the reduction is only a concession adjustment based on the reduction of tax point. The range is limited, and most upstream merchants remain wait-and-see and have a positive price sentiment. Therefore, the downward trend of prices is gentle.

对于稀土价格的后市变化，轻稀土镧铈镨钕更有可能进一步下行，当到达成本临界点，国内外市场难以维持生产，镨钕价格将会出现回调。而短期内镨钕走跌，镝铽上涨的趋势仍会延续。（百川资讯稀土分析师：杜帅兵/孟祥苓）

· For the future change of rare earth price, the light rare earth La, Ce, and PrNd are more likely to decline further. When the cost critical point is reached, it will be difficult for domestic and foreign markets to maintain production, and the price of PrNd will come back. In the short term, price of PrNd will fall, while the price trend of Dy and Tb will continue to rise. (Baichuan information rare earth analyst:：Shuaibing Du /Xiangling Meng)

南方稀土发布4月1日稀土氧化物挂牌价

Listing price on April 1st 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)

2019年4月4日

April 4, 2019

提示：以上信息仅供参考！

Notes: the information above is for reference only!