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JL MAG Rare-Earth Industry Price Briefing 02-17~02-21

Week 8, 2020

1.     重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕，镝铁和铽的价格小幅上涨。亚洲金属网周末价格: 镨钕金属价格362-367元/KG，金属钕价格370-375元/KG，镝铁合金价格1750-1770元/KG，金属铽价格4750-4800元/KG。

This week, price of PrNd, DyFe and Tb increase slightly. Price from Asian Metal at this weekend presented: PrNd metal 362-367RMB/KG, Nd metal 370-375RMB/KG, DyFe alloy 1,750-1,770RMB/KG and Tb metal 4,750-4,800RMB/KG.

2月19日中国政府发布通知称，将2020年上半年的稀土产量配额较上年同期提高10%。中国是世界上最大的稀土生产国，这些配额通常每年发放两次，作为一个供应指标受到密切关注。

On Feb. 19, the Chinese government issued a notice saying the rare earth production quota for the first half year of 2020 will be increased by 10% from a year earlier. China is the world's largest manufacturer on rare earth production, and those quotas are usually issued twice a year and are closely watched as a supply indicator.

根据自然资源部和工业和信息化部的一份通知，2020年第一个稀土矿产量配额为6.6万吨，相当于去年13.2万吨总配额的50%。这一数字高于2019年上半年的6万吨。通知没有提到稀土矿冶炼和分离的配额，加工成可供制造商使用的材料。冶炼和分离配额通常与采矿配额同时发布，2019年上半年为57,500吨。(产业前沿)

According to a notice from the Ministry of natural resources and the ministry of industry and information technology, the production quota for the first rare earth mine in 2020 is 66,000 tons, equivalent to 50 % of the total quota of 132,000 tons last year. That is up from 60,000 tons in the first half of 2019. The notice did not mention quotas for the smelting and separation of rare earth minerals into materials available to manufacturers. Smelting and separation quotas are usually issued at the same time as mining quotas, with 57,500 tons for the first half of 2019. (Industrial frontier)

2.       业内人士分析Analysis of Professional Insiders

本周稀土行业整体复工率继续扩大，疫情影响逐渐缓和，物流情况也有所好转。轻稀土镨钕涨势暂停有所回落，重稀土镝铽涨势趋缓保持稳定。年后镨钕产品先涨后落，而随着镨钕金属库存增长，下游消化不及，镨钕随即表现出小幅回落。

The overall recovery rate of the rare-earth industry continued to expand this week, the impact of the epidemic is gradually easing, and the logistics situation has been also improved. The rally in light rare earth PrNd has slowed down, while the rally in heavy rare earth Dy and Tb remains stable. After the first rise and fall of PrNd products, and with the growth of PrNd metal inventory, downstream digestion, PrNd immediately showed a small decline.

镝铽产品涨势趋缓，主要因为价格拉涨过快而下游初现抵触，且南方企业陆续复产。而缅甸稀土供给并未有明显变化，供给端长远的下降预期也未改变，加上对后续重稀土政策利好的预期，镝铽依然保持现有的涨幅。

Growth in Dy and Tb products has slowed, the main reason is that the price rises too fast and the downstream first shows resistance, and the southern enterprises resume production one after another. However, there has been no significant change in the supply of rare earths in Myanmar, the long-term decline in the supply side has not been changed, Combined with expectations of future favorable policies for heavy rare earth, Dy and Tb remains on the rise.

后市判断：随着南方稀土企业的逐步复产，金属镨钕库存的释放，镨钕产品后续有可能面临更大的压力，后续镨钕产品即使有回落可能其幅度也不会很大。

Future judgment: with the gradual resumption of production of rare earth enterprises in the south, the release of PrNd metal stocks, PrNd products are likely to face greater pressure in the follow-up, even if there is a decline in the follow-up PrNd products may not be very large.

镝铽等重稀土产品除受江西等地生产受限原因外，缅甸稀土供给是最为不稳定的因素，目前来看缅甸稀土短期内并无明显恢复的可能，在缅的中国矿商因疫情影响多未返回生产，且疫情同样影响了缅甸稀土运输，一段时间内缅甸稀土现状将成为支撑国内重稀土走势的最主要原因。（瑞道稀土资讯）

Apart from the limited production of Dy, Tb and other heavy rare earth products in Jiangxi and other places, the supply of rare earths from Myanmar is the most unstable factor, for now there is no obvious possibility of rare earth recovery in Myanmar in the short term, Chinese miners in Myanmar have not returned to production due to the impact of NCP epidemic, and the epidemic has also affected rare earth transportation in Myanmar. The status of rare earth in Myanmar will be the main reason supporting the trend of heavy rare earth in China for some time. (Ruidow Rare Earth Info)

北方稀土高科技股份有限公司发布2月稀土产品挂牌价格

Listing price on February from China North Rare Earth

南方稀土发布2月17日稀土氧化物挂牌价

Listing Price of Rare Earth Oxides on 17th Feb from Southern Rare Earth

单位：万元/吨（出厂含税价）

 Unit: 10 thousand RMB/ton (EXW incl. Tax)

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

2020年2月21日

 Feb 21st, 2020

提示：以上信息仅供参考！

Notes: the information above is for reference only!