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JL MAG Rare-Earth Industry Price Briefing 11-16~11-20

Week 45,2020

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕、金属钕、镝铁和铽的价格大幅上涨。亚洲金属网周末价格: 镨钕金属价格460-465元/KG，金属钕价格515-520元/KG，镝铁合金价格1730-1750元/KG，金属铽价格7350-7400元/KG。

This week, the price of PrNd, Nd, DyFe and Tb rose substantially. Price from Asian Metal at this weekend presented: PrNd metal 460-465 RMB/KG, Nd metal 515-520 RMB/KG, DyFe alloy 1,730-1,750 RMB/KG, and Tb metal 7,350-7,400 RMB/KG.

2. 业内人士分析Analysis of Professional Insiders

本周稀土市场迎来年度内最佳行情阶段，各系产品继续明显上调且上涨速度加快。稀土现货流通紧张的状态下，下游订单在年尾出现集中爆发，采购询单主动频繁，卖家市场下成交价位不断高走。

This week, the rare earth market ushered in the year's best market stage, each series of products continue to increase significantly and the pace of rising is accelerating. Under the tight rare earth spot circulation status, the downstream orders in the end of the year appear concentrated outbreak, the purchase inquiries are active and frequent, and the seller market transaction prices continue to go up.

3C、微电机、压缩机等需求本周继续支撑稀土走势，磁材企业延长备货期至12月下旬，部分甚至已在预定明年原料，分离厂及金属厂交期紧张，期货成交随交期延长上调，看涨情绪统一而浓厚，少量的现货报价尤为坚挺基本无让价可能。

The demand such as 3C, micro-motor, compressor, etc. this week continues to support the rare earth movements, magnets enterprises extend the inventory cycle to late December, some even have been in the scheduled of the raw material for next year, the delivery of separation plant and metal factory is tight, the futures transaction increases with the extension of delivery, bullish sentiment is united and strong, a small amount of spot price is very strong and there is little possibility of concession.

后续判断：镨钕、铽产品现货流通紧张的状态在当下集中增长的需求消耗下，短时间内难以缓解，上游企业持续追高报价的状态难以改变，下游即使利润压缩，其备货刚需不会降低。镨钕与铽存在替代关系的钆及镝、钬产品同样会在前两者的拉动下跟随上调。（瑞道稀土资讯）

Subsequent judgment: it is difficult to alleviate in a short period of time under PrNd and Tb products spot circulation tension in the current concentrated growth of demand consumption, upstream enterprises continue to chase high prices of the state is difficult to change, even if the downstream profit compression, its stock will not be reduced. Gadolinium, dysprosium and holmium products with a substitutive relationship between praseodymium and terbium will also be up-regulated under the pull of the former two. (Ruidow Rare Earth Information)

南方稀土发布11月16日稀土氧化物挂牌价

Listing Price of Rare Earth Oxides on Nov. 16th from CSRE

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11月20日

Nov. 20th, 2020