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JL MAG Rare-Earth Industry Price Briefing 11-04~11-08

Week 45, 2019

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕，镝铁和铽价格稳定，与上周基本一致。亚洲金属网价格: 镨钕金属价格365-370元/KG，镝铁合金价格1530-1550元/KG，金属铽价格4550-4600元/KG。

This week, prices of PrNd, DyFe and Tb keeps stable and the same as last week. Price from Asian Metal at the weekend presented: PrNd metal 365-370 RMB/KG, DyFe 1,530-1,550 RMB/KG and Tb metal 4,550-4,600 RMB/KG.

2019年11月7日-8日，由中国稀土行业协会磁性材料分会主办的中国稀土行业协会磁性材料分会二届二次会员大会暨2019中国稀土永磁论坛在赣州举办，且由中国南方稀土集团有限公司及江西as电玩永磁科技股份有限公司支持举办。会议主题为“科技创新，高质量发展"，且邀请了稀土原材料企业，稀土磁性材料企业，后加工企业，设备制造企业，大学和科研单位，各省行业协会及各应用领域代表参加。

From November 7th to 8th, 2019, the Second General Meeting of Magnetic Materials Branch of China Rare Earth Industry Association and 2019 China Rare Earth Permanent Magnet Forum hosted by Magnetic Materials Branch of China Rare Earth Industry Association were held in Ganzhou, supported by China Southern Rare Earth group Co., Ltd. and JL Mag Rare-Earth Co., Ltd. The theme of the conference is "Technological Innovation, High-quality Development", and experts from rare earth raw material enterprises, rare earth magnetic material enterprises, post-processing enterprises, equipment manufacturing enterprises, universities and scientific research institutions, provincial industry associations and application fields were invited to attend the conference

2. 业内人士分析Analysis of Professional Insiders

本周稀土市场整体仍处于弱势，但镨钕下行速度更为缓和，且重稀土氧化镝产品再度实现维稳。成本高压是促进走势放缓的主要因素。

This week, the whole rare earth market is still at a weak position, but the downward speed of PrNd price is more moderate, and the heavy rare earth Dy oxide products are once again stable. High cost is the main factor that slow down the trend.

重稀土产品本周整体弱势，但氧化镝明显维稳，在当下位开始震荡浮动。氧化铽因市场购买量相对不足，且市场库存不如氧化镝集中，成价位暂未止跌。氧化镝本周价位下滑至150万元/吨后开始上下小幅浮动，该价位下无论主流大厂或者散货持货商均存在较大生产及收购成本压力，市场盼稳心态较高。

Heavy rare earth products are weak this week, but Dy oxide is obviously stable, starting to fluctuate in the lower position. The purchasing of Tb oxide is not enough in the market, and the market inventory is not as concentrated as Dy oxide, so the transaction price has not stopped falling. The price of Dy oxide fell to 1.5 million yuan/ ton this week, and then begins to fluctuate slightly up and down. Under this price, there is a greater pressure on production and acquisition costs for mainstream large factories and bulk carriers, and the market is looking forward to stability.

随着钬铁逐步下滑，钬铁与镨钕价差范围扩大，部分磁材企业调整配方适当加重钬铁比例，本周钬铁成稍有好转，但并不明显。氧化钬及钬铁在后期持稳，低位货源相对收缩。然而磁材端的比例调整对于钬铁目前庞大的库存杯水车薪，钬铁缺乏上涨动力。

With the gradual decline of HoFe, the range of price difference between HoFe and PrNd has expanded, and some magnetic material enterprises have adjusted the formula to appropriately increase the proportion of HoFe. This week, the transaction of HoFe has slightly improved, but it is not obvious. Ho oxide and HoFe remain stable in the later stage, and the lower level supply is relatively contracted. However, the adjustment of the proportion of the magnetic material end is far from insufficient for the current huge inventory of HoFe, and HoFe lacks the momentum to rise.

元旦前夕磁材厂开工率不会很高，无论国内或国外订单均相对淡季，上游企业间的价格竞争仍会继续。镨钕类产品存在进一步下调趋势，但空间受制于成本压力不会太大。重稀土产品除氧化镝因其特殊的市场占有量和集中度外，其余各类产品弱势因素居多，短期内很难出现上涨。（瑞道稀土资讯）

On the eve of New Year, the operating rate of the magnetic material factory will not be very high, and the price competition among upstream enterprises will continue as the domestic or foreign orders are relatively off-season. Pr and Nd products have further downward trend, but the space will not be too large subject to cost pressure. In addition to Dy oxide, which has a special market share and concentration degree, other products are mostly vulnerable, so price is difficult to rise in the short term. (Ruidow Info)

南方稀土发布11月4日稀土氧化物挂牌价

Listing price on Nov 4th from China South 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11月08日

Nov. 8th, 2019

提示：以上信息仅供参考！

Notes: the information above is for reference only!