JL MAG Rare-Earth Industry Price Briefing 01-28~02-01

Week 5, 2019

1. 重要新闻简报Briefing of Important News

本周稀土市场行情，镨钕，镝铁和铽价格保持平稳，与上周持平。亚洲金属网价格: 镨钕金属价格400-405元/KG，镝铁合金价格1200-1220元/KG (上海有色，1210-1230元/KG)，金属铽价格3800-3850元/KG (上海有色，3850-3900元/KG)。

This week, price of PrNd, DyFe and Tb kept stable and basically unchanged from last week. Price from Asian Metal at this weekend presented: PrNd metal 400-405RMB/KG, DyFe alloy 1200-1220RMB/KG (price from SMM: 1210-1230RMB/KG), and Tb metal 3800-3850RMB/KG (price from SMM: 3,850-3,900RMB/KG).

2019年1月29日- Hastings Technology Metals Limited 宣布，西澳大利亚加斯科因地区Yangibana项目可能的矿石储量将进一步增加。ASX于2018年7月31日发布了题为《延吉巴纳项目矿石储量增加50%至774万吨》的报告，报告中称，可能的矿石总储量已增加至1035万吨，增幅为1.22%TREO，其中Nd2O3 +Pr6O11为0.43%，较2018年7月的数据增长34%。

January 29th, 2019 - Hastings Technology Metals Limited announced that the possible ore reserves of the Yangibana project in the Gascoyne region of Western Australia will increase further. On July 31st, 2018, ASX issued a report entitled “The Ore Reserve of Yanjibana Project Increases Ore by 50% to 7.74 Million Tons". The report stated that the total reserves of possible ore have increased to 10.35 million tons, an increase of 1.22%. TREO, where Nd2O3 + Pr6O11 were 0.43%, was 34% higher than the July 2018 data.

1月31日金力永磁（300748）发布2018年年度报告，实现营业收入12.89亿元，同比增长41.31%。 感谢客户及各界朋友对我们长期以来的关心与支持，金猪贺岁提前祝大家春节快乐！

On January 31st, JL MAG (300748) released its 2018 annual report, achieving an operating income of 1.289 billion RMB, a year-on-year increase of 41.31%. Thanks to the customers and friends from all walks of life for their long-term concern and support. Happy Chinese New Year to everyone!

2. 业内人士分析Analysis of Professional Insiders

2018年中国稀土产量相对下降，主要原因在于下游需求疲软，产业消费量下降。政策面的变化，导致稀土原矿产量萎缩，从而影响到稀土供应减少。供需同时下行，对稀土价格相对有所支撑，尽管在下游需求表现弱的6-7月，氧化镨钕价格也没有跌破30万元/吨，供应端紧张对稀土价格支撑有所体现。预计2019年稀土供应端仍处于紧张的趋势，尤其针对中重稀土价格或将出现上涨。2019年稀土供应仍是增长的，先轻稀土镧铈镨钕供应量会增加，而中重稀土镝铽产品产量会有所下降，影响到市场价格，镨钕价格看弱，镝铽价格看涨。(百川资讯杜帅兵,孟祥苓)

China's rare earth production declined in 2018, mainly due to weak downstream demand and declining industrial consumption. The change in policy has led to a shrinking production of rare earth ore, which has affected the reduction of rare earth supply. Supply and demand went down at the same time, which supported the price of rare earth. Although the downstream demand was the weakest in June and July, the price of PrNd oxide did not fall below 300,000 RMB / ton, and the tight supply showed some support to the price of rare earth. It is expected that the supply of rare earths will remain in a tense trend in 2019, especially for medium and heavy rare earth prices may raise. The supply of rare earths is still growing in 2019. First, the supply of light rare earths Lan, Ce and PrNd will increase, while the production of medium and heavy rare earths will decrease. This will affect market prices. The price of PrNd is weak, Dy and Tb is bullish. (Baichuan information Du Shuaibing, Meng Xiangling)

南方稀土发布1月28日稀土氧化物挂牌价

Listing price on Jan 28th 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2月1日

Feb 1st, 2019

提示：以上信息仅供参考！

Notes: the information above is for reference only!