The rare earth permanent magnets concept strengthened in the afternoon, with Tianhe Magnetic Materials hitting the daily limit during trading. Prices of medium-heavy rare earths such as terbium oxide rose. [SMM Flash News]
SMM Flash: Rare Earth Permanent Magnets Concept Strengthened in the Afternoon, Tianhe Magnetic Materials Hit the Limit Up, Prices of Medium-Heavy Rare Earths Such as Terbium Oxide Rose. On April 4, the Ministry of Commerce, in conjunction with the General Administration of Customs, issued an announcement on the implementation of export control measures on seven categories of medium-heavy rare earth-related items including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, which took effect immediately upon issuance. Influenced by the positive news of export control measures on some medium-heavy rare earth-related items by the two departments and the significant pre-increase in Q1 performance of China Northern Rare Earth, the rare earth permanent magnets concept sector strengthened significantly in the afternoon of April 8. As of 13:45 on April 8, the rare earth permanent magnets concept index rose by 2.47%.
News: On April 4, the Ministry of Commerce and the General Administration of Customs issued an announcement on the implementation of export controls on some medium-heavy rare earth-related items. According to the relevant provisions of the Export Control Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China, the Customs Law of the People's Republic of China, and the Regulations on the Export Control of Dual-Use Items of the People's Republic of China, and in order to safeguard national security and interests and fulfill international obligations such as non-proliferation, the State Council approved the decision to implement export control measures on seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, which took effect immediately upon release.
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China Northern Rare Earth announced at noon on April 8 that it expects to achieve a net profit attributable to the owners of the parent company of 425 million to 435 million yuan in Q1 2025, up 716.49% to 735.70% YoY.
Tianhe Magnetic Materials announced on the evening of April 3 that the company's stock had a cumulative deviation of 20% in the closing price for three consecutive trading days on April 1, April 2, and April 3, 2025, which is an abnormal fluctuation in stock trading. After self-examination and written verification with the controlling shareholder and actual controller, as of the date of this announcement, it was confirmed that there were no major matters or important information that should be disclosed but had not been disclosed.
Spot market: Click to view SMM metal rare earth spot prices. Click to order and view SMM metal spot historical price trends. In the spot market, supported by the positive policy of export controls on some medium-heavy rare earth-related items by the two departments, the spot prices of medium-yttrium, europium-rich ore, terbium oxide, holmium oxide, gadolinium oxide, and dysprosium oxide rose.
It is reported that the market is currently paying high attention to the rare earth export control measures, with a strong wait-and-see sentiment. The overall rare earth market transactions are relatively quiet, with few active quotations from suppliers, especially for medium-heavy rare earths, and the few quotations are relatively high. Downstream buyers are also cautious, mostly making tentative inquiries, with few actual transactions.
Voices: [China Nonferrous Metals Industry Association: Chinese rare earth enterprises will strengthen compliance trade to ensure that related items are not used for military purposes or in sensitive fields.] The China Nonferrous Metals Industry Association stated that as the world undergoes rapid changes and international security faces many challenges, in order to effectively prevent rare earth-related products from flowing to improper uses and users, the Ministry of Commerce and the General Administration of Customs jointly issued an announcement on April 4 to implement export controls on some rare earth-related items, which will take effect immediately upon release. Rare earth-related items have dual-use attributes, and the Chinese government, fully drawing on international practices, has implemented export controls on rare earth-related items, demonstrating its firm determination to safeguard world peace and security. From past practices, as long as enterprises do not engage in activities that harm China's national sovereignty, security, and development interests, export controls will not affect their normal business and trade activities, nor will they affect the stability and security of the international industrial chain and supply chain. Chinese rare earth enterprises will strengthen compliance trade in accordance with the announcement, adhere to high-level opening-up, ensure that related items are not used for military purposes or in sensitive fields, and continue to strengthen international mutually beneficial cooperation with friendly countries, deepen the synergy and integration of upstream and downstream enterprises in the industrial chain, and achieve a virtuous interaction between high-quality industrial development and high-level security.
Tianfeng Securities believes that due to the scarcity and high-end applications of medium-heavy rare earths, the export controls will further consolidate China's position in the rare earth industrial chain. Currently, it is a time of resonance between the fundamentals and sentiment of the rare earth sector, with the price center of rare earths rising, while the equity side has not fully reflected this, so the investment opportunities in the sector should be valued.
Guotai Haitong Securities research report stated that after the US equivalent tariffs were implemented, China timely introduced export controls on medium-heavy rare earths, which is expected to leverage China's strategic advantages in the rare earth industry. Overseas related industries may start early restocking, driving price increases. Under the catalysis of policies, sentiment, and supply and demand, the rare earth magnet sector is expected to accelerate.
Huatai Securities research report stated that on April 4, the Ministry of Commerce and the General Administration of Customs issued an announcement to implement export controls on medium-heavy rare earth-related items. In this export control, in addition to samarium-cobalt permanent magnet materials mainly used in the military field, it mainly targets NdFeB permanent magnet materials containing dysprosium/terbium. In 2024, China's NdFeB exports accounted for about 20% of total production, but the export data includes NdFeB without medium-heavy rare earths. This is only a control, and exports are still possible after declaration and approval, so the actual impact is smaller than the theoretical calculation. This control may lead to a split in the domestic and overseas price systems, with overseas prices likely to be higher than domestic prices and with a higher probability of rising. The medium-term price trend in China will mainly be determined by the domestic quota and demand prosperity in 2025. As a substitute for export tariffs, the strategic position of rare earths is self-evident, and the sector's allocation value should be valued. In addition, this control mainly targets medium-heavy rare earths and NdFeB materials containing medium-heavy rare earths, so attention should be paid to medium-heavy rare earth-related targets.
Guoyuan Securities pointed out that with the continuous development of industries such as NEVs, wind power, and industrial robots, high-performance NdFeB permanent magnet materials are ushering in broad development opportunities. "Carbon neutrality" and "carbon peak" will further drive downstream demand. China's rare earth industry is in a period of accelerated transformation, with continuous optimization of the industrial structure. As the application scope of rare earths in emerging fields continues to expand, coupled with industry technological progress and national policy support, the supply-demand pattern of rare earths is expected to continue to improve, and the industry will usher in a period of rapid growth.
Recommended reading: Two departments: Implement export controls on some medium-heavy rare earth-related items.
데이터 출처 설명: 공개 정보를 제외한 모든 데이터는 SMM이 공개 정보, 시장 커뮤니케이션 및 SMM 내부 데이터베이스 모델을 기반으로 가공한 것입니다. 본 자료는 참고용이며 의사결정 권고를 구성하지 않습니다.
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