BAIINFO Rare Earth Weekly
May 11, 2017 / Issue 17-18
BAIINFO, as the biggest supplier of bulk raw
material market information in China, has
professional teams to track price and market
moves daily, analyze future trend, and do advanced
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development, devoting itself to help customers in
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views on future market outlook and investment
direction.
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BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
Capacity & Output
Industry Review
Rare Earths
Imp. & Exp. Data
Price & Trends
Industry Review

Review & Analysis
This week, rare earth price rose overall. Listing price of Northern Rare Earth was announced, with light rare earth price
rising constantly. Southern Rare Earth Group raised the listing price of heavy rare earth as well. What’s more, downstream
was active in purchasing rare earth products, but upstream delivery declined, leading to the overall price rising.

Market Forecast
1. Northern Rare Earth announced listing price, with guiding price of light rare earth products rising. But at present, market
price was close to guiding price. So price adjustment this time by Northern Rare Earth did not fully stimulate market
confidence.
2. The fourth rare earth reserve would bid in May, which would be favorable for rare earth price.
3. Downstream orders increased overall, which could support rare earth price to rise.
It is predicted that downstream rare earth price rises constantly, with rare earth reserve varieties mainly leading to rare
earth price rising firmly. According to BAIINFO, it is predicted that praseodymium neodymium oxide will be up to 300,000
tonnes.
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
Market Highlights
1. On May 6, China Ganzhou Rare Metals Valley Science and Technology Achievements Conference co-sponsored by
Ganzhou Municipal Government, Jiangxi Provincial Science and Technology Department, Nanjing Branch of Chinese
Academy of Sciences, Jiangxi University of Science and Technology was held in Gan County. Yan Chunhua, academician
of Chinese Academy of Sciences, attended the meeting. National Tungsten and Rare Earth Quality Inspection Center and
Institute of Metal Research, Chinese Academy of Sciences signed a cooperation agreement at the meeting.
2. According to MIIT on May 8, rare earth neodymium laser glass is regarded as the core materials of high-power laser
facility, due to its characteristics of large stimulated emission cross-section, high gain coefficient, and small nonlinear
refractive index coefficient. It is mainly used in national defense and military industry, aerospace, nuclear energy and other
1 / 11
Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
strategic areas. United States and other developed countries have been imposing technology blockage and products ban
against China.
3. China Northern Rare Earth (Group) High-tech released announcement that it planned to invest 250 million Yuan and
establish a joint venture as Inner Mongolia Zeyuan Agriculture and Animal Husbandry Insurance Co., Ltd. with 9 companies
in Inner Mongolia like Inner Mongolia Financial Investment Group.
4. According to data released from Hohhot customs, in the first quarter of 2017, rare earth export volume was 2,602.9
tonnes in Inner Mongolia, rising sharply by 49.6% year-on-year, and Japan was regarded as its largest export market. And
export to United States, Germany and South Korea also showed substantial growth. In the first quarter, in Inner Mongolia,
rare earth export volume was 1,388.9 tonnes to Japan, increasing by 3.3 times year-on-year and accounting for 53.4% of
total export volume. Its export to United States was 527 tonnes, increasing by 81.1% year-on-year and accounting for
20.3%. Its export for Germany was 272 tonnes, increasing by 3.5 times and accounting for 10.5%. The figure was 101.6
tonnes for South Korea, increasing by 126 times.
5. Data revealed that in Apr., 2017, China rare earth export volume was 5,068 tonnes, up 374 tonnes month-on-month and
37.12% year-on-year. In Jan. to Apr., total export volume was 17,627 tonnes, up 18.4% year-on-year.
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Price & Trends

Domestic Prices of Rare Earths
Offers
Price Change
Product Name
(RMB/T)
Week by Week
Month by Month
Year by Year
Lanthanum Oxide in North China
15,000
2.7%
2.7%
4.2%
Cerium Oxide in North China
11,500
0.0%
0.0%
3.6%
Praseodymium-Neodymium Oxide
300,000
2.7%
4.2%
16.3%
Praseodymium Oxide
375,000
1.4%
1.4%
13.6%
Neodymium Oxide
295,000
2.4%
3.5%
14.3%
Dysprosium Oxide
1,250,000
0.0%
0.0%
2.5%
Terbium Oxide
3,550,000
2.9%
3.5%
24.6%
Europium Oxide
620,000
0.0%
0.0%
55.0%
Yttrium Oxide
20,000
0.0%
0.0%
5.3%
Gadolinium Oxide
80,000
0.0%
0.0%
14.3%
Holmium Oxide
430,000
0.0%
0.0%
30.3%
Erbium Oxide
185,000
0.0%
0.0%
13.5%
Lutetium Oxide
5,500,000
0.0%
0.0%
31.0%
Lanthanum Metal
36,000
0.0%
0.0%
2.9%
Cerium Metal
35,000
0.0%
0.0%
0.0%
Lanthanum-cerium Metal
30,000
0.0%
0.0%
0.0%
Praseodymium Neodymium Metal
380,000
1.9%
2.7%
12.4%
Praseodymium Metal
630,000
0.0%
0.0%
10.5%
Neodymium Metal
375,000
1.9%
2.7%
10.9%
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Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
Dysprosium Metal
1,770,000
0.0%
0.0%
5.4%
Dy-Fe
1,270,000
0.0%
0.0%
2.4%
Terbium Metal
4,550,000
3.4%
3.4%
16.7%
Gd-Fe
98,000
0.0%
0.0%
18.1%
HoFe Alloy
450,000
0.0%
0.0%
28.6%
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
Export Prices of Rare Earths
Product
Grade
8-May-17
11-May-17
Change
Unit
Remarks
Lanthanum oxide
99.90%
2.3-2.5
2.3-2.5
0
USD/KG
FOB China
Lanthanum oxide
≥99.999%
3.6-4
3.6-4
0
USD/KG
FOB China
Lanthanum metal
99%
5.2-5.5
5.2-5.5
0
USD/KG
FOB China
Cerium oxide
≥99.9%
1.8-1.9
1.8-1.9
0
USD/KG
FOB China
Cerium oxide
≥99.995%
5.3-5.6
5.3-5.6
0
USD/KG
FOB China
cerium carbonate
45-50% CeO2/TREO 100%
0.9-1
0.9-1
0
USD/KG
FOB China
Cerium metal
99%
5.2-5.3
5.2-5.3
0
USD/KG
FOB China
Lanthanum cerium mixed metal
TREM≥99% Ce/TREM≥65%
4.35-4.5
4.35-4.5
0
USD/KG
FOB China
Praseodymium oxide
99.90%
55-58
55-58
0
USD/KG
FOB China
Praseodymium metal
99%
88-90
88-90
0
USD/KG
FOB China
Neodymium oxide
99.90%
43-46
43-46
0
USD/KG
FOB China
Neodymium metal
99%
55-57
55-57
0
USD/KG
FOB China
Praseodymium neodymium mixed metal
99% Nd 75%
56-58
57-59
1
USD/KG
FOB China
Dysprosium oxide
99.90%
179-182
179-182
0
USD/KG
FOB China
Dysprosium metal
99%
255-258
255-258
0
USD/KG
FOB China
Dysprosium ferrite
99% Dy 80%
185-187
185-187
0
USD/KG
FOB China
Terbium oxide
100%
495-500
515-520
20
USD/KG
FOB China
Terbium metal
99%
640-645
660-665
20
USD/KG
FOB China
Europium oxide
≥99.999%
87-90
87-90
0
USD/KG
FOB China
Europium metal
99%
330-360
330-360
0
USD/KG
FOB China
Yttrium oxide
≥99.999%
3.6-4.5
3.6-4.5
0
USD/KG
FOB China
Yttrium metal
99%
43-47
43-47
0
USD/KG
FOB China
Yttrium europium oxide
Eu2O3/TREO≥6.6%
7.7-8.2
7.7-8.2
0
USD/KG
FOB China
Samarium oxide
99.90%
1.8-1.9
1.8-1.9
0
USD/KG
FOB China
Samarium metal
99%
13.9-14.1
13.9-14.1
0
USD/KG
FOB China
Erbium Oxide
99.90%
27-28
27-28
0
USD/KG
FOB China
Holmium Oxide
100%
62-65
62-65
0
USD/KG
FOB China
Lutetium Oxide
99.90%
730-750
730-750
0
USD/KG
FOB China
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
Price Trends of Rare Earths
3 / 11
Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
Lanthanum-Cerium: Lanthanum-cerium market prices
ran bullish. Northern China Rare Earth pushed up
offers, but supplied limited cargoes. As a result, spot
resources were tight. In North China, prices of
lanthanum oxide were at RMB 15,200/T and cerium
oxide at RMB 11,000-11,500/T.
Lanthanum-cerium Metal: Lanthanum-cerium metal
prices stayed firm supported by cost and steady
demands. Current market offers remained at RMB
28,000-30,000/T.
Lanthanum Metal: Lanthanum metal market price
was still at RMB 34,000-35,000/T and spot
transactions were active.
Cerium Metal: Cerium metal market price kept at RMB
33,000-35,000/T and downstream demands were
strong. However, as upstream cerium oxide prices
moved up and downstream buyers were unwilling to
buy high-priced cargoes, production of cerium metal
decreased. It is expected that cerium metal prices will
climb up later.
4 / 11
Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
Praseodymium Neodymium: Praseodymium neodymium
market prices went up slightly and orders for
praseodymium neodymium metal got more than before.
Currently, praseodymium neodymium oxide offers stood
at RMB 295,000-300,000/T and praseodymium
neodymium metal at RMB 375,000-380,000/T.
Praseodymium Oxide: Praseodymium oxide offers
stayed at RMB 370,000-380,000/T, while deal prices
were relatively lower that this price level. Downstream
demands sustained steady.
Neodymium Oxide: Neodymium oxide market price
rose to RMB 290,000-293,000/T with flat
supply-demand condition.
Dysprosium Oxide: Offers of dysprosium oxide kept
at RMB 1,210,000-1,250,000/T with stable demand.
Market transactions were ordinary and sellers held
watching mood on later market.
5 / 11
Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
Terbium Oxide: Terbium oxide prices increased to RMB
3,500,000-3,550,000/T and sellers maintained bullish
expectations for later market. Terbium metal offers
were at RMB 4,550,000/T with limited spot
transactions.
Europium Oxide: Deal prices of europium oxide rose to
above RMB 600,000/T. And later market is possible to
move up further.
Yttrium Oxide: Yttrium oxide price stayed at RMB
18,000-20,000/T with ample supply and steady
demand.
Back to the Top
Capacity & Output

Capacity & Output
In Apr., 2017, operating rate of rare earth industry was 48.18%. Most leading large-scale producers kept full-load production.
As for light rare earth enterprises, legal producers held production stable while some illegal small producers shut down, so
production of rare earth oxide decreased. In South China, more and more rare earth enterprises in Jiangsu and Jiangxi
resumed production, leading to the increase of heavy rare earth production. Operating rate of rare earth enterprises with
effective capacity was 71% even though some enterprises still halted production. Overall rare earth market ramped up and
6 / 11
Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
rare earth enterprises held production relatively stable. It is predicted that most rare earth enterprises will still keep full-load
production in May.
Declared Annual
Actual Monthly
Processing Amount in
Capacity(tonne)
Capacity(tonne)
Apr.(tonne)
Fujian
5,000
500
450
90.00%
Guangdong
17,000
1,150
550
47.83%
Guangxi
10,000
1000
650
65.00%
Gansu
15,000
1,000
900
90.00%
Jiangsu
53,300
3,400
2,160
63.53%
Jiangxi
77,300
4,650
3,100
66.67%
Inner Mongolia
87,000
11,200
3,100
27.68%
Shandong
42,000
3,100
2,500
80.65%
Sichuan
77,000
5,700
4,500
78.95%
Others
154,000
20,000
7,000
35.00%
Total
537,600
51,700
24,910
48.18%
34,000
24,160
71.06%
Region
Operating Rate
Total (zombie
capacity excluded)
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
Operation Rate
In Apr., 2017, operating rate of praseodymium neodymium metal enterprises was at 67.88%, which was over last month.
With market demand entering the peak season, orders from downstream enterprises increased, then most praseodymium
neodymium metal producers who held low production previously restarted with full-load production. Due to this, production
of praseodymium neodymium metal increased and prices of praseodymium neodymium metal kept rising. It is predicted
that some small praseodymium neodymium metal enterprises will begin to restart in May and later market will be bullish.
Annual Capacity
Monthly Capacity
(tonne)
(tonne)
82,000
4,655
Region
Total
Output in April (tonne)
Operation Rate
3,160
67.88%
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Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
Imp. & Exp. Data

Imp. & Exp. Volume of Rare Earths
Imp. Qty(Tonne)
Mar-16
Feb-17
Mar-17
MoM
YoY
lanthanum oxide
1.2
0.001
199.048
19904700.00%
16487.33%
cerium oxide
1.098
6.717
6.357
-5.36%
478.96%
yttrium oxide
0.462
1.589
1.818
14.41%
293.51%
cerium hydroxide
0.025
0
0
0
0.00%
unlisted rare earth oxide
300.243
220.601
387.312
75.57%
29.00%
0.01
0.012
0.084
600.00%
740.00%
other rare earth carbonate
0
0
0
0.00%
0.00%
Exp. Qty(Tonne)
Mar-16
Feb-17
Mar-17
MoM
YoY
other unlisted rare earth and
their mixture of compounds
lanthanum
309.5
183.2
241.5
31.82%
-21.97%
lanthanum oxide
1,193.603
685.551
1,183.656
72.66%
-0.83%
cerium
30
50
41.065
-17.87%
36.88%
cerium oxide
313.29
237.502
337.86
42.26%
7.84%
cerium hydroxide
10.105
13
6.5
-50.00%
-35.68%
cerium carbonate
350.22
633.405
787.1
24.26%
124.74%
other cerium compounds
51.31
30.35
125.05
312.03%
143.71%
praseodymium oxide
47.186
3.301
15.07
356.53%
-68.06%
neodymium oxide
51.01
11.652
23.856
104.74%
-53.23%
neodymium
60.04
26.5
12.5
-52.83%
-79.18%
dysprosium oxide
11.816
2.7
10.926
304.67%
-7.53%
terbium oxide
3.006
1
9.608
860.80%
219.63%
europium oxide
0.45
0
0.345
0.00%
-23.33%
yttrium oxide
210.685
107.092
146.152
36.47%
-30.63%
unlisted rare earth oxide
415.454
450.399
614.744
36.49%
47.97%
35.66
2.505
14.847
492.69%
-58.37%
35.01
22.588
56.956
152.15%
62.68%
140.977
68.495
181.3
164.69%
28.60%
99.697
86.415
127.022
46.99%
27.41%
other rare earth carbonate
0
1.6
0.8
0.00%
0.00%
other rare earth fluoride
21
21.334
32.236
51.10%
0.00%
ferro cerium in the form of
shapes for direct use (including
other pyrophoric alloy)
other rare earth metals,
scandium, other unmixed or
fused rare earth metals
scandium &yttrium (mixed or
fused)
other unlisted rare earth and
their mixture of compounds
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
Imp. & Exp. Unit Price of Rare Earths
8 / 11
Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)
Exchange Rate: USD1=6.8997CNY
Mar-17
Imp. Qty
Imp. Val
Unit Price
Exp.Qty
Exp.Val
Unit Price
Product
Tonne
USD
USD/Tonne
Tonne
USD
USD/Tonne
lanthanum
0
1,222
0
241.5
1,169,197
4,840
lanthanum oxide
199.048
244,523
1,000
1183.656
2,334,982
1,970
lanthanum chloride
0
185
0
41
37,826
920
lanthanum fluoride
0
0
0
0
0
0
lanthanum carbonate
0
0
0
561.3
768,255
1,370
other lanthanum compounds
0.021
41,518
1,977,000
35.12
1,139,646
32,450
cerium
0
2,286
0
41.065
203,790
4,960
cerium oxide
6.357
190,076
30,000
337.86
3,677,064
10,880
cerium hydroxide
0
0
0
6.5
22,300
3,430
cerium carbonate
56.505
11,410
0
787.1
895,447
1,140
other cerium compounds
0.172
23,343
136,000
125.05
525,405
4,200
praseodymium oxide
0
319
0
15.07
747,093
49,570
neodymium oxide
27.876
982,810
35,000
23.856
1,000,743
41,950
neodymium
0
179
0
12.5
604,787
48,380
dysprosium
0
0
0
3.95
961,691
243,470
dysprosium oxide
0.001
1,301
1,301,000
10.926
2,298,951
210,410
dysprosium fluoride
0
0
0
0.02
3,381
169,050
terbium
0
0
0
0.71
399,886
563,220
terbium oxide
0
0
0
9.608
4,001,238
416,450
europium oxide
0
29
0
0.345
76,948
223,040
yttrium oxide
1.818
309,006
170,000
146.152
710,862
4,860
unlisted rare earth oxide
387.312
11,472,789
30,000
614.744
14,772,701
24,030
2.67
90,140
34,000
14.847
80,083
5,390
0
0
0
2.2
4,400
2,000
0.015
15,237
1,016,000
56.956
1,192,203
20,930
0
0
0
0
0
0
0.006
19,251
3,209,000
181.3
934,597
5,150
0.084
156,884
1,868,000
127.022
901,702
7,100
other rare earth carbonate
0
4
0
0.8
37,776
47,220
other rare earth fluoride
0.01
331
33,000
32.236
376,327
11,670
ferro cerium in the form of
shapes for direct use (including
other pyrophoric alloy)
ferro cerium not in the form of
shapes and not for direct use
(including other pyrophoric alloy)
other rare earth metals,
scandium, unmixed or fused
battery grade rare earth metals,
scandium &yttrium (mixed or
fused)
other rare earth metals,
scandium &yttrium (mixed or
fused)
other unlisted rare earth and
their mixture of compounds
Back to the Top
9 / 11
Copyright 2015 BAIINFO CO., LIMITED
BAIINFO Rare Earth Weekly (May 11, 2017 / Issue 17-18)

Exchange Rate: USD1=6.8997CNY
Imp. & Exp. Trends of Rare Earths
Back to the Top
10 / 11
Copyright 2015 BAIINFO CO., LIMITED
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Exchange Rate: USD1=6.8997CNY
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