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China Rare Earth Industry Report, 2011-2012

Synopsis

The prices of rare earth resources fluctuated greatly in China in 2011. The Chinese government constantly introduced industrial policies in H1 to improve the environmental standards and control the export, which resulted in the declining output and mounting price of rare earth. As of June 17, 2011, among the light rare earth products, metal neodymium enjoyed the highest price which grew 418% to RMB1.7785 million/ton.

In H2, the roaring price of rare earth was unbearable for downstream enterprises, so the demand weakened. Since July 2011, the price began to fall and enterprises started dumping products, leading to the further drop in price. In particular, the price of europium oxide plummeted to RMB12,750/kg in January 2012 from RMB29,975/kg in mid-July 2011, down 79.8%.

Overall, the price of rare earth maintained a high growth rate and rare earth enterprises significantly improved their operation results in 2011. Benefiting from the rising price of rare earth, upstream enterprises witnessed a substantial increase in operating revenue. For instance, the operating revenue of Baotou Steel Rare Earth (Group) Hi-Tech broke RMB10 billion in Q1-Q3 2011, up 175% YoY.

Although rare earth deep-processing enterprises faced the pressure of rising raw material prices, they successfully shifted the costs to the downstream, which dramatically brought up the product price and made their operating revenue soar. For example, the operating revenue of Zhong Ke San Huan grew 128% YoY to RMB3.895 billion, and the net income surged 224% YoY to RMB447 million in Q1-Q3 2011.

The report mainly focuses on industry policies, market status, export and market size & demand forecast of downstream applications concerning rare earth in China and analyzes 10 upstream and midstream enterprises including Baotou Steel Rare Earth (Group) Hi-Tech and 6 rare earth deep-processing enterprises such as Zhong Ke San Huan.

Baotou Steel Rare Earth (Group) Hi-Tech Co., Ltd., the leader of Chinese rare earth industry, possesses a complete industrial chain of rare earth ore dressing, smelting, separation, research, deep processing and application. The company basically accomplished the integration of rare earth resources in northern regions in 2011, and became the solely professional rare earth enterprise in Inner Mongolia, In the future, it will focus on the development of such rare earth functional materials as NdFeB and polishing powder. In H1 2011, magnetic products contributed RMB660 million to the company's revenue and became the new growth engine for the company's profit. In 2011, the company's polishing material expansion (relocation) project was completed and the capacity was increased to 5 kilotons.

Zhong Ke San Huan, the largest NdFeB manufacturer in China, is also the world's second largest NdFeB supplier. The company boasts of 13.5 kt NdFeB capacity, including 12kt sintered NdFeB and 1.5kt bonded NdFeB. In February 2011, Zhong Ke San Huan raised RMB584 million for the technological transformation project of 6kt high-end NdFeB products. Upon completion, the proportion of the company's high-performance NdFeB products will increase to approximately 73% from the current 60%.

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China Rare Earth Industry Report, 2011-2012

Published By :Research In China
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