CITIC Securities: It is expected that rare earth prices will remain strong and stable in the near term.

According to a research report by CITIC Construction Investment Securities, data from the General Administration of Customs shows that rare earth exports significantly declined in July, while the average price rose. The export volume of rare earths in July was 4,223.5 tons, a year-on-year decrease of 29.54% and a month-on-month decrease of 17.26%, marking the lowest monthly level since March; the cumulative exports from January to July reached 34,706.3 tons, down 10% year-on-year. However, the corresponding export average price was $12.34 per kilogram, a substantial year-on-year increase of 103.14%. The export structure is shifting towards high-value medium and heavy rare earth products, with foreign markets accepting high-priced raw materials, thereby continuing the tight global supply situation for rare earths. There are currently no new increments in the rare earth supply, the production of separation companies remains stable, and there are no plans for restarting production in previously halted companies. Demand from downstream sectors supports the market to a certain extent, and long-term demand expectations are positive. It is anticipated that rare earth prices will remain stable with a slight upward trend in the near term.