智通财经网·2025-10-10 13:21Core Viewpoint - Baotou Steel (600010.SH) and Northern Rare Earth (600111.SH) announced an increase in the associated transaction price for rare earth concentrate for Q4 2025, setting it at 26,205 yuan/ton (excluding tax, dry weight, REO=50%) [1][2]. Group 1: Price Adjustment Details - The price adjustment mechanism for rare earth concentrate was approved at Baotou Steel's 2022 annual shareholders' meeting, with the new price reflecting a 37.13% increase from the previous quarter's price of 19,109 yuan/ton [1][3]. - The price change is calculated such that for every 1% change in REO, the price adjusts by 524.10 yuan/ton [1][2]. Group 2: Historical Price Trends - Since Q2 2023, the price of rare earth concentrate has fluctuated significantly, with a peak of 31,030 yuan/ton and a subsequent drop to 16,741 yuan/ton in Q3 2024, marking a total decline of 46.05% [3]. - The current price adjustment marks the largest increase since Q2 2023, indicating a trend of five consecutive quarterly price increases starting from Q4 2024 [3]. Group 3: Company Performance - Northern Rare Earth expects a net profit of 1.51 billion to 1.57 billion yuan for the first three quarters, representing a year-on-year increase of 272.54% to 287.34% [3]. - The company attributes its performance to effective market management, cost reduction, and increased production and sales of key products [3]. Group 4: Market Reaction - Northern Rare Earth's stock price has surged by 110.8% since Q3 2023, closing at 52.48 yuan per share, with a total market capitalization of 189.7 billion yuan [3].