北方稀土包钢股份上调稀土精矿价格至26205元/吨

Core Viewpoint - The two major rare earth companies, Northern Rare Earth (600111.SH) and Baotou Steel (600010.SH), announced a price increase for rare earth concentrate, with the new price set at 26,205 yuan/ton for Q4 2025, marking a 37% increase from the previous quarter and the highest price since Q2 2023 [1][4]. Pricing Mechanism - The price adjustment mechanism for rare earth concentrate between Northern Rare Earth and Baotou Steel began in 2023, with quarterly price calculations based on a fixed pricing formula established in a prior agreement [1][3]. - The price will change by 524.10 yuan/ton for every 1% change in REO content [4]. Financial Performance - Northern Rare Earth expects a net profit attributable to shareholders of 1.51 billion to 1.57 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 272.54% to 287.34% [2]. - The company also anticipates a net profit of 1.33 billion to 1.39 billion yuan after excluding non-recurring gains and losses, reflecting a year-on-year increase of 399.90% to 422.46% [2]. - Baotou Steel reported a revenue of 31.33 billion yuan for the first half of the year, a decrease of 11.02%, but a net profit of 151 million yuan, which is a year-on-year increase of 39.99% [2].