BSU(SH:600010) Zhong Guo Ji Jin Bao·2026-01-09 14:13Core Viewpoint - Two major companies, Northern Rare Earth and Baotou Steel, announced an increase in rare earth concentrate prices for the first quarter of 2026 to 26,834 CNY per ton (dry weight, REO=50%) [1][4]. Group 1: Price Adjustments - Northern Rare Earth's price adjustment was approved during the first general manager's office meeting of 2026 [1]. - Baotou Steel also announced the same price adjustment for its related transactions [4]. - The new price represents a 2.4% increase compared to the previous quarter's price of 26,205 CNY per ton [8]. Group 2: Historical Price Trends - Since the fourth quarter of 2024, both companies have raised rare earth concentrate prices six times, with the highest increase of 37.13% occurring in the fourth quarter of 2025 [8]. - The pricing formula for rare earth concentrates has remained unchanged since April 1, 2023, with adjustments made quarterly based on market conditions [8]. Group 3: Market Conditions - Recent reports indicate a general increase in rare earth concentrate prices, driven by recovering supply and stable demand from downstream industries [8]. - The market is expected to maintain a weak stability in rare earth prices, supported by supply-demand dynamics and strategic value positioning [9]. Group 4: Stock Performance - As of January 9, 2023, Northern Rare Earth's stock closed at 49.41 CNY per share, with a total market capitalization of 178.62 billion CNY, while Baotou Steel's stock closed at 2.6 CNY per share, with a market capitalization of 117.75 billion CNY [9].