刚刚！大跌超10%，陷入停滞！

Core Viewpoint - The article discusses the significant impact of the new tariff policy by the Trump administration on the U.S. rare earth industry, particularly affecting MP Materials, which has halted its exports of rare earth concentrates to China due to "lack of commercial viability" caused by a 125% tariff [2][4][5]. Group 1: Impact on MP Materials - MP Materials confirmed that its primary revenue source, exporting rare earth concentrates to China, has become unfeasible due to the high tariffs [4][5]. - On April 17, the stock price of MP Materials dropped over 10% during trading, eventually closing down 4.46%, with a market capitalization of $4.307 billion (approximately 31.4 billion RMB) [4]. - The company reported a projected revenue of $204 million for 2024, with about 80% derived from sales to China [4]. Group 2: Financial Challenges - MP Materials is facing significant financial difficulties, with a projected net loss exceeding $65 million for 2024, holding $851 million in cash against long-term debt of $909 million [5]. - Analysts note that while geopolitical factors may increase the asset's value, tariffs will negatively impact short-term financial performance [5]. Group 3: U.S. Rare Earth Supply Chain Issues - The U.S. relies heavily on China for rare earth supplies, with China controlling approximately 70% of global rare earth production and 90% of refining capacity [2][10]. - The U.S. Geological Survey indicates that in 2024, China's rare earth production will account for nearly 70% of global output, with 70% of U.S. imports coming from China between 2020 and 2023 [10]. - The article highlights that the U.S. has limited options for securing heavy rare earths, either facing supply chain disruptions or engaging in negotiations [7]. Group 4: Global Context and Competitors - China is the sole source for separating heavy rare earths, with significant reserves concentrated in regions like Jiangxi, Fujian, Guangdong, and Yunnan [9]. - The article mentions that Lynas Rare Earths in Australia is constructing a heavy rare earth separation plant in Malaysia, but it still relies on China for refining [13][15]. - The U.S. military's dependence on rare earths is underscored, with 87% of the supply chain for 153 types of military equipment requiring processing in China [12][13].