稀土：7月磁材出口大幅修复，国内镨钕价格有望进一步上行

Core Viewpoint - The article highlights a significant recovery in China's rare earth magnet exports in July, with a year-on-year increase of 6% and a month-on-month increase of 75%, indicating a positive trend in the industry [1][2]. Export Trends - In July, China exported 5,577 tons of rare earth magnets, surpassing the average level of the past three years by 10% [1]. - After a decline in April and May, where exports dropped by 43% and 74% year-on-year respectively, the export volume showed a recovery in June and July, with a year-on-year decrease of 38% in June followed by a 6% increase in July [2]. - Cumulatively, from January to July, the export volume decreased by 15% year-on-year, with a 36% decline from April to July [2]. Domestic Demand and Supply - The domestic demand for rare earth magnets is expected to improve due to the arrival of the procurement peak season and the recovery in exports [2]. - It is estimated that in 2024, rare earth magnet exports will account for approximately 24% of domestic demand [2]. - The supply of rare earths in China is tightening due to a reduction in imports from Myanmar and limited increases in other supply sources [2]. Price Outlook - The price of praseodymium and neodymium oxide in China is projected to rise further, currently reported at 624,000 yuan per ton, reflecting a 57% increase since the beginning of the year [3]. - The tightening supply-demand balance, coupled with the peak demand season and improved export conditions, is expected to drive prices higher [3]. - A long-term outlook suggests that from 2025 to 2027, the supply-demand dynamics for praseodymium and neodymium will gradually tighten, leading to an increase in price levels [3].