稀土精矿价格，大幅上调

Core Viewpoint - The price of rare earth concentrate for the fourth quarter of 2025 has been raised to 26,205 yuan/ton (excluding tax, dry weight, REO=50%) by both Baotou Steel and Northern Rare Earth, marking a significant increase of 37.13% compared to the previous quarter's price of 19,109 yuan/ton [1][6]. Pricing Mechanism - The unified pricing mechanism for rare earth concentrate between Northern Rare Earth and Baotou Steel has been in effect since April 1, 2023, allowing for quarterly adjustments based on a predetermined pricing formula [2]. Market Dynamics - The rare earth reserves at the Baiyun Obo mine amount to 35 million tons of oxide, accounting for 81% of China's total rare earth reserves, with Northern Rare Earth being the sole customer for Baotou Steel's rare earth concentrate products [3]. Price Trends - The price adjustments for rare earth concentrate from Baotou Steel to Northern Rare Earth since Q2 2023 show a significant fluctuation, with the latest increase being the largest since Q2 2023, following a period of decline where prices dropped by 46.05% from a high of 31,030 yuan/ton [6]. Financial Performance - Northern Rare Earth has projected 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%, driven by effective market management and production optimization [7]. Stock Market Reaction - Since Q3 2023, Northern Rare Earth's stock price has surged by 110.8%, closing at 52.48 yuan per share, with a total market capitalization of 189.7 billion yuan [8].