JLMAG (06680) saw its shares rise more than 5% during the session. At the time of writing, the stock was up 3%, trading at HK$20.6 with a turnover of HK$137 million.
On the news front, on May 9, the State Council executive meeting reviewed and passed the "Regulations for the Implementation of the Mineral Resources Law of the People's Republic of China (Draft)." The meeting emphasized the need to strengthen the full-chain management of mineral resources in accordance with the law, scientifically determine the catalog of strategic mineral resources, improve the resource reserve and emergency response systems, and comprehensively enhance the security level of mineral resources supply.
Guotou Securities noted that the strategic importance of rare earths, tungsten, antimony, gallium, and germanium is becoming increasingly prominent. In the future, prices may not be determined solely by supply and demand; strategic scarcity premiums are likely to be reflected in pricing.
As of May 8, the spot price of praseodymium-neodymium oxide was quoted at 757,500 yuan per ton, up 1.94% month-on-month. Baotou Steel significantly raised the price of rare earth concentrate for the second quarter, and with downstream magnet manufacturers replenishing inventories at the margin, praseodymium-neodymium oxide prices have begun to rise moderately.
Demand in May and June may drive continued inventory replenishment by downstream users, with expectations that the central price of rare earths will increase in 2026.
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