稀土思考，精炼利润将保持强劲

Specialist SalesAPAC Specialist Sales06 June 2025JPMORGANJPM | Rare Earth Thoughts, Refining Margins to remain strongAnmol Mehta+852 2800 8896anmol.mehta@jpmorgan.comMorning, Rare Earths the topic du ‘jour over the last couple of days with China not holding up their side of their bargain on heavies exports. We saw multiple automakers raise production concerns due to a lack of Terbium & Dysprosium (the key heavies restricted) and saw Suzuki halt swift production for 10 days. There is the possibility that HEVs broadly will be impacted (Toyota 4.3m units) but this morning’s news suggests Trump & Xi are working towards a solution. Lynas (+12% JPM UW) and MP Materials (+12%, JPM N) are the largest non Chinese miners (& Small processors) for Rare earths, although we remain cautious around the sustainability of a rally.On Oil , Q3 is shaping up fairly strong due to strong refining margins which should keep utilization rates high and thus demand solid. Crude inventory buildup has started to oc