Event: ended March 31, a small metal varieties in February data already released all import and export, we started tracking this month on a small metal varieties external dependence high import data, main foreign demand the export performance of the varieties, from the Angle of import and export grasp the actual operation of the industry.

Investment points
Fill inventory demand rapid growth brings the import and export of downstream weak hiccup: February external dependence of rare metallic ore imports high keeps rapid growth, rare metal materials exports still broken.

Ta-nb ores are in short supply, import channel: by overseas ta-nb ores supply influence, February ta-nb ores imports up and annulus comparing are declined. At present the supplier of tantalum concentrate (Ta2O5 30%) offer basic is in 95-100 dollars/pound Chinese landed, since February, the supply of import market for nervous, as most domestic processing plant for inventory stage had not been completed, is expected to supply bottlenecks after breakthrough, ta-nb ores in imports will be a sharp increase.

Government procurement pull ge products demand growth: February ge product exports have risen year-on-year annulus, and for three consecutive months to rise. From absolute value on look, February exports has crossed the 2011 average level, ge products overseas demand picks up obvious. We think the government procurement in early stage heating up, another 2011 quarter because of the economic downturn, other this should defer to the implementation of the project is in the first quarter, leading to February exports still keep growing, is expected to march ge products export keeps a good momentum.

Looking forward to ge pieces of price stabilising, out of the games. Small metal varieties, still did not appear export picks up, the price of steady varieties and small metal on the weak in the whole city. Ge products exports for three consecutive months of back up, if there is a price with stabilising, may become the rare earth after, become obvious out of the little metal flagging varieties.