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  MP's Rare Earth Production Hits New High in Q1, Faces Challenges in Strategic Transformation [SMM Analysis]

  [SMM Analysis: MP Achieves Record High Rare Earth Production in Q1, Faces Challenges in Strategic Transformation] In Q1 2025, MP Materials achieved a significant breakthrough in rare earth production. The company's Pr-Nd oxide production in Q1 reached 563 mt, a record high, up 36% QoQ from the previous quarter. This achievement was mainly attributed to process optimization and improved mine operational efficiency, particularly MP's sustained high production.

• National Bureau of Statistics (NBS): PPI fell 0.4% MoM in April, with prices in some industrial sectors continuing to show a steady and improving trend.

• National Bureau of Statistics (NBS): CPI in April decreased by 0.1% YoY and increased by 0.1% MoM

• National Bureau of Statistics (NBS): CPI rose MoM in April after falling in the previous month, while the increase in core CPI remained stable. PPI fell MoM by the same margin as the previous month.

• Crude oil weekly prices surged over 4%, with base metals nearly all rising. LME lead, LME nickel, and SHFE nickel rose over 2% [overnight market].