On April 30, the Rare Earth Photofunctional Materials Joint Laboratory, jointly established by Inner Mongolia Guochuang Rare Products Technology Co., Ltd. and Inner Mongolia University of Science and Technology, was officially inaugurated. This is the first professional laboratory in Baotou City focusing on the field of rare earth photofunctional materials. The Joint Laboratory leverages the scientific research foundation of Inner Mongolia University of Science and Technology in cutting-edge fields such as rare earth luminescence and light conversion, combined with the industrial transformation and market advantages of Guochuang Rare Products, to establish a full-chain innovation system of "basic research—technological breakthroughs—commercialization of results". This enables seamless integration of university research achievements with the market demands of enterprises, opening up an efficient path for solving technical challenges in rare earth materials. In the production workshop of Guochuang Rare Products, the trial production and commissioning of the No. 4 rare earth photofunctional material production line are proceeding in an orderly manner. Technical personnel utilize nanoscale rare earth doping technology to precisely incorporate lanthanum and cerium elements into the base material of light guide plates. Currently, the company has four production lines in place, covering end-use products such as rare earth light conversion smart lighting. It is expected to achieve an annual output value of 76 million yuan, filling the gap in the mass production of rare earth photofunctional materials in the Inner Mongolia Autonomous Region. The laboratory also targets the rigid demand for industrial upgrading, focusing on breaking through the application bottlenecks of efficient rare earth photofunctional materials in emerging fields such as LED new-type displays. Meanwhile, it innovates in talent cultivation and ecosystem construction models. Through university-enterprise joint postdoctoral workstations and a two-way exchange mechanism, it cultivates interdisciplinary talents in a targeted manner and builds a platform for "industry-university-research-capital-application" integration, attracting upstream and downstream enterprises to participate in technological iterations and promoting the application of rare earth color e-ink screens and other products in multiple fields. Wang Rui, General Manager of Guochuang Rare Products, stated that with the acceleration of R&D in the new generation of rare earth photofunctional materials and the initiation of the construction of an industrialization base, in the next three to five years, Guochuang Rare Products' scientific research achievements will continue to be transformed into production line efficiency, driving the rare earth industry towards high-end, intelligent, and green development.

[SMM Rare Earth Weekly Review: Intensified Back-and-Forth Negotiations Between Upstream and Downstream, Stable Outlook Expected for Rare Earth Market] The price of Pr-Nd oxide rose significantly this week. Separation enterprises and scrap recycling enterprises stated that due to the tight supply of rare earth ore and scrap, the quotes for rare earth oxides have been raised overall. Meanwhile, the prices of dysprosium and terbium also began to rise this week. In addition to the tight raw material supply, the advancement of export license processing by leading domestic magnetic material enterprises is one of the main reasons for the upward trend in medium-heavy rare earth prices.

Solid-state hydrogen storage technology is one of the core directions to break through the bottleneck of hydrogen storage and transportation. Rare earth-based materials (such as AB₅ type hydrogen storage alloys) and magnesium-based materials (such as MgH₂) complement each other in terms of power density, cost, and safety due to their material property differences. In April 2025, breakthroughs in the industrialisation of these two types of materials were frequently seen in the global hydrogen energy sector: the University of Science and Technology of China announced that the atmospheric hydrogen storage density of rare earth hydrogen storage tanks reached 7.2wt%, and ThyssenKrupp in Germany released a magnesium-based hydrogen storage system with a cycle life exceeding 500 cycles. This article, based on this week's industry developments, systematically reviews the technological pathways, scenario adaptability, and industrialisation practices of domestic enterprises for these two types of materials, and explores their collaborative development paths.

Introduction Solid-state hydrogen storage technology is one of the core directions to break through the bottleneck of hydrogen storage and transportation. Rare earth-based materials (such as AB₅ type hydrogen storage alloys) and magnesium-based materials (such as MgH₂) form a complement in terms of power density, cost, and safety due to their material property differences. In April 2025, global breakthroughs in the industrialization of these two types of materials in the hydrogen energy field were frequent: The University of Science and Technology of China announced that the normal pressure hydrogen storage density of rare earth hydrogen storage tanks reached 7.2wt%, and ThyssenKrupp of Germany released a magnesium-based hydrogen storage system with a cycle life exceeding 500 times. This article, combining this week's industry dynamics, systematically sorts out the technical paths, scenario adaptability, and domestic enterprises' industrialization practices of the two types of materials, and discusses their collaborative development path. I. Rare Earth-Based Solid-State Hydrogen Storage: The "Cornerstone Technology" for High Power Density Scenarios 1. Technical Characteristics and Core Breakthroughs Rare earth-based hydrogen storage materials, represented by LaNi₅ and MmNi₅ (mixed rare earth nickel-based alloys), achieve hydrogen storage through metal hydride reactions. Their technical advantages include: High volumetric hydrogen storage density: Under normal pressure, it can reach 30-35kg/m³ (more than twice that of liquid hydrogen storage), suitable for space-limited scenarios such as passenger vehicles and drones. Wide temperature range stability: Operating temperature range -30℃~100℃, with excellent low-temperature cold start performance (hydrogen absorption completed within 5 minutes). Cycle life: Laboratory level exceeds 10,000 cycles (verified by Toyota's hydrogen heavy truck). Key Advances in April 2025: USTC New Rare Earth-Transition Metal Alloy: Using a CeCo₀.8Ni₀.2 composite system, the hydrogen storage density at 1MPa normal pressure reached 7.2wt%, with a cycle life exceeding 12,000 times, planned for use in the Shanghai Lingang hydrogen bus demonstration project. China Northern Rare Earth Low-Cost Mass Production Line: A production line for 50,000 sets of rare earth hydrogen storage tanks per year was launched in Baotou, Inner Mongolia, using Pr-Nd-based alloys (lanthanum and cerium content >60%), reducing the cost per tank by 40% compared to imported products. GRINM Group Rare Earth-Vanadium Composite Material: Developed a new alloy (V₀.3Ce₀.7), with a hydrogen storage density of 35kg/m³ under 5MPa pressure, suitable for hydrogen-powered ship propulsion systems. 2. Core Application Scenarios and Domestic Practices (1) Dynamic Hydrogen Supply for Fuel Cell Vehicles Technical Adaptability: Rare earth hydrogen storage tanks can meet the high-frequency start-stop requirements of fuel cell vehicles. For example, the Chinese hydrogen heavy truck "HydrogenTeng 3.0" equipped with a rare earth hydrogen storage module achieved an 800km driving range on the Ordos coal transportation line, with hydrogen consumption per 100km reduced by 12% compared to pure hydrogen systems. Latest Case: Shanghai Jieqing Technology and China Northern Rare Earth collaborated to integrate rare earth hydrogen storage tanks into hydrogen refueling station storage systems, compatible with 35MPa hydrogen refueling stations, targeting over 90% localization by 2026. (2) Distributed Power Generation Peak Shaving System Integration Solution: Rare earth hydrogen storage tanks integrated with fuel cells achieve bidirectional "hydrogen-electricity" conversion. Hyzon Motors of Germany launched a 50kW distributed power generation system, capable of stable power supply during peak grid load, with a cycle efficiency of 45%. Domestic Application: Weishi Energy introduced a rare earth hydrogen storage-fuel cell distributed power generation system, suitable for data center backup power scenarios, with response time shortened to 10 seconds. (3) Emergency Power and High-End Equipment Toshiba Solution: A rare earth hydrogen storage tank combined with a 5kW fuel cell forms a backup power source, already deployed in Tokyo data centers. Domestic Breakthrough: Zihuan Environmental developed a rare earth catalyst recycling technology, achieving a recovery rate of lanthanum and cerium >95% through hydrometallurgy, with costs 60% lower than virgin rare earths. II. Magnesium-Based Solid-State Hydrogen Storage: The "Disruptor" for Low-Cost Long-Duration Energy Storage 1. Technical Characteristics and Domestic Breakthroughs Magnesium-based hydrogen storage materials (such as MgH₂) store hydrogen through the reversible reaction of magnesium and hydrogen, with a theoretical hydrogen storage density of 7.6wt%, but slow kinetics (requiring high-temperature activation). The 2025 technological breakthroughs focus on: Nanostructure Modification: Through ball milling, magnesium particles are refined to below 50nm, reducing the hydrogen absorption temperature from 300℃ to 150℃ and increasing the hydrogen absorption rate threefold. Catalyst Optimization: ThyssenKrupp's Ti/Fe bimetallic catalyst increased the cycle life of MgH₂ from 300 to 500 cycles. Key Advances in April 2025: China Energy Engineering Middle East Green Hydrogen Project: Using magnesium-based hydrogen storage tanks to store fluctuating wind and solar power generation, with a hydrogen storage duration of 72 hours, and system costs 40% lower than liquid hydrogen storage. Yunhai Metal 200MWh Annual Production Line: A magnesium-based hydrogen storage tank production line was established in Chizhou, Anhui, using an integrated ball milling-sintering process, with a yield increased to 75%, applied to the Qinghai photovoltaic-hydrogen integration project. Shanghai Magnesium Power Cross-Border Storage and Transportation Solution: In collaboration with Mitsui, a pilot "methane steam reforming for hydrogen-magnesium-based storage" was tested in Dubai, with a magnesium-based hydrogen storage tank capacity of 10MWh, 60% smaller in volume than liquid hydrogen tanks. 2. Core Application Scenarios and Domestic Practices (1) Industrial-Level Long-Duration Energy Storage NEOM New City Project: China Energy Engineering provided a 50MWh magnesium-based hydrogen storage system, smoothing the intermittency of wind and solar power generation, with lifecycle costs 40% lower than liquid hydrogen storage. CATL Rare Earth-Magnesium Composite Hydrogen Storage Material: Developed Mg₂NiH₄/CeO₂ composite material, reducing the hydrogen absorption temperature to 150℃, suitable for heavy trucks on the Ordos coal transportation line, with a driving range increased to 1,000km. (2) Island and Off-Grid Hydrogen Supply Kagoshima Project, Japan: Toray deployed a 5MW electrolyzer + 20MWh magnesium-based hydrogen storage system, providing off-grid community power supply, with lifecycle costs 25% lower than diesel power generation. Domestic Suitable Scenario: Yunhai Metal provided a magnesium-based system for the Qinghai photovoltaic-hydrogen project, storing 48 hours of fluctuating power, with costs 50% lower than liquid hydrogen. (3) Cross-Border Hydrogen Trade Middle East-East Asia LNG to Hydrogen Pilot: Shanghai Magnesium Power and Mitsui collaborated to transport hydrogen in solid form by sea to East Asia, avoiding the high costs and safety risks of liquid storage and transportation. III. Comparison of Technical Paths and Collaborative Development Strategies 1. Performance Parameter Comparison 2. Collaborative Application Scenarios and Domestic Practices (1) Hybrid Hydrogen Storage Systems Hydrogen Refueling Station Scenario: The Anting hydrogen refueling station in Shanghai uses rare earth hydrogen storage tanks to handle frequent vehicle refueling, while magnesium-based hydrogen storage tanks store low-cost green hydrogen, reducing the system cost by 20%. Microgrid Scenario: Rare earth materials meet instantaneous high-power demands (such as fluctuations in photovoltaic power generation), while magnesium-based materials store hydrogen produced from low-cost nighttime electricity. (2) Material Modification Technologies Rare Earth-Magnesium Alloy Development: Such as Mg₂NiH₄ composite material, with a hydrogen storage density of 3.5wt%, and hydrogen absorption temperature reduced to 100℃, now in the pilot stage. Nano-Coating Process: Coating magnesium particles with rare earth oxides (such as CeO₂) inhibits hydride decomposition, increasing the cycle life to 800 cycles. IV. Industrialization Challenges and Policy Opportunities 1. Technological Bottlenecks and Breakthrough Directions Rare Earth-Based: Fluctuations in light rare earth supply (such as lanthanum and cerium) increase costs, requiring the development of cobalt/nickel-free systems (such as iron-based hydrogen storage alloys). Magnesium-Based: Thousand-ton production lines have a yield of less than 60%, requiring breakthroughs in automated ball milling processes and thermal management technologies. 2. Policy and Capital Synergy Domestic Policies: The Ministry of Finance included the R&D of rare earth-based hydrogen storage materials in the subsidy scope, with a maximum subsidy of 5 million yuan per vehicle; magnesium-based hydrogen storage systems receive a subsidy of 0.3 yuan/Wh based on storage capacity. Capital Layout: In Q1 2025, financing in the domestic hydrogen energy sector exceeded 20 billion yuan, with 35% allocated to the solid-state hydrogen storage track, focusing on magnesium-based materials (Yunhai Metal, Magnesium Power) and rare earth catalysts (Zihuan Environmental). V. Future Outlook: From Dual-Drive to Global Competition and Cooperation Short-Term (2025-2030): Rare earth-based materials will dominate transportation and distributed scenarios, while magnesium-based materials will focus on industrial energy storage and cross-border trade. Medium-Term (2030-2035): Rare earth-magnesium alloy materials will be commercialized, and hybrid hydrogen storage systems will become mainstream. Long-Term (Post-2035): Solid-state hydrogen storage, along with liquid hydrogen and organic liquid hydrogen storage, will form a multi-technology route competition, driving the full-chain cost of hydrogen energy close to that of traditional energy. Core Conclusion: Domestic enterprises, through the dual-drive strategy of "rare earths for transportation, magnesium for energy storage," have formed full-chain capabilities in materials, system integration, and cross-border trade. In the future, further breakthroughs in thermal management and large-scale manufacturing are needed to transition solid-state hydrogen storage technology from the laboratory to large-scale application, providing a cost-effective and high-performance Chinese solution for the global hydrogen energy industry.

【SMM Rare Earth Weekly Review: Downstream Procurement Demand for Rare Earths Declined Due to End-Use Demand Impact】Currently, the price of lanthanum oxide remained stable at 4,200-4,600 yuan/mt, while the price of cerium oxide continued to stabilize at 11,600-13,000 yuan/mt this week. This week, the market prices of lanthanum and cerium stabilized again after experiencing a correction last week, with no significant fluctuations in the recent market situation. The price of Pr-Nd oxide continued to decline rapidly this week, and with the persistently poor release of downstream orders, the confidence of most industry players in the future market also weakened.

Following the inclusion of imported rare earth ore under control, China has been strengthening its export controls on rare earths. On April 4, the Ministry of Commerce, in conjunction with the General Administration of Customs, issued an announcement on the implementation of export control measures for seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, which took effect immediately upon issuance. According to the announcement, the seven categories of medium-heavy rare earth-related items subject to export controls cover various forms such as metals, alloys, targets, oxides, and compounds. Caixin reporters learned that China's rare earth exports are dominated by light rare earths, with the largest export volumes of light rare earth elements including lanthanum, cerium, and neodymium; followed by some medium-heavy rare earth elements such as praseodymium, dysprosium, and terbium. In terms of export destinations, light rare earths are mainly sold to the US, Japan, and the Netherlands, while medium-heavy rare earths primarily flow to Japan and South Korea. Industry insiders told Caixin reporters that the US mainly imports light rare earths such as lanthanum and cerium from China, and the implementation of export controls on medium-heavy rare earths this time may have a significant impact on Japan's rare earth imports. Some analysts told Caixin reporters, "Compared to other minor metals, the seven categories of medium-heavy rare earths subject to export controls this time are basically not produced overseas, but they have wide applications. After the export volume of medium-heavy rare earths is restricted, it is expected to impact domestic rare earth prices, with specific manifestations likely being an initial surge, followed by adjustments, and sustained price increases in the future. Due to their high strategic value and increasingly strict policy controls, medium-heavy rare earths may gradually shift towards high-end applications and indirect exports in the future." Caixin reporters noted that in December 2024, China implemented export controls on items such as antimony, further exacerbating the price spread between domestic and overseas markets. Data shows that in March this year, the domestic market price of antimony ingots surged to 162,500 yuan/mt, while the overseas market price had already reached 372,300 yuan/mt, with a price spread exceeding 210,000 yuan/mt. According to a research report released by China Securities on March 16, "China's control of antimony product exports — rising overseas market prices of antimony — 'flour being more expensive than bread,' domestic reduction in imported ore — domestic market shortages and rising antimony prices" this logical chain continues. In recent years, China has been strengthening its export controls on rare earths. Industry insiders told Caixin reporters that previously, China's restrictions on rare earth exports were mainly on upstream smelting and separation technologies. In terms of export product forms, light rare earths are mainly exported as oxides, carbonates, and primary alloys, while medium-heavy rare earths are more often indirectly exported as high-value-added products such as NdFeB permanent magnet materials. Public information shows that rare earths are strategic mineral resources contested globally, playing an important role in high-tech industries such as aerospace, national defense, electronics, and new energy. With the accelerated evolution of a new round of technological revolution and industrial transformation, global supply chain security risks have become prominent, and the strategic value of rare earths has rapidly increased, becoming an important object of resource competition and industrial rivalry among major powers. As the only country in the world with the capability to produce the entire industry chain of rare earth products, China has introduced a series of policies to promote the high-quality development of the rare earth industry and ensure the safe supply of domestic rare earths. On December 1, 2024, the "Regulations on the Export Control of Dual-Use Items of the People's Republic of China" officially took effect. It is worth mentioning that after the implementation of these regulations, seven categories of medium-heavy rare earth-related items, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium, became the first dual-use substances explicitly included in export controls. A spokesperson for the Ministry of Commerce stated that day that the related items have dual-use attributes, and implementing export controls on them is an international common practice. Rare earths are the collective name for 17 elements, including lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium, and are non-renewable scarce strategic resources. Based on the atomic electronic layer structure and physicochemical properties of rare earth elements, as well as their symbiotic conditions in minerals and different ionic radii that produce different characteristic properties, the 17 rare earth elements can be divided into two major categories: light rare earths and medium-heavy rare earths. Among them, medium-heavy rare earths are more valuable than light rare earths due to their high value and low reserves. Data from Shenzhen Enterprise Investment Industry Research Institute shows that China dominates the global rare earth supply chain, controlling about 70% of global rare earth production and 90% of rare earth refining capacity. Other related data shows that China's rare earth production in 2023 reached 240,000 mt, accounting for about two-thirds of the global total, while its reserves reached 44 million mt, accounting for 40% of the global total. In terms of distribution, China's rare earth resources generally exhibit a characteristic of heavy in the south and light in the north. Among them, light rare earths are concentrated in Inner Mongolia, Sichuan, and other places, while ion-adsorption type rare earths (heavy rare earths) are distributed in Jiangxi, Fujian, Guangdong, Yunnan, and other places, accounting for more than 80% of global heavy rare earth reserves.