HK Stock Movement | JIAXIN INTL RES (03858) Surges Over 8% as Tungsten Prices Hit New High; Institutions Expect Continued Upside Across the Industry Chain

Stock News12-15

JIAXIN INTL RES (03858) rose more than 8%, reaching HK$41.8 by the time of writing, with a trading volume of HK$28.71 million.

Recent data from Huayuan Securities shows that over the past two weeks, the price of black tungsten concentrate surged 9.76% to RMB 371,000 per ton, while ammonium paratungstate climbed 12.12% to RMB 555,000 per ton.

On the supply side, tungsten mining quotas have been reduced, leading to slower production rates at mines and tightening market availability. Demand remains stable domestically, with steady procurement for essential uses and strong demand for PCB cutting tools.

Major domestic tungsten producers recently raised their contract prices for the first half of December, further boosting market optimism. China Post Securities believes the supply-demand imbalance for tungsten will persist in the short term, projecting continued price increases across the entire industry chain in December.

CICC noted that JIAXIN INTL RES's Bakuta Tungsten Mine in Kazakhstan commenced commercial production in April 2025. The company plans to produce 3,638, 10,900, and 13,665 tons of tungsten concentrate (65% WO3 basis) in 2H25, 2026, and 2027, respectively. The mine is expected to account for 4%, 7%, and 8% of global primary tungsten supply during these periods.

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