HK Stock Movement | JIAXIN INTL RES (03858) Rises Over 5% as Bakhuta Tungsten Mine Commences Commercial Production; CICC Bullish on Tungsten Price Rally

Stock News12-10

JIAXIN INTL RES (03858) surged more than 5%, reaching HK$37.68 by the time of writing, with a trading volume of HK$12.8 million.

CICC noted that since March this year, China's tungsten concentrate prices climbed from RMB 142,000 per ton to a peak of RMB 288,000 on September 10, before stabilizing around RMB 267,000. From mid-October, tungsten prices resumed their upward trend, repeatedly hitting record highs. As of December 5, the price reached RMB 351,000 per ton, marking a 147% year-to-date increase. The firm maintains a bullish outlook on tungsten prices, citing tight global supply over the next 3-5 years, though strategic moves by various countries regarding tungsten resources warrant attention.

In terms of overseas supply, CICC expects only Kazakhstan and South Korea to contribute significant incremental output in the coming years. According to JIAXIN INTL RES's announcement, its Bakhuta Tungsten Mine in Kazakhstan officially 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. CICC estimates that the Bakhuta mine could account for 4%, 7%, and 8% of global primary tungsten supply during 2025-2027.

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