JIAXIN INTL RES Shares Surge Nearly 9% in Morning Trading; Analysts Call for Strategic Reassessment of Tungsten Sector

Deep News06-12

JIAXIN INTL RES (03858) shares surged close to 9% in morning trading. As of the latest update, the stock is up 2.70%, currently trading at HK$89.30, with a turnover of HK$107 million.

Long-term contracts from tungsten enterprises are sending market stabilization signals. On June 10th, Guangdong Xianglu Tungsten announced its long-term procurement prices for tungsten raw materials for the first half of June. The prices for 55% black tungsten concentrate and 55% white tungsten concentrate both increased by over 25% compared to the second half of May, while the price of ammonium paratungstate rose by 18.18%.

Analysts Highlight Sector Reassessment

Analysts from Changjiang Securities noted that tungsten prices have bottomed out and rebounded, highlighting the need to focus on the strategic reassessment of the tungsten sector. After retreating from March highs, tungsten prices have seen a correction that is now considered sufficient in both time and magnitude, with a clear rebound observed this week. The rigidity of tungsten supply remains unchanged, and optimistic long-term growth is supported by emerging demand. They are positive about a rising price trend bolstered by its strategic attributes. Furthermore, with tool manufacturers having already passed on previous high tungsten costs to customers, stabilizing tungsten prices may benefit the profit margins of integrated companies.

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