HK Stock Movement | JIAXIN INTL RES (03858) Surges Over 8% as Tungsten Prices Remain High; Core Asset is Bakuta Tungsten Mine

JIAXIN INTL RES (03858) rose more than 8%, reaching a 7.87% gain at the time of writing, trading at HK$33.16 with a turnover of HK$24.59 million.

Market sources indicate that, according to China Tungsten Online, on November 25, tungsten prices continued to fluctuate at high levels amid intensified supply-demand dynamics. The price of 65% black tungsten concentrate stood at RMB 334,000 per metric ton, up 133.6% year-to-date, while 65% white tungsten concentrate traded at RMB 333,000 per metric ton, a 134.5% increase since the beginning of the year.

Guoyuan Securities noted that on the supply side, global tungsten reserves have gradually increased in recent years, but China's production controls are expected to tighten future supply. On the demand side, diversified downstream applications are likely to sustain growth in tungsten consumption. The improving supply-demand balance in the tungsten industry may support prices at elevated levels.

CMB Securities previously highlighted that JIAXIN INTL RES's core asset, the Bakuta Tungsten Mine, has commenced production with further output expansion expected. The company stands to benefit from rising tungsten prices, potentially driving robust profit growth.