HK Stock Market Move | JIAXIN INTL RES(03858) rises by over 6% as tungsten prices remain strong. The company's core asset is the Baktun Tungsten Mine.

Jiaxin International Resources (03858) surged more than 6%, as of the time of writing, it was up 5.96% at HK$30.2 with a turnover of HK$90.225 million. On the news front, according to the Shanghai Nonferrous Metal Network, in recent time, with tungsten prices continuously hitting new highs, the tungsten market has seen a significant decrease in trading volume, and the high prices have been slow to transmit downstream. The downstream hard alloy industry has seen a decrease in production due to the high cost, leading to a market standoff. However, SMM believes that the supply-demand imbalance in the tungsten market has not been resolved, making it difficult for a significant correction in the future, with a continued tendency for strong fluctuations. It is reported that Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine. CMSC believes that the company's core asset is the Bakuta tungsten mine, which is currently in operation with the expectation of further production increases in the future. Benefiting from the rise in tungsten prices, the company's profits are expected to grow rapidly.