HK Stock Market Move | JIAXIN INTL RES (03858) rose nearly 9% in the morning trading, as tungsten prices rebounded after hitting bottom. Institutions said they are reassessing the strategic importance of the tungsten sector.

JIAXIN INTL RES (03858) rose nearly 9% in early trading, as of press time, up 3.8%, at 90.25 Hong Kong dollars, with a turnover of 74.4252 million Hong Kong dollars. On the news front, the release of long orders in the tungsten industry sends a stabilizing signal to the market. On June 10th, Guangdong Xianglu Tungsten announced the purchase prices for tungsten raw materials for the first half of June, with prices of 55% black tungsten concentrate and 55% white tungsten concentrate rising by more than 25% compared to the second half of May, and the price of ammonium paratungstate rising by 18.18%. Changjiang pointed out that tungsten prices have rebounded from the bottom, emphasizing a strategic reevaluation of the tungsten sector. Tungsten prices have rebounded after a correction from their highs in March, with sufficient time and space. Tungsten supply remains rigid, with optimism for long-term growth supported by new demand, and expectations of an upward trend in prices given the strategic attributes. At the same time, the previous high tungsten prices in the cutting tool sector have been completed, stabilizing tungsten prices may benefit the profit release of integrated companies.