On June 2, Jiaxin International Resources rose 5.49% in regular trading, trading at HK$85.15/share, with trading volume of approximately HK$52.14 million.

On the news front, multiple institutions issued bullish research notes on tungsten sector leaders. CICC noted that considering tungsten's growing emerging demand and strategic attributes alongside unchanged tight supply dynamics, domestic tungsten prices are expected to stabilize and recover after a sharp short-term decline, with global tungsten industry leaders offering increasingly attractive allocation value. Guotai Junan similarly highlighted that as smelting production cuts, inventory destocking, and downstream restocking commence, tungsten prices could stabilize by June-July.

Domestic tungsten concentrate prices plunged 61% from their March peak above RMB 1 million/ton to a May low of RMB 406,000/ton, but have since shown stabilization signs at RMB 416,000/ton. Meanwhile, the U.S. think tank CSIS warned that high-intensity military consumption may keep tungsten demand elevated for years. The company's entire revenue is derived from white tungsten concentrate produced at its Bakhty mine, with 5,008 tons produced in full-year 2025 and projected output growth to approximately 9,000 tons this year.

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