On July 6, Jiaxin International Resources fell 6.07% in regular trading, trading at HK$53.7/share, with turnover of HK$42.80 million. The stock extended its recent downtrend since late June.

On the news front, institutions recently noted that tungsten spot market loosening is suppressing short-term price elasticity, with the pace of tungsten price recovery slowing and weighing on related stocks. Domestic tungsten prices remain in a weak stalemate, with pressure stemming from lackluster downstream procurement activity and slow inventory digestion among holders. Market liquidity remains thin, and while long-term contract prices from major Guangdong-listed tungsten producers have stabilized to provide some sentiment support, the divergence between buyer and seller expectations persists, with actual transaction volumes showing no significant improvement.

The stock has retreated substantially from its 52-week high of HK$176.20. The company operates the Bakuta tungsten mine in Kazakhstan, the world's largest open-pit tungsten trioxide resource by volume, with current trailing PE at approximately 85x.

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