Jiaxin International Resources' stock plummeted 5.06% during intraday trading, extending a recent correction trend for the tungsten-focused company.

The decline is attributed to a phased pullback in domestic tungsten concentrate spot prices and increased willingness among market holders to lock in profits and offload inventory. Furthermore, a growing volume of recycled tungsten scrap entering the market has boosted short-term spot supply, creating a moderately looser supply environment that has exerted sustained selling pressure on tungsten-related equities.

Despite the near-term headwinds, the company's longer-term fundamentals remain intact, with limited global tungsten mine capacity additions and a structural supply-demand gap. Jiaxin International Resources recently reported a turnaround to profitability with annual earnings of HKD 305 million and guided for tungsten output growth to approximately 9,000 tonnes this year.