Shares of Jiaxin International Resources saw a significant increase during the afternoon session, rising nearly 7%. At the time of writing, the stock was up 5.61% to HK$86.6, with a trading turnover of HK$257 million.

On the news front, since the outbreak of conflict in the Middle East in late February, the United States' inventory of advanced weapons and ammunition has been rapidly depleting, prompting an acceleration in the rebuilding of its tungsten supply chain.

According to industry sources, the downward momentum for tungsten prices weakened towards the end of the month, with the market beginning to see tentative price increase attempts. Sentiment for supporting prices has strengthened across all segments of the industrial chain.

As of May 29th, the domestic tungsten price in China reached 416,000 yuan per ton, showing signs of stabilization and a potential rebound.

A research report noted that considering the increasing emerging demand and strategic importance of tungsten, coupled with a persistently tight supply structure, domestic tungsten prices are expected to stabilize and recover following the recent sharp decline. The investment appeal of leading global tungsten industry players is becoming increasingly prominent.

On the supply side, domestic tungsten supply in China remains tight. Overseas, Kazakhstan and South Korea may contribute some supply increases, while the uncertainty of supply increments from Europe has risen.

Regarding inventory, domestic tungsten inventories in the first quarter increased sequentially but to a limited extent. Overseas restocking demand remains urgent.