The stock of Jiaxin International Resources (03858) reversed earlier losses to surge over 13%. At the time of writing, the share price had risen 12.95% to HK$75, with a trading turnover of HK$425 million.

On the news front, in early June, long-term contract purchase prices for companies in the tungsten industry saw significant increases. The quoted prices for wolframite concentrate and ammonium paratungstate both rose by more than 18%.

On June 15th, the "Regulations for the Implementation of the Mineral Resources Law" officially came into effect, listing 36 minerals including rare earths, tungsten, and lithium under strategic control.

Analysis indicates that China's total tungsten mining quota has been reduced by 14% cumulatively over the past two years, while environmental inspections in major production regions continue to tighten. However, demand for tungsten from sectors such as defense, photovoltaic tungsten wire, and semiconductors is growing against the trend.

Notably, AI computing infrastructure is driving the PCB industry into a period of supercharged growth. The significant expansion in PCB production capacity is directly fueling a surge in demand for drill bits upstream. Tungsten bars, as the core raw material for these drill bits, are seeing sustained demand growth, yet supply-side production expansion is slow, making tungsten bar shortages a potential new normal.

According to forecasts, the global tungsten supply-demand gap is expected to reach 23,000 metric tons by 2026.