Changes in Hong Kong stocks | Jiaxin International Resources (03858) rose nearly 5%, global competition for tungsten resources is heating up, and tungsten prices have soared 9 times in two years

The Zhitong Finance App learned that Jiaxin International Resources (03858) rose nearly 5%. As of press release, it had risen 4.71% to HK$55.55, with a turnover of HK$14.364 million.

According to the news, on Monday, American tungsten metal producer The Elmet Group Co. It was announced that the US Department of War pledged to invest $450 million in the company to accelerate ELMT's manufacturing capacity. ELMT said the investment will be used to enhance the company's tungsten production capacity in the US and enhance mining and processing capabilities. It is worth noting that due to the tightening supply of tungsten raw materials, countries and companies around the world are currently scrambling to find long-term and short-term alternative sources of supply.

According to CCTV Finance, in two years, the price of intermediate products in the tungsten industry chain has increased about 9 times in the international market. Recently, the United States, Britain, Vietnam, Zimbabwe and other countries have successively adjusted their tungsten-related policies, and the global competition for tungsten resources is heating up. China Investment Securities International previously stated that the company is a pure tungsten concentrate target in the Hong Kong stock market. Benefiting from the increase in the average selling price of tungsten concentrate in the first half of the year and the increase in production volume, the company's net profit to mother in the first half of the year turned a loss into a profit during the same period, achieving rapid growth.