On the morning of August 28, 2025, Jiaxin International Resources Investment Co., Ltd. (Jiaxin International), with Jiangxi Copper Group as the main shareholder, officially listed on the Main Board of the Hong Kong Stock Exchange (HKEX) and the "Belt and Road" Board of the Astana International Exchange (AIX) simultaneously. This marks the world's first project to list on both exchanges at the same time, the first HKEX-listed company primarily engaged in tungsten mining, and the first stock denominated in RMB in Central Asia.

Average Prices of Tungsten Products from January to September 2025

65% Wolframite Concentrate: The average price was RMB 177,800/ton, a year-on-year increase of 31.53% from the average price from January to September 2024, and an 89.51% increase from the beginning of the year at the end of September.

Average Price of Tungsten Products in the Third Quarter of 2025

65% Wolframite Concentrate: The average price was RMB 224,100/ton, a 40.32% increase from the second quarter and a 64.50% increase from the third quarter of 2023.

Average Price of Tungsten Products in September 2025

65% Wolframite Concentrate: The average price was RMB 278,400/ton, a 31.72% increase from the average price in August 2025 and a 100.79% increase from the average price in September 2024. The price at the end of the month was 2.65% higher than the beginning of the month.

Analysis of Latest Tungsten Market from Chinatungsten Online

During the first three quarters of 2025, China's tungsten market generally exhibited a trend of "fluctuating upwards, strong gains, and rational corrections." By the end of the cycle, prices of major tungsten products had increased by approximately 90%.

I. Analysis of China Molybdenum Price Trends for September 2025

According to CTIA GROUP LTD Online, molybdenum products price trend in China for September 2025 showed an initial rise followed by a decline, with the end-of-month prices for most products lower than those at the beginning of the month.

Molybdenum market update on September 29, 2025

The overall domestic molybdenum market remains lukewarm, characterized by limited price reduction margins from suppliers, low inquiry and procurement enthusiasm from downstream users, narrow price adjustments, and slow order growth.

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten market quotations remained generally stable on Monday, though actual transactions saw slight downward pressure in negotiations. With the approaching long holiday, market trading activity has declined, with most participants adopting a wait-and-see stance, showing reduced initiative in operations, and a short-term deadlock in buying and selling.

Molybdenum market update on September 28, 2025

The domestic molybdenum market overall maintains a weak performance, with interwoven bullish and bearish factors leading to a somewhat stagnant negotiation atmosphere between buyers and sellers, resulting in a lack of upward momentum in product prices and low transaction volumes.

Analysis of Latest Tungsten Market from Chinatungsten Online

Tungsten prices are temporarily stable, with suppliers showing limited willingness to sell at lower prices and buyers reluctant to accept high-priced goods. New orders are relatively low. While there is some demand for stocking up before the National Day holiday, cautious bargaining prevails. The tungsten market remains in a period of stalemate and weak stability.