Nui Phao Mineral Exploitation and Processing Factory.

Tungsten prices reverse after a decade of stagnation

In the first quarter of 2025, the price of Ammonium Paratungstate (APT) - an important intermediate product of Tungsten - increased from 335 USD/mtu to 355 USD/mtu at the end of March, the highest level since 2014. The main driving force came from China, the country that accounts for more than 80% of the global Tungsten supply (according to the US Geological Survey), applying a policy of restricting exports.

In that context, major economies such as the US, EU and Japan, which are promoting mineral security policies, have accelerated their search for alternative sources of supply outside of China.

Soaring tungsten prices, a golden opportunity for Vietnamese minerals. In the photo: MHT's high-tech factory for deep processing of tungsten products in Thai Nguyen.

Global Tungsten Thirst: Golden Opportunity for Vietnamese Minerals

The supply shortage has opened up a golden door for tungsten producers outside China, with Vietnam, with its Nui Phao mine in Thai Nguyen province, emerging as a key player.

Masan High-Tech Materials (MHT), the owner and operator of the Nui Phao Mine, currently supplies nearly 30% of the world’s total tungsten output outside of China. MHT is not only a pioneer in deep processing and recycling of tungsten, helping to increase product value and meet increasingly stringent standards from global customers.

According to Roskill (now CRU) forecasts, global tungsten demand is expected to grow at an average of 3-4% per year until 2030, driven mainly by the electric vehicle boom and investment in defense technology. Tungsten prices are forecast to maintain their upward momentum in the medium term, providing a solid foundation for MHT to expand production and assert its role in the global strategic minerals supply chain.

Masan High-Tech Materials' deep-processed tungsten products.

Launch pad to break out

With the “Back to Basics - Focus on core values” strategy announced at the 2025 Annual General Meeting of Shareholders, MHT has clearly identified its strengths and long-term direction, and is ready to take advantage of opportunities from this market. The strategy focuses on consolidating core foundations, optimizing mining operations, improving mineral processing efficiency, promoting innovation, and developing high-tech materials, helping MHT rise strongly in the global race for tungsten.

Masan High-Tech Materials products on display at the 2025 Annual General Meeting of Shareholders.

The world market is thirsty for sustainable supply, tungsten prices are on the rise, strategic acumen and available potential from Nui Phao help MHT ready to break through, affirming its indispensable position in the global high-tech mineral ecosystem.