Tungsten prices hit record highs, Vietnamese miner with largest deposit outside China sees ss 48% YTD

According to Reuters, tungsten prices surged to record highs in January, driven by tight supply, China’s export controls and strong industrial demand, forcing consumers to scramble for material in an already constrained market.

On January 29, 2026, shares of Masan High-Tech Materials Corp (MSR) hit the daily limit, rising 14.8% to close at VND 36,400 per share. Since the beginning of 2026, MSR shares have gained nearly 48%.

Reuters reported that tungsten prices jumped to record levels in January as supply tightened, China imposed export restrictions and industrial demand remained strong, intensifying competition among buyers in a market already facing shortages.

Traders said Ammonium Paratungstate (APT), a key raw material used in tungsten production, was trading at between $1,125 and $1,150 per metric tonne unit (mtu) in China, an all-time high. Prices in Rotterdam also reached record levels of around $1,100, with many expecting further increases in the coming weeks.

“There are a lot of reasons for Tungsten to go up – market is tight, there is a lot of demand from defence, aerospace, IGT, and all other sectors, there are problems with supply (lower ore grades and other issues) and on top of that, there are issues with exports from China,” a London-based trader said in an email to Reuters.

China, which dominates global tungsten mining and processing, unveiled export controls in February 2025, requiring exporters to get government permits before shipping their materials.

Last month, Beijing named 15 companies that will be able to export tungsten, a move that could centralize control and limit the volume of material available to overseas buyers.

“(China’s) export volume has declined by close to 40% year-on-year since the controls were implemented,” said William Parry-Jones, founder of Wolfram Advisory and a specialist in tungsten market analysis and critical materials supply chain strategy. “There are insufficient volumes of raw materials available ex-China to replace this export volume.”

According to Reuters, global supply tightness has intensified further after new Chinese controls on dual-use materials exported to Japan took effect this month. Japan is one of China’s largest tungsten importers.

Rising tungsten prices have benefited Masan High-Tech Materials, which operates the Nui Phao mine in Vietnam. According to the Dai Tu information portal in Thai Nguyen province, tungsten output from the Nui Phao mine accounts for about 33% of global tungsten reserves excluding China, making it the world’s second-largest operation by scale. It is also one of the largest identified tungsten reserves outside China.

In terms of business performance, MHT posted revenue of VND 7,443 billion in 2025, down 48% from VND 14,336 billion in 2024, mainly due to the exclusion of VND 8,934 billion in revenue from H.C. Starck (HCS) following its deconsolidation. On a like-for-like basis, excluding HCS, revenue increased by VND 1,166 billion.

Tungsten revenue rose 33% year-on-year to VND 4,458 billion in fiscal 2025. Fluorspar revenue increased 7% to VND 1.432 trillion on higher selling prices, while copper revenue reached VND 1.304 trillion, reflecting stable domestic sales volumes. MSR also recorded VND 63 billion in revenue from bismuth cement products in Q4. 2025 after signing an agreement with a strategic customer.

In 2025, the average APT price offer reached $518 per mtu, up 52% from $340 per mtu in fiscal 2024. As of December 31, 2025, APT prices had surged to a record $900 per mtu.

MSR reported net profit of VND 222 billion in Q4. 2025 — its highest quarterly profit since 2022, and net profit of VND 11 billion for the full fiscal year.

Subject to customary internal approvals and potential changes, MSR expects revenue of between VND 11.9 trillion and VND 12.5 trillion, with net profit ranging from VND 50 billion to VND 300 billion in 2026.

This preliminary budget reflects APT tungsten prices in the second half of 2025. If the tungsten market in 2026 sustains prices in the range of $1,080 to $1,325 per mtu — record highs on a full-year basis. MSR expects actual financial results to significantly exceed its current forecast.

Source: CafeF