Tungsten prices climb to decade highs: A golden oppotunity for Nui Phao Mine

Tungsten – a strategic metal essential for high-tech industries such as defense, electric vehicles, and semiconductors – is entering a strong upward price cycle. This shift is opening significant opportunities for producers outside of China, including Vietnam.

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Nui Phao Mineral Exploitation and Processing Factory.

A price rebound after a decade of stagnation

In Q1 2025, the price of Ammonium Paratungstate (APT) – the industry’s key intermediate product – jumped from USD 335/mtu to USD 355/mtu by March’s end, reaching its highest point since 2014. This upward trend is largely driven by China, which currently controls over 80% of global tungsten output (US Geological Survey), tightening its export policies in line with national security priorities.

With China’s resource nationalism on the rise, major economies including the U.S., EU, and Japan are fast-tracking efforts to source alternatives beyond China to secure critical minerals vital to national security.

In the photo: MHT's high-tech factory for deep processing of tungsten products in Thai Nguyen.

The world’s hunger for Tungsten: Vietnam’s strategic opportunity

The global tungsten squeeze has opened a rare window of opportunity for non-China producers. At the forefront is Masan High-Tech Materials (MHT), operator of the Nui Phao mine in Thai Nguyen – one of the world’s largest tungsten resources outside China.

MHT now supplies nearly 30% of the world’s ex-China tungsten demand, making it a cornerstone of the global supply chain. But MHT’s ambition goes beyond extraction. The company leads in value-added processing and tungsten recycling, delivering products that meet the toughest technical and environmental standards worldwide.

According to CRU (formerly Roskill), global tungsten demand is projected to grow 3–4% annually through 2030, driven by electric mobility and increased defense spending. With prices expected to hold strong in the medium term, the outlook for MHT has never been brighter.

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

Built to Lead
With its “Back to Basics” strategy announced at the 2025 Annual General Meeting of Shareholders, MHT has clearly defined its long-term direction. The company is focused on strengthening core capabilities, optimizing mining operations, enhancing processing efficiency, accelerating innovation, and developing advanced materials – all of which position MHT to compete vigorously on the global tungsten stage.

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

As the global market seeks sustainable supply, tungsten prices continue to rise, and strategic foresight aligns with strong existing assets, MHT is poised to break new ground and assert its indispensable role in the industrial minerals ecosystem.