Tungsten ore prices surged 150%, reaching $50,400 per ton.
Tight global supply and high demand from the defense industry have driven tungsten prices to record levels, creating significant opportunities for Vietnamese producers.
World tungsten prices hit a new record.
Tungsten prices on the international market are experiencing a sharp increase, with the price of ore with a purity of ≥65% reaching approximately US$50,400/tonne by mid-December 2025, a nearly 150% increase compared to the beginning of the year. At the same time, the price of ammonium paratungsten (APT), a key intermediate product, has risen to around US$400/mtu in the European market, equivalent to an 18% increase compared to February, according to Reuters data.
The cause stems from supply and demand.
One of the main factors driving the price surge is China's implementation of export restrictions and quota adjustments for strategic minerals, which dominate the global tungsten supply chain. This move has raised concerns about access to supply for major industrial economies, especially amid ongoing geopolitical and trade tensions.
On the demand side, the demand for tungsten from the defense and high-tech sectors is increasing sharply. Tungsten is a strategic metal, with very high hardness and melting point, used in the production of weapons, semiconductor components, and high-tech applications. NATO's commitment to increasing defense spending by 2035 and the trend of increasing defense budgets in many Asian countries are expected to further boost consumption of this metal.
Prospects and opportunities for Vietnam
According to analysts, tungsten prices have now far exceeded historical averages and are likely to maintain this trend into 2026. The market is facing structural tightening, as supply is unlikely to expand rapidly enough to meet long-term and irreplaceable demand from key industries.
In this context, major economies are seeking alternative sources of supply. Vietnam, with its Nui Phao mine being one of the world's largest tungsten mines, is presented with a significant opportunity. This mine is operated by Masan High-Tech Materials Joint Stock Company (UpCOM: MSR), a member of Masan Group.
Masan High-Tech Materials (MHT) has an integrated ecosystem from mining to deep processing, providing high value-added tungsten products that meet the stringent standards of the international market. This makes MHT a stable and transparent supply source in the context of a volatile global market.
The company's business results reflect the positive market trend. In the first nine months of 2025, MHT's tungsten segment revenue reached VND 2,820 billion. In the third quarter of 2025 alone, revenue recorded a 36% growth compared to the same period last year. The surge in demand and tight supply are creating a new favorable cycle, positioning Masan High-Tech Materials as a crucial link in the global tungsten supply chain.