As China becomes a net tungsten importer, Nui Phao mine emerges as a strategic supply source.

As countries increasingly focus on securing supplies of strategic minerals, large-scale resource assets that have operated steadily are being reassessed as geopolitically important assets. In this context, Masan High-Tech Materials (UPCoM: MSR), via the Nui Phao polymetallic mine in Thai Nguyen, holds one of the most notable assets in the global tungsten industry: the largest tungsten mine operating outside China. Tungsten – a crucial metal in many strategic industries Tungsten is among the most exceptional metals in the periodic table, with a melting point around 3,420°C—the highest of all metals—and it also possesses extreme hardness and heat resistance. Because of these properties, tungsten is widely used in producing ultra-hard alloys, precision cutting tools, industrial equipment, electronic components, and many high-tech applications. In the modern economy, this metal plays a key role in several strategic industries such as semiconductors, electronics, high-tech batteries and defense. The growth of fields like artificial intelligence, data centers and chip manufacturing is expected to continue driving demand for specialty industrial materials with unique properties, including tungsten. Therefore, many countries have placed tungsten on the list of strategic minerals in security-of-supply policies. The United States, the European Union and many developed economies are implementing stockpiling programs and investing in the supply chain of essential materials to ensure long-term supply for core industries. However, supply of this metal remains highly concentrated. China currently accounts for more than 80% of global tungsten production, making the supply chain heavily dependent on a single country. This makes non-Chinese sources increasingly valuable for market stability. As the tungsten market structure begins to change For decades, China has been central in the global tungsten industry due to its large reserves and strong processing capacity. However, the market structure is gradually changing as domestic supply in China tightens. Market data from Fastmarkets show China’s tungsten mining quotas have declined by about 6% per year in recent years, reflecting tighter management of this strategic resource. At the same time, export controls have been implemented, causing exports from China to fall significantly. In the face of shrinking domestic supply and sustained industrial demand, China is becoming a net tungsten importer. Exports have fallen while imports of concentrate have risen, signaling tighter domestic supply. This shift is having clear effects on the market. Tungsten prices have risen sharply and established a new floor in recent times. According to market data, Ammonium Paratungstate (APT) – a key intermediate input in the tungsten value chain – has risen to about $3,185 per MTU in the CIF Rotterdam market in early April 2026, reflecting a significant increase from earlier periods and highlighting the tightening supply trend. Meanwhile, markets outside China are also facing substantial supply shortfalls. Masan High-Tech Materials’ research indicates that in 2025, the remainder of the world faced a shortage of about 79,000 tonnes of tungsten supply, illustrating the widening gap between industrial demand and available supply. When supply is highly concentrated in one country, any policy change in mining or export can have a significant impact on the global market. In this context, larger non-Chinese supply sources are drawing increasing attention. Nui Phao – A strategic supply outside China In a context of constrained non-Chinese supply, Masan High-Tech Materials’ Nui Phao mine has emerged as a notable supplier in the tungsten value chain. The project is assessed as the largest tungsten mine operating outside China, with an annual ore-processing capacity of around 3.5 million tonnes and has been operating stably since 2014. After more than a decade of operation, the Nui Phao plant's availability rate stands at about 94%, showing stability in mining and processing operations. Unlike many new mining projects still in development or seeking permits, Nui Phao has become a tangible supply source for the global market. Another notable factor is Masan High-Tech Materials' position in non-Chinese tungsten supply. Based on the average 2020–2025 data, the company accounted for approximately 21% of non-Chinese tungsten supply, making it one of the largest suppliers outside the country that dominates global production. In a market where non-Chinese supply is increasingly scarce, Masan High-Tech Materials is gradually reinforcing its role as a reliable tungsten supplier to industrial customers worldwide. The combination of large-scale resources, integrated downstream processing, and a global customer network is helping Masan High-Tech Materials strengthen its position in the international tungsten supply chain. As the global tungsten market restructures and the demand for diversified supply sources becomes clearer, large and stable non-Chinese sources such as Nui Phao could play an increasingly important role in the market for years to come.