London, October 29th (Argus) - The Vietnamese tungsten producer Masan High-Tech Materials plans to increase the production of tungsten intermediate products by increasing the purchase of third-party raw materials, rather than relying solely on the raw materials provided by its Nui Phao mine.
Michael Hung Nguyen, the CEO of Masan, said today that the company plans to increase the production of tungsten chemicals from the current approximately 6,000 tons per year by one-third to 8,000 tons per year by 2027. Additionally, the company's long-term goal is 10,000 tons per year.
The main processed products of Masan include ammonium tungstate (APT), which is the main raw material for producing tungsten powder, hard alloys, and tungsten alloys. The company also produces blue tungsten oxide (BTO) and yellow tungsten oxide (YTO).
Since relying solely on the output of the Nui Phao mine cannot meet the future growth targets, Masan is continuously increasing the proportion of third-party raw materials and recycled raw materials. The company is establishing an international raw material supply network consisting of about 30 partners and expanding its tungsten recycling business.
The company stated that its orders for 2027 are close to being fully fulfilled, and the demand for tungsten products remains strong at present. However, Masan expects the price of APT to fall from the current high level. The latest assessment by Argus shows that the price of APT in Europe is 2,500-2,800 US dollars per mtu, duty unpaid Rotterdam, down 12% from last month, but still more than three times higher than a year ago. Since China implemented export control on a variety of tungsten products in February 2025, the supply of APT in regions outside China has been relatively tight.
Masan achieved revenue of approximately 560 million US dollars in the third quarter and a net profit of approximately 83 million US dollars. From January to September 2026, the company achieved a cumulative net profit of approximately 168 million US dollars, while it suffered a loss of approximately 8 million US dollars in the same period of the previous year.
The tungsten metal output in the third quarter increased by 55% year-on-year, and the purchase volume of imported tungsten concentrate increased by 78% during the same period.
Masan has also recently expanded the scope of supply cooperation, including establishing a tungsten concentrate supply partnership with Korean GB Innovation and signing an eight-year tungsten supply and processing agreement with US manufacturer Elmet Technologies. Elmet recently announced that it will acquire 4.99% of Masan's shares.
