AsemconnectVietnam - The global tungsten market is entering a crucial transitional phase, driven not only by traditional supply and demand factors but also by increasingly evident strategic policies from China. These changes are reshaping the market structure and ushering in a new cycle for the strategic mineral industry, in which tungsten is a vital link in the global supply chain.

According to analyses presented at the International Tungsten Conference held in Ganzhou, China, in March 2026, the Chinese government is undertaking a clear policy shift: from being a major global supplier to prioritizing domestic consumption and protecting strategic resources. Mining output continues to be reduced, production is under pressure from environmental regulations, while exports are more tightly controlled.
Simultaneously, China's domestic demand is increasing as its economy shifts towards high-value technology and consumer goods. This reversal is causing China to gradually move from an export-oriented to a consumer-oriented position, even becoming an importer of some forms of tungsten raw materials.
Supply gap and opportunities for suppliers outside of China
Policy changes have created an increasingly pronounced supply gap in the global market. Declining exports, coupled with rising industrial demand, are pushing tungsten prices to a new level. Notably, the rest of the world is facing a shortage of approximately 79,000 tons, reflecting the current imbalance between supply and demand.
In this context, suppliers outside of China are gradually becoming crucial links in the global supply chain. As the market shifts from dependence on a single source to diversification, the value of alternative sources is being reassessed.
Masan High-Tech Materials (UPCoM: MSR) is one of the few companies outside of China that owns a large-scale tungsten mining and processing platform. With the Nui Phao mine and its integrated value chain from mining to deep processing, the company is able to ensure a stable supply, control costs, and benefit significantly when tungsten prices remain high.
Beyond its resource advantages, MSR is also proactively upgrading its position in the capital market. According to the plan presented to shareholders, the company intends to transfer its listing from UPCoM to HOSE, a move aimed at improving transparency, governance, and expanding access to institutional capital. Given that HOSE is home to a large proportion of investment funds and long-term capital flows, the transfer could help MSR improve liquidity, increase analytical coverage, and gradually participate in large-scale investment portfolios.
From commodity cycle to capital cycle: A double dynamic for growth
The combination of a favorable industry cycle and a capital market expansion strategy is creating a "double dynamic" growth platform for MSR. On the one hand, tungsten prices are supported by a new supply-demand structure, where supply is limited while demand from high-tech industries continues to increase. On the other hand, the listing on the HOSE opens up opportunities to access larger-scale capital flows, helping the company optimize its financial structure and reduce capital costs.
In the mining industry, where fixed costs account for a large proportion, improvements in commodity prices often create a significant leverage effect on profits. When combined with improved capital flows and a more optimized financial structure, the company's business performance can be amplified significantly during the growth cycle.
With Masan Group (HOSE: MSN) currently owning approximately 95% of Masan High-Tech Materials, improvements in MSR's profitability and cash flow will be directly reflected in the group's consolidated results. In this context, the listing transfer is not only a step towards upgrading the capital market standard, but also a crucial link connecting strategic resource assets with long-term capital flows, thereby opening up clearer growth potential for both MSR and MSN in the new cycle.
N.Nga
Source: VITIC/Tinnhanhchungkhoan