Tungsten Price Refreshes 2-Year High amid Tight Supply, SMM Reports

[SMM Tungsten Express] Vietnam's Masan High-Tech Materials (MSR) is expanding its tungsten business through resource development, processing capabilities and international partnerships. Its Nui Phao mine is one of the largest operating tungsten mines outside China, with Masan Tungsten Chemicals capacity at approximately 9,345 tpa. The company is advancing approximately 115 million tonnes of polymetallic tungsten resources at the Nui Phao Expansion and Nui Chiem areas, potentially extending operations by 20-30 years. Its partnership with South Korea's GB Innovation will enable processing of third-party feedstock in Vietnam, with plans to increase tungsten oxide capacity to over 8,000 tpa. H1 2026 net profit after tax reached VND 2,202 billion, compared with a loss of VND 216 billion a year

[SMM Tungsten Express] Almonty Industries has received approval from the South Korean government to commercially process tungsten concentrate at the Sangdong mine. South Korean authorities issued mining facility inspection certificates on September 17, authorizing the company to operate the crushing and processing facilities and sell tungsten concentrate domestically and overseas — the final regulatory step before commercial production. Sangdong is expected to produce approximately 200,000 MTU per year, with over 90% of Phase I output contracted to Global Tungsten & Powders, part of Austria's Plansee Group, under a 21-year offtake agreement totaling 4,410,000 MTU. Almonty has invested over $100 million to redevelop the project since acquiring it in 2015.

Zangezur Copper Molybdenum Combine (ZCMC) reported 2025 molybdenum concentrate output of 15,548 wet tonnes (13,389.68 dry tonnes), down 13.7% from 18,014 wet tonnes (15,507.08 dry tonnes) in 2024. Sales fell 15.5% to 15,614 wet tonnes. Meanwhile, dry ore treated rose 1.5% to 22.67 million tonnes, with ZCMC linking the lower molybdenum output to ore characteristics. The company produced no ferromolybdenum or roasted molybdenum concentrate in 2025, compared with 273 tonnes and 547 tonnes, respectively, in 2024. The concentrate figures represent physical product weight, not contained molybdenum.