Understanding Tungsten Definition and Tungsten Price Trends in 2025
• China is the world's largest producer and importer of tungsten ore today, but also the world's largest consumer of midstream tungsten. Therefore, issues surrounding the flow of Tungsten production-trade in China can greatly affect the price movement of upstream/midstream/downstream Tungsten.• On February 4th, 2025, China announced export controls targeting five metals used in defense, clean energy and other industries just minutes after an additional 10% tariff on Chinese goods imposed by U.S. President Donald Trump took effect. Of the five metals that have the presence of Tungsten, China in particular has restricted the production of eight types of products made from Tungsten.
• Tungsten has not been commercially mined in the U.S. since 2015. The country is completely dependent on imports of midstream Tungsten (APT, tungsten oxide, etc.), mainly from China to produce Tungsten applied products instead of importing Tungsten ore concentrate (primary) for refining.
• We aim for a scenario where the price of Tungsten products will increase in price in the short term. Masan Resources (UpCOM: MSR) may be the beneficiary of the above information but moderately due to the liquidation of its investment in H.C. Starck – specializing in refining midstream/downstream tungsten products (such as tungsten carbide powder) – products that directly benefit from the US-China trade war.
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