MSR Targets 8,000 Tonnes Tungsten by 2027 as Orders Near Full

Overview

Masan High-Tech Materials (UPCoM: MSR) is targeting tungsten output of 8,000 tonnes in 2027, about 33% above its current ~6,000 tonnes, with a longer-term ambition of 10,000 tonnes per year. Newly appointed CEO Michael Hung Nguyen told Masan Group’s (MSN) Q3 2026 investor meeting on 26 October that 2027 orders are nearly fully booked, underpinning confidence even if APT prices fall from current levels.

Key Facts

• MSR targets 8,000 tonnes of tungsten output in 2027, up roughly 33% from ~6,000 tonnes currently.
• Long-term production ambition is 10,000 tonnes per year.
• Management said orders for 2027 are nearly fully booked against planned capacity.
• The company plans to lift tungsten oxide capacity to more than 8,000 tonnes of WO₃ per year.
• A September agreement with US-based Elmet covers roughly 1,250 tonnes of WO₃ per year over an initial 8-year term, with estimated gross revenue of about US$1.5bn at prices at signing.
• MSR is building an international feedstock network of about 30 partners and expanding tungsten recycling.
• A partnership with South Korea’s GB Innovation was signed to add concentrate supply for Vietnamese processing facilities.

What Happened

Speaking at Masan Group’s Q3 2026 investor meeting on the afternoon of 26 October, Michael Hung Nguyen, the new General Director of Masan High-Tech Materials, outlined the company’s 2027 growth plan and its ability to sustain earnings if tungsten prices normalize below current highs. He said output stands at about 6,000 tonnes and that the 8,000-tonne 2027 target implies roughly 33% growth, with 10,000 tonnes per year as the longer-term scale.

Nguyen said international tungsten demand remains strong and that 2027 orders have nearly filled planned capacity, giving management confidence in the coming year even if APT (ammonium paratungstate) prices fall sharply. To reach 8,000-10,000 tonnes, MSR cannot rely on the Núi Pháo mine alone; the company is expanding external feedstock purchases and tungsten recycling because output from existing resources is insufficient for the planned processing capacity. It is building an international supply chain of about 30 partners and has signed with South Korea’s GB Innovation for concentrate supply, while the US Elmet tie-up, announced in September, extends offtake.

Market Context

MSR closed at VND 63,700 on 26 October 2026 on UPCoM, the exchange where the shares trade. Parent Masan Group (HOSE: MSN) closed at VND 73,000 the same day. The guidance lands in a materials and mining context where tungsten prices, particularly APT, have been elevated, and management is explicitly framing the plan around volume growth and feedstock cost control rather than price. The article does not provide MSR’s recent share-price performance or valuation multiples.

Strategic Significance

The thesis rests on volume and supply-chain control rather than price. By lifting processed output toward 8,000-10,000 tonnes while sourcing feedstock from ~30 international partners and recycling, MSR aims to decouple revenue growth from the Núi Pháo resource base and from APT spot prices. The Elmet agreement, at roughly 1,250 tonnes of WO₃ annually for eight years and about US$1.5bn in gross revenue, provides visible offtake and positions MSR as a non-China tungsten processor at scale, a distinction with strategic value for Western buyers seeking supply diversification.

What to Watch

• Confirmation of 2027 order bookings in MSR’s annual report or 2026 results release.
• Progress on the tungsten oxide capacity expansion beyond 8,000 tonnes of WO₃ per year.
• APT price trends and their effect on realized margins versus the volume-led plan.
• Execution of the Elmet and GB Innovation agreements, including volumes and timing.
• Any disclosure on feedstock costs from the ~30-partner international network and recycling rates.