Uranium futures hit November 2022 levels of over €50/lb

Uranium futures topped €50 a pound, reaching their highest level since November 2022, reports Trading Economics. According to the portal, the growth is associated with concerns about the lack of global uranium reserves against the backdrop of expected growth in demand.

Russian uranium accounts for 38% of the world’s capacities. Russia’s share in the supply of services to the world market for uranium enrichment (the most capital-intensive area) is 34%. For example, Rosatom provides one-fifth of the enriched uranium needed to power 92 US nuclear reactors. In 2021 Russia exported about 5 thousand tons of uranium, or 70% of its total production in Russia and Kazakhstan, to the EU countries and the USA.

Deliveries of Russian uranium to the world market were reduced as part of the sanctions against Russia. In addition, due to the volatility of gas prices, nuclear generation is again becoming a key element of energy. In this regard, Japan, France, South Korea, India, Great Britain, the USA and Germany announced additional incentives in the field of nuclear energy. The Japanese authorities ordered the development of new power plants and approved the restart of 17 shut down reactors. Despite all this, uranium prices have so far doubled below historical records in 2011.

According to Bloomberg, in 2022 Russia increased the export of nuclear fuel and technology by 20%. European Parliament urged within the framework of the tenth package of EU sanctions to stop the import of Russian uranium.

How the EU and the US tried to avoid supplies from Russia – read the material “Reaction of separation from uranium”.

Anastasia Larina