Posted 1/19/2024, 7:49:00 PM
Uranium Prices Surge on Supply Crunch and Geopolitical Tensions, More Price Spikes Forecast
- Recent surges in uranium prices driven by supply/demand imbalance and geopolitical issues; more tightness expected in 2024
- Several mining operations announced restarts, but supply increase not fast enough to meet rising demand
- Potential uranium import ban on Russia causing uncertainty; Russia key supplier across nuclear fuel supply chain
- Reduced volume of uranium trading in 2023 as market has gotten tighter and inventory is scarce
- Sharp rise in spot prices not yet reflected in longer-term prices needed to support new mines and processing