TradeTech’s uranium spot price has continued to break records in recent weeks and the indicator reached US$91.00 per pound U3O8 on December 22—its highest level in 16 years.
TradeTech’s uranium spot price has continued to break records in recent weeks and the indicator reached US$91.00 per pound U3O8 on December 22—its highest level in 16 years.
TradeTech’s Weekly Uranium Spot Price Indicator has moved up 91 percent in the last year, increasing from $49.00 to $91.00 per pound U3O8, placing the indicator at a 16-year high. Growing global support for nuclear power and uranium supply concerns, due to the potential for legislation that would ban Russian uranium imports in the USA, have contributed to the price rise. The current price marks the first time that the uranium spot price has broken through the $90.00 price level since late 2007.
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“Global policy support and demand for nuclear power have witnessed tremendous growth in the past few years. This growth, combined with the desire by many to ensure independent, secure sources of nuclear fuel, is expected to exert continued upward pressure on nuclear fuel prices,” said TradeTech President Treva Klingbiel. Today, uranium market participants face an environment characterised by both rising spot and long-term prices, combined with a notable deficit in availability of supply in the near term,” Klingbiel added.
The United Nations’ recent COP28 climate conference culminated with a Global Stocktake that calls for a transition away from fossil fuels and an acceleration of zero- and low-emission technologies, including nuclear energy for the first time. In addition, the Net Zero Nuclear initiative, launched by World Nuclear Association and the Emirates Nuclear Energy Corp., issued a pledge during COP28, which committed the nuclear power industry to a goal of a least tripling nuclear capacity by 2050. Companies signing the pledge operate in more than 140 countries and have committed to supporting the large-scale expansion of nuclear energy.
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