TradeTech – Uranium Prices & Analysis since 1968

Project Risk & Higher Operating Budgets Drive Uranium Production Costs Higher
Englewood, CO, September 4, 2024 - TradeTech’s monthly uranium Production Cost Indicator (PCI) increased 0.3 percent (US$0.20) to $58.00 per pound uranium oxide (U3O8) in August—the highest value since the indicator’s inception in April 2020 and up 6.5 percent over the last year.

cost necessary to support new primary uranium production, considers a combination of circumstances affecting the future supply/demand dynamic. “This includes an analysis of recent news concerning newly emerging uranium projects competing in the future supply profile, including higher operating cost estimates and supply chain challenges, as well as a detailed review of existing producers and their potential production plans,” said TradeTech President Treva Klingbiel. "Moreover, as the case for a growing nuclear power demand scenario continues to emerge, market participants are already shifting their focus to forward needs and looking to secure long-term supply commitments into or beyond the mid-2030s," Klingbiel added.

Although the production costs of existing projects are not incorporated into the PCI calculation, it is acknowledged that ore bodies of almost every nature are becoming increasingly complex and costly to exploit. In many cases, many of the sizable, near-surface, high-grade, and geotechnically straightforward deposits are currently being (or have been) mined out.

The timely availability of new primary supply on the mid-to-longer term horizon is becoming increasingly fragile. This is exacerbated by select Keystone Projects, which plan to produce uranium concentrates at potentially competitive costs. These projects, which have the potential to produce large volumes, depend on the successful application of first-of-a-kind technologies and licensing, as well as regulatory approvals and unprecedented levels of financial investment.

This year, several projects are being watched by many as a litmus test to a company’s ability to navigate technical, operational, logistical, and market-related risks that now pervade the forward uranium supply curve. Through the remainder of 2024, the uranium industry anticipates the publication of several more updated economic studies and FEED (Front End Engineering Design) studies.

About TradeTech
TradeTech launched its Daily Uranium Spot Price Indicator in March 2011, which is provided to subscribers worldwide. The company's Nuclear Market Review (NMR) is published each Friday evening, and reports the Weekly Uranium Spot Price Indicator, uranium trading activity, industry news, and market data. The monthly edition of the NMR, released on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Uranium Price Indicators and Production Cost Indicator, as well as analysis related to price determinations, supply/demand information, and industry and financial news. TradeTech also publishes The Nuclear Review, a monthly E-magazine dedicated to the international uranium and nuclear energy industry, and a quarterly Uranium Market Study, which includes near- and long-term forecasts.

TradeTech—and its predecessor companies—has supported the uranium and nuclear fuel cycle industry for more than 50 years and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic, and political factors affecting this industry. TradeTech provides expert market consulting, has relationships with international nuclear fuel buyers and sellers, and maintains an extensive information database on these industries. [top]

Uranium Spot Price Surpasses $90 to Reach Highest Level Since 2007
Englewood, CO (PRWEB) December 23, 2023 - 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.

“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 characterized 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.

Uranium Spot Price Approaches 16-Year High Amid Supply Concerns
Englewood, CO (PRWEB) December 16, 2023 - TradeTech’s uranium spot price has reached reach record levels in December with the indicator at $86.00 per pound uranium oxide (U3O8) on December 15—its highest level in nearly 16 years.

TradeTech’s Weekly Uranium Spot Price Indicator has increased 76 percent in 2023 and volatility in the Indicator is at 24.7 percent as it approaches a 16-year-high amid growing global support for nuclear power and uranium supply concerns linked to the arrival of investor interests as well as the potential for restricted supply due to geopolitical tensions. “The spot uranium price, which has been under upward pressure for most of this year, increased again this week as bipartisan support for banning Russian nuclear fuel imports into the USA after 2028 is gaining momentum,” said TradeTech President Treva Klingbiel.

“The uranium market has been exhibiting the effects of increased demand and limited availability, and the ambitious goals set out at COP28 will mean that the industry will need government and private industry support to meet its needs in the coming years. Today, uranium market participants face an environment characterized by both rising spot and long-term prices, combined with a significant gap in availability of material in the 2025-2028 time frame,” Klingbiel explained.

The United Nations’ recent COP28 climate conference ended 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. Notably, this marks the first time nuclear energy has been formally specified as one of the solutions to climate change in a COP agreement.

TradeTech’s Uranium Spot Price Climbs as Global Support for Nuclear Power Grows
Englewood, CO (PRWEB) December 1, 2023 - TradeTech’s uranium spot price continued its upward climb in November, breaking through the US$80.00 level on November 21, to reach $81.00 per pound uranium oxide (U3O8)—its highest level in 15 years.

The spot price closed out the month of November at $81.50—the highest level since December 2007, as nuclear power growth is supported by evolving policy news in Europe, Asia, the UK, and the USA, which signals stronger demand for uranium in the long term. At the COP28 climate conference in Dubai this week, International Atomic Energy Agency Director General Rafael Mariano Grossi delivered a landmark statement supported by dozens of countries, stating, "The world needs nuclear power to fight climate change and action should be taken to expand the use of this clean energy source and help build “a low-carbon bridge” to the future."

Globally, the commitment to securing energy independence is manifesting as policies that value and embed nuclear power as an integral part of electricity generation in the future. These policy developments in support of nuclear power also come at a time when utilities in the Western market are faced with challenges related to transportation issues, supply chain constraints, and broader pressures from financial markets beset by price inflation.

“Fundamentals, such as a structural uranium supply deficit, remain largely in place. Additionally, the arrival of investor interests and the prospect of restricted supply due to geopolitical tensions has amplified the sensitivity and volatility of the uranium spot price,” said TradeTech President Treva Klingbiel. “The increase in the uranium spot market price over the past few weeks has been fueled by increased buying interest across all types of buyers and for all time periods. Spot uranium buyers in November included financial funds, traders, utilities, and suppliers,” she added.

TradeTech’s uranium spot price indicator has added more than $30.00 and has increased 66 percent since the start of 2023.

TradeTech's Uranium Spot Price Reaches 15-Year High on Tighter Supply and Growing Demand
Englewood, CO, October 30, 2023 -- TradeTech’s Weekly Uranium Spot Price Indicator climbed to US$73.50 per pound U3O8 on October 27—the highest level since March 2008—as a stressed supply chain and expanded expectations for additional nuclear power generation worldwide, as well as certainty for ongoing operations especially in the USA, has resulted in a market price response.

“With buyers seeking to secure material over the next several months and stretching beyond the spot market window into Q1 2024, sellers have responded to this new demand by raising offer prices for each successive sales opportunity. As a result, prices for material have risen in recent weeks,” said TradeTech President Treva E. Klingbiel. TradeTech’s uranium spot price indicator has added nearly $20.00 in the last six months and has increased 50 percent year to date.

The momentum for higher uranium prices continues to be fueled by tighter uranium supply and growing security of energy supply concerns and climate goals. “There is a growing demand profile for nuclear power globally as licenses are extended for existing nuclear power plants and new build plans continue to emerge in nations seeking clean, reliable, and secure energy supplies. In addition, advanced and small modular reactors are moving swiftly along the development path,” Klingbiel added.

Uranium equities have followed the uranium market up by returning an average of approximately 32 percent year to date. The energy sector continues to lead gains in the S&P 500, rising 2.98 percent in the month of September. The sector is up 6.11 percent year-to-date.

TradeTech's Uranium Spot Price Climbs to 12-Year High as Market Prepares for Higher Demand
Englewood, CO, September 18, 2023 -- The spot uranium price continues to climb as tight near-term supplies lead sellers to increase offer prices; as a result, TradeTech's Weekly Uranium Spot Price Indicator reached $65.50 on September 15—the highest level in more than 12 years.

"The expectation for higher demand from the global nuclear power industry, combined with signs that the uranium production sector could contract further due to the recent geopolitical events, as well as certain missed targets by existing and emerging producers, have led spot uranium sellers to resist reducing their offer prices, with buyers exhibiting a willingness to pay higher prices to secure material," said TradeTech President Treva Klingbiel. "The potential disruption to future supplies due to the recent geopolitical unrest in Niger or potential sanctions on Russian nuclear fuel imports is creating concern among buyers," Klingbiel added.

TradeTech's Weekly Uranium Spot Price Indicator is at its highest level since March 11, 2011, the date of the Fukushima accident in Japan. In the 12 and a half years since then, the spot price declined to a low of $17.75 per pound U3O8 in December 2016. The most recent upward trend in the weekly spot price began in mid-July this year, with the price indicator rising 17 percent over the last two months. The spot price has increased 34 percent since the beginning of the year and 38 percent since September 2022. The average weekly spot price in 2023 is $54.09 per pound U3O8—8.9 percent above the 2022 average, according to TradeTech data.

TradeTech's weekly Nuclear Market Review features ongoing uranium market analysis and the company's Weekly Uranium Spot Price Indicator.

TradeTech's Long-Term Uranium Price Reaches Highest Level in 10 Years
Englewood, CO (PRWEB) August 1, 2023 – TradeTech’s Long-Term Uranium Price Indicator climbed to US$57.75 per pound uranium oxide (U3O8) in July--the highest level in a decade as the nuclear power industry plans for global growth to support security of energy supply and climate goals.

Meanwhile, several supply-side developments, including delays to planned uranium production and higher cost estimates, threaten to deepen an existing supply deficit in the uranium market. As a result, TradeTech’s monthly uranium Production Cost Indicator (PCI) increased 0.2 percent to $55.30 per pound U3O8 on July 31, and is up 5 percent from a year ago¹. This month’s marginal increase indicates potential volatility is on the horizon, according to TradeTech.

“Although the market is poised to enter a quiet season due to summer holidays, uncertainty concerning production output and potential disruption to future supplies due to the recent geopolitical unrest in Niger or potential sanctions on Russian nuclear fuel imports is creating anxiety for buyers. An increasing supply deficit in the market foreshadows periods of increased term buying as end users look to shore up their future deliveries,” said TradeTech President Treva E. Klingbiel.

A comprehensive analysis of uranium supply and demand, as well as spot and long-term uranium price forecasts and recent industry and policy developments, are featured in TradeTech’s quarterly Uranium Market Study publication.

¹The uranium Production Cost Indicator PCI captures TradeTech’s proprietary judgment of the life-of-mine full cost (C3) necessary to incentivize and support new primary uranium production, captures a combination of circumstances affecting the future supply/demand dynamic.

About TradeTech
TradeTech launched its Daily Uranium Spot Price Indicator in March 2011, which is provided to subscribers worldwide. The company’s "Nuclear Market Review" (NMR) is published each Friday evening, and reports the Weekly Uranium Spot Price Indicator, uranium trading activity, industry news, and market data. The monthly edition of the NMR, released on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Uranium Price Indicators and Production Cost Indicator, as well as analysis related to price determinations, supply/demand information, and industry and financial news. TradeTech also publishes "The Nuclear Review," a monthly E-magazine dedicated to the international uranium and nuclear energy industry, and a quarterly “Uranium Market Study,” which includes near- and long-term forecasts.