The Strategist

Bloomberg: Uranium exchange prices rise to record highs

03/11/2022 - 10:54

Uranium exchange prices soared to new highs not seen since the Fukushima nuclear disaster in 2011, says Bloomberg referring to data from the UxC company.

The price of Ux U3O8 reference uranium has risen to $59.75 per pound. According to the agency, this could have happened as a result of impending penalties against Russian Rosatom. At least 35% of the world's uranium enrichment is done by the firm and its subsidiaries.

"With the likelihood of future limits on Russian enriched uranium imports to the West remaining high, this pressure on spot uranium prices appears unlikely to abate," said UxC President Jonathan Hinze.

Nonetheless, experts polled by the agency concurred that a true uranium shortage is unlikely to arise, because if it did, nuclear power facilities would be forced to shut down. As a result, if Russian uranium supplies halt, there are uranium suppliers who can ramp up production and secure long-term uranium supply.