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.
ENGLEWOOD, Colo., Oct. 30, 2023 /PRNewswire-PRWeb/ -- 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.
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.
Media Contact
Treva Klingbiel, TradeTech, LLC, 1 3035733530, [email protected], http://uranium.info
Gail Fox, TradeTech, 1 3035733530, [email protected], http://uranium.info
SOURCE TradeTech, LLC
Share this article