The price of nuclear fuel has reached a maximum in ten years
Date: 15 September 2022 Time: 05:36:00
FT: Energy crisis pushes uranium prices to 10-year high
The energy crisis pushed uranium prices to a ten-year high in September. Financial Times has reported this.
The price of nuclear fuel has risen seven percent since mid-August, surpassing the $50 per pound mark, amid significant demand.
Many market participants predict further increases in the price of uranium, for example Bank of America believes that the price of uranium concentrate will reach $70 per pound next year.
Analysts attribute the rise in prices to an increase in demand in the wake of the energy crisis and a review of nuclear power’s outlook. Japan and South Korea, which have effectively shut down their nuclear programs, are among the countries planning to increase their nuclear power.
Investment bank Berenberg also attributed the rise in uranium prices to its global market dependence on Russia, which accounts for about 40 percent of the world’s enrichment capacity. If supply is restricted, market volatility and an explosive rise in prices are predicted.
Earlier, Oilprice said the United States would not be able to give up Russian uranium. The material shows that the United States is more dependent on Russian uranium than oil. So, in 2021, about 14 percent of the total volume and 28 percent of conservation services were imported.
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