Uranium Week: First Hit On Russia

Uranium Week: First Hit On Russia

Sellers abruptly backed off offers in the spot uranium market last week when Canada banned a shipment from Russia.

-Contracted uranium delivery stopped in St Petersburg
-Sellers immediately withdraw spot offers
-Legislative sanctions now a reality

The spot uranium market was quiet last week, industry consultant TradeTech notes, with only six transactions totalling 600,000lbs U3O8 equivalent reported. There was no utility involvement.Activity was stopped dead on Friday when news came through that following the Canadian government’s recent amendment to Special Economic Measures on Russia, a cargo of enriched uranium product scheduled for delivery to the US via a Canadian shipping company had been delayed at the port of St Petersburg.Given utilities buy uranium on term contracts they have been contractually bound to continue to take delivery of Russian uranium on deals signed before the invasion despite any reluctance to do so. But the amended Canadian regulation states there is […]

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