Uranium Week: Russian Bans Move Closer

Bills introduced to US Congress suggest the banning of uranium imports from Russia is creeping ever closer.

-U3O8 spot market thin
-Term market nervous
-Bipartisan legislation introduced in the US Senate

The spot uranium market exhibited intermittent volatility last week, industry consultant TradeTech reports. The limited liquidity that has marked recent spot supply was evident as buyers entering the market early in the week were forced to pay higher prices, with the spot price rising US90c to US$51.40/lb by Tuesday.Once demand was satisfied, buying dried up, and sellers began offering lower prices. The net result was a US25c increase in TradeTech’s weekly spot price indicator to US$50.75/lb.In the term uranium market, uncertainty remains around geopolitical and jurisdictional risks as the US and other countries take action to institute additional sanctions against Russia. Utilities are moving forward to hedge against any potential disruption in nuclear fuel supplies from Russia.To that […]

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