Media - In the Market
Update for the public provided three days after publication.
Apr 24, 2015 - It was an eventful week for the uranium market, as industry participants gathered in Prague for the annual World Nuclear Fuel Cycle conference to discuss current market developments and the outlook for the nuclear industry. Attendees received welcome news on April 22, that Kyushu Electric Power Co.’s plans to restart its Sendai Units 1 and 2 this summer. The utility made the announcement of the intended startup after the Kagoshima District Court in Japan dismissed an injunction to block the restart of the two reactors. The decision could pave the way for additional plants to come online later this year. Meanwhile, in the USA, a Congressional Panel expressed concerns over the US Department of Energy’s (DOE) uranium inventory barter program. The US House Oversight and Government Reform subcommittee released documents indicating that DOE requested revisions to an independent report evaluating the impact of transfers on the uranium industry.
Furthermore, the Obama Administration this week signed the renewal of a bilateral commercial nuclear cooperation agreement with China and sent it to Congress for review. This agreement is a prerequisite for continuing the substantial nuclear cooperation between the USA and China. Uranium market participants were still absorbing the news of these developments as the week came to a close. Spot market activity was slow at the beginning of the week, but was on the rise at the end of the week. A total of six transactions were concluded this week. Buyers were primarily intermediaries.The lack of significant buying interest has moved sellers to lower prices in order to attract firm buying interest. The uranium spot price has been predominately flat for the past two months, but the price has slowly slipped in recent weeks and has taken the price below the $39.00 per pound U3O8 level. The dip in prices did draw some additional demand into the market, and the most recently concluded transactions were closed at, or very near, today’s U3O8 Spot Price Indicator. TradeTech’s Weekly U3O8 Spot Price Indicator is $38.50 per pound U3O8, a drop of $0.40 from last week and a decrease of $0.10 from the April 23 Daily U3O8 Spot Price Indicator. read more