TradeTech – Uranium Prices & Analysis since 1968

March 27, 2025 - TradeTech President Treva Klingbiel Presents “Uranium Market Developments and Evolving Policies” for Shaw and Partners Uranium Conference

In early 2025, the global markets have witnessed the upending of long-standing trade relationships, policy positions, and alliances, primarily driven by political developments in the USA. As a result, uranium market prices have evolved to show distinct super cycles, the most recent exhibiting increased volatility, TradeTech President Treva Klingbiel said during the keynote presentation for the Shaw and Partners Uranium Conference, held virtually on March 27.

“One of the challenges faced by the uranium market today is the speed at which the industry can react to policy changes and, in turn, how quickly both the supply and demand sides can respond to each other, Klingbiel explained. TradeTech believes the uranium market is going to experience accelerated cycles going forward, and that the market will see both large-scale and mini cycles, driven primarily by energy demand associated with the information technology sector which itself is one of the fastest-moving areas.

Today, nuclear power accounts for nearly 10 percent of global electricity, and roughly 30 percent of low-carbon generation, and there is a new category of electricity consumer that is set to increase nuclear power's share. These “hyperscalers” are in the business of artificial intelligence, cryptocurrency mining, and other large-scale and electricity-hungry IT applications that require massive data centers that rely on vast amounts of uninterrupted power.

“We see electricity demand driven by artificial intelligence specifically, placing consonant demand on nuclear power, with increases in demand foreshadowed by the pace of innovation and evolution in both the information technology and industrial sectors,” Klingbiel said.

Importantly, the most recent uptick in demand coincides with delayed uranium mining project development, which has deepened the supply deficit to approximately 60 million pounds U3O8. Looking ahead, and given the myriad interests in the market, along with the evolving political and economic landscape, TradeTech anticipates future price cycles will be shorter and more compact. “The market will need to be able to respond quicker to market signals, and the demands of emerging technologies will drive demand for nuclear power, and by extension, also drive uranium mining output higher, well into the next cycle,” Klingbiel noted.

The full recorded presentation is available at: https://shawandpartners-au.zoom.us/clips/share/0T_sitVCRDurR074BkQa0w [top]

January 30, 2025 - The Nuclear Review, January 2025—TradeTech “Spotlight Interview” with Nuclearelectrica—A Story of Nuclear Power’s Remarkable Comeback in Romania
The January issue of TradeTech’s monthly magazine The Nuclear Review featured a “Spotlight Interview” with Mr. Cosmin Ghita, CEO of Romania’s National Company “Nuclearelectrica” SA, which owns and operates the nation’s sole nuclear power facility, the two-unit Cernavoda Nuclear Power Plant.

Romania is planning to expand its nuclear power program, including both large reactors (two additional CANDU reactors—Cernavoda Units 3 & 4) and small modular reactors. Nuclearelectrica also plans to extend the operating life of Cernavoda Unit 1 to 60 years.

Mr. Ghita shared his views on various opportunities and challenges confronting the company and also the global nuclear industry. [top]

January 7, 2025 - TradeTech “Spotlight Interview” with Radiant
TradeTech's Nuclear Market Review has featured a “Spotlight Interview” Radiant CEO Doug Bernauer, who highlights the clean energy startup’s nuclear power activities and goals.

The US-based company is building a nuclear microreactor as a climate friendly alternative to diesel generators. Kaleidos, a 1 MW portable microreactor will bring power to remote regions around the world and provide backup power for life-saving applications in hospitals or disaster-relief scenarios. The company plans to test its development reactor by 2026 and, if successful, it will be the first new commercial reactor design in the USA to achieve a fueled test in over 50 years. [top]

December 31, 2024 - TradeTech's Production Cost Indicator Edges Upward with Focus on Newly Emerging Projects in 2025
TradeTech’s monthly Production Cost Indicator (PCI) increased 0.3 percent (US$0.20) to $58.40 per pound U3O8 for December 2024—5.4 percent ($3.00) higher than last year’s equivalent of $55.40 and the highest value since the Indicator’s inception in April 2020.

The December PCI value of $58.40 per pound U3O8 continues to reflect a combination of circumstances affecting the future supply/demand dynamic, especially technical, logistical, regulatory, and macroeconomic factors impacting the production economics of future uranium projects. As the uranium industry transitions into 2025, the PCI cohort will ratchet forward to reflect a nuanced cohort of future projects that is considerably different than the cohort that constituted much of the PCI analysis in 2024.

Chief among the various reasons cited for revising production targets for certain projects downward in 2024 were technical and operational issues. From 2025, with most idled operations restarted and therefore removed from the PCI analysis, the scope of risk narrows its focus on newly emerging projects. Many of those proposed operations are not fully permitted, and none are sufficiently financed to build their operations using cash alone.

From January 2025, the PCI value will reflect the cost and production profiles of (re)emerging uranium projects deemed competitive—and capable—of delivering into a new 2027-2032 window (previously 2026-2031). With respect to the full spectrum of projects now competing in the market from 2025, TradeTech has revisited its assessment concerning the likelihood and the consequences of risk affecting the production schedules and mining economics of future projects.

Editor’s Note: This PCI analysis is abridged from an “In Focus” article published in the December 31, 2024 issue of TradeTech’s Nuclear Market Review. [top]

October 23, 2024 - TradeTech President Treva Klingbiel Welcomed as Keynote Speaker for Global Uranium Conference
TradeTech President Treva Klingbiel opened the Global Uranium Conference in Adelaide, Australia on October 23, 2024, with her presentation entitled “Nuclear Fuel Market Fundamentals: A New Start,” which focused on the key driver of uranium demand today—the growing need for clean energy.

Government policies worldwide have evolved to acknowledge and support nuclear power's critical role in achieving carbon reduction goals. “This support stands as recognition that addressing climate change is an immediate concern, and that nuclear power can and must play a role,” Klingbiel told the audience.

While nuclear power currently accounts for nearly 10 percent of global electricity and roughly 30 percent of low-carbon generation, there is a new category of electricity consumer that is set to increase nuclear power’s share. Hyperscalers, such as Amazon, Google, and Microsoft, are in the business of artificial intelligence, cryptocurrency mining, and other large-scale and electricity-hungry IT applications, which require massive datacenters that rely on vast amounts of uninterrupted power. Additionally, and often overlooked, is that nuclear power is crucial for industrial applications, which are leaders in terms of energy consumption. All of these uses for nuclear support the expanded role of nuclear in tomorrow’s energy markets and make nuclear an attractive investment.

The increasing need for clean energy comes at a time when the availability of uranium production from existing supply sources is under great strain. For example, in addition to the trade restrictions levied on Russian nuclear imports into some of the largest markets, large portions of future production are being claimed by China. “Our analysis shows us that the evolving deficit between supply and demand requires that new uranium production is needed well before 2030, and that need grows significantly, even in the most conservative demand scenario,” Klingbiel explained.

When looking at recent uranium prices, a primary driver behind the latest increase in price is perceptions of a primary supply shortage, threats to deliveries, inflation in predicted production costs, and general uncertainty around the availability of future supply. These fundamental concerns have been amplified by geopolitical and logistical risks. [top]

April 11, 2024 - TradeTech President Treva Klingbiel Highlights Uranium Price Trend & Market Developments in Keynote Address for PI Financial Uranium Investors Forum
In the keynote address for the PI Financial Uranium Investors Forum in Toronto, TradeTech President Treva Klingbiel stated that the spot uranium price has trended upward for the last several years, showing notable volatility along the way, which has reflected the diverse interests, expectations, and externalities at play in the market at particular points in time.

She explained that factors behind the overall rise in prices include an existing supply deficit; and increased spot market buying by producers, physical funds, and other intermediaries; as well as the long lead times associated with bringing new uranium mining projects into production. And all of this is happening in a global environment defined by geopolitical unrest; increasing demand related to climate change initiatives; and uncertainty surrounding Russian nuclear fuel imports, as several draft bills await action in the US Congress.

Klingbiel remarked that whether from a global or Western market perspective, uranium requirements are growing and so is the supply deficit, which is drawing more attention to emerging production and the companies developing new mining projects today.

Klingbiel also participated in a panel discussion during the Forum that focused on the current uranium price environment, and the closing panel for the event, which discussed nuclear technology, small modular reactors, and advanced reactors. [top]

March 25, 2024 - TradeTech’s Treva Klingbiel Participates in enCore Energy’s Inaugural Investor Day
US uranium producer enCore Energy Corp. rang the Nasdaq Opening Bell in New York City on March 25, 2024, which was followed by the company’s first Annual Investor Day.

TradeTech President Treva Klingbiel provided the opening address for the Investor Day event, entitled “Uranium: Fueling the Future.” Her presentation highlighted recent developments and some of the key factors influencing the uranium market, including geopolitical unrest, increasing demand related to climate change initiatives, and uncertainty surrounding Russian nuclear fuel exports, which have increased the attention on domestic and geopolitically friendly sources of uranium supply. enCore Energy’s Investor Day video presentation is available at: https://encoreuranium.com/investor-day/. [top]

March 21, 2024 - Bloomberg: Uranium’s 22% Price Plunge Is Bottoming Out on Nuclear Future
Bloomberg’s Maria Clara Cobo reported on uranium market prices, which despite a 22 percent decline over six weeks, has industry experts and analysts saying that the uranium market has likely set a new floor thanks to a strong demand outlook.

Treva Klingbiel, president of uranium price reporter and industry consultant TradeTech, said she doesn’t see demand for nuclear fuel easing any time soon. “We have a number of geopolitical factors that have a really significant influence on buyer behavior, even though fundamentally nothing has changed” she said. “Buyers can use the spot [market price] to tell them the sentiment of the day but must look at the long-term market to see that it is marching steadily up, it hasn’t taken a hiccup at all." [top]