Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Israeli army carries out new demolitions of residential buildings in eastern Jabalia, northern Gaza Strip
Al Mayadeen's correspondent: 10 martyred by an Israeli airstrike that targeted people waiting for humanitarian aid in Salah al-Din Street in central Gaza
IRGC Statement No. 10: The residents of Tel Aviv are now defenseless in the face of Iran’s missile capabilities
IRGC Statement No. 10: Latest missile strike proved beyond any doubt that the skies over the occupied territories are now fully under our control
IRGC Statement No. 10: Deployment of Fattah missiles delivered a message of Iranian power to Tel Aviv’s delusional ally and instigator of war
IRGC Statement No. 10: Powerful and maneuverable Fattah missiles penetrated "Israel’s" missile defense shield, repeatedly striking the cowardly Zionist hideouts
IRGC Statement No. 10: We are witnessing the beginning of the end of the Zionist army’s air defense system
IRGC Statement No. 10: First-generation Fattah missiles used in latest wave of strikes
In response to the Israeli threat to Tehran's District 18, Iranian forces issue an evacuation order for Israeli settlers in the Neve Tzedek area
Israeli media: Sirens sound in the Dead Sea area over fears of a drone infiltration

Uranium prices reach highest in 12 years amid rising fuel demand

  • By Al Mayadeen English
  • Source: Agencies
  • 15 Sep 2023 13:13
3 Min Read

The spike in uranium prices shows the revival of nuclear power as a critical carbon-free power source to tackle climate change, which was undermined by Japan’s Fukushima nuclear disaster in 2011.  

  • x
  • The Emsland nuclear power plant in Lower Saxony, Lingen, Germany in an undated photo (AP)
    The Emsland nuclear power plant in Lower Saxony, Lingen, Germany in an undated photo. (AP)

Uranium prices have recorded their highest level in 12 years, highlighting global competition for nuclear power as demands for fuel supply rise.

For the commodity dubbed “yellowcake," prices increased around 12% to $65.50 per pound over the past month, which broke last year's record to reach numbers not seen since 2011, according to data from UxC, a pricing data service.  

The rise in demand shows the desire by nations such as the US and South Korea to increase energy independence by extending the lifetime of the existing nuclear reactors and building new plants following the rise in gas prices amid Russia’s special operation in Ukraine.    

The jump in uranium prices shows the revival of nuclear power as a critical carbon-free source of power to tackle climate change, which was undermined by Japan’s Fukushima nuclear disaster in 2011.  

Grant Isaac, chief financial officer at Cameco, the world’s second-largest uranium producer, said: “You have a focus on energy security colliding with a focus on clean energy," adding: "The days of buying $40 uranium are over — and probably also for $50 or $60. We’re going to need new supplies".

Niger, which generates about 4% of the world’s uranium, has caused immense pressure on the market following the coup with Cameco announcing this month lower full-year predictions for production as a result of challenges at its Cigar Lake mine and Key Lake mill in Canada.

Related News

Hamas warns of US threats of military intervention against Iran

Bipartisan Congress bill seeks to block US war on Iran

Meanwhile, France’s majority state-owned nuclear company Orano stated last week that shortages also caused its operations in Niger to bring maintenance. The disruption in Niger's uranium production could compel utilities in these regions to increasingly rely on alternative sources such as Kazakhstan, Canada, and Australia.

Blame it on geopolitics

Prices were recorded at $73-per-pound level before the Fukushima disaster, which oversupplied the market a decade after Germany and Japan began decommissioning their nuclear fleets.  

Read more: India buys first Russian uranium batch since 2019 for $13.5mln

Per Jander, director at commodity trading merchant, WMC Energy, explained that the “steady increase” in price was mainly caused by energy utilities and not investors.  

“There’s a crunch for the next couple of years,” he said, noting: “Not only are we going back to pre-Fukushima levels, we are exceeding it,” as he referred to the global pace of nuclear developments led by China.

Last week, the World Nuclear Association, the international trade body, significantly revised its projections, foreseeing a substantial increase in the role of nuclear power in global electricity production and uranium consumption.

According to the Association's forecasts, more than 140 reactors may come online, surpassing previous expectations. Additionally, by 2040, we could witness the development of 35-gigawatt hours of small modular reactors, necessitating the establishment of new mines to meet the surging demand, which is set to double to 130,000 tonnes annually.

Nick Lawson, the CEO of Ocean Wall, a brokerage firm, commented, "For some time now, there has been an ongoing supply-demand imbalance, and recent geopolitical developments have only exacerbated the situation." He anticipates that the spot price of uranium could surge to $200 per pound by 2025.

  • United States
  • Japan
  • Russia
  • Germany
  • Ukraine
  • Yellowcake
  • Uranium

Most Read

Iranian missiles impact Israeli sites in Tel Aviv in 2nd wave

Iran's missiles impact 'strategic' Israeli site in Tel Aviv

  • Politics
  • 14 Jun 2025
Bin Salman: Islamic world backs Iran in call to Pezeshkian

MBS says Islamic world backs Iran in call with Pezeshkian

  • MENA
  • 15 Jun 2025
Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Smoke rises after an Iranian ballistic missile directly struck Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

Op. True Promise 3: Iran's ballistic missiles strike Tel Aviv

  • MENA
  • 13 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Turkish Air Force pilot gestures from the cockpit of an F-16 military fighter jet before an Air Policing exercise at the Baza 86 military air base, outside Fetesti, Romania, Wednesday, March 6, 2024 (AP)
Politics

Israeli aircraft violate Turkish airspace, fighter jets scrambled

An Israeli occupation forces armored personnel carrier maneuvers in the Gaza Strip, southern occupied Palestine, Wednesday, June 11, 2025 (AP)
Politics

Palestinian resistance downs Israeli drone in Gaza amid extensive ops

An Israeli Hermes 450 UAV drone flies over Beirut, Sunday, Sept. 29, 2024. (AP Photo/Bilal Hussein)
Politics

Iran reports shooting down 28 types of hostile aircraft in 24 hours

Firefighters work to extinguish a blaze after a missile launched from Iran struck Tel Aviv, occupied Palestine, Monday, June 16, 2025 (AP)
Politics

Iran retaliatory strikes target greater Tel Aviv as injuries reported

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS