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Trump: This is a War that could have gone on for years, and destroyed the entire Middle East, but it didn’t, and never will! God bless Israel, God bless Iran, God bless the Middle East, God bless the United States of America, and God bless the world
Trump: During each ceasefire, the other side will remain peaceful and respectful
Trump: On the assumption that everything works as it should, which it will, I would like to congratulate both countries, Israel and Iran on having the stamina, courage, and intelligence to end, what should be called, THE 12 DAY WAR
Trump: Officially, Iran will start the ceasefire and, upon the 12th Hour, Israel will start the ceasefire and, upon the 24th Hour, an official end to the 12 day war will be saluted by the world.
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US President Donald Trump: Congratulations to everyone! It has been fully agreed by and between Israel and Iran that there will be a complete and total ceasefire in approximately 6 hours from now
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IRGC statement: Any repetition of evil will accelerate the collapse of the US military establishment in the region.
IRGC statement: US bases and mobile military targets in the region are not a strength of this national defense, but rather a weakness.

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.

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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

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