A distorted market

摘要

The market for uranium enrichment services has been complicated by unique commercial and political factors throughout its history. Until the mid-1970s, the US government enrichment enterprise dominated supply to the western world. Later, exports from the USSR and the launch of European enrichers Eurodif and Urenco significantly reduced the US role in Europe and parts of Asia. The market became truly global by 1990, as most utilities worldwide could buy from all four primary producers. However, in the early 1990s, a dumping case was brought by the Uranium Producers of America against the former Soviet Union, which essentially closed the US market to imports of Russian commercial SWU. Since the end of 2000, SWU prices in the USA have increased some 30% primarily as a function of the USEC trade action. This, combined with the ten-year embargo of Russian commercial SWU in the US market and the generally sold-out position of Urenco, gives USEC a near-monopoly position for new business in the USA. Outside the USA, SWU prices have shown some upward pressure since the trade case began, but are likely to stay well below those in the USA as competitive pressures force European and Russian suppliers to concentrate on winning new business in Europe and Asia.