The price of uranium declined markedly this week — down nearly 5.6% from a week ago — as intermediaries incrementally lowered their offer prices seeking to entice buyers, although no deals were concluded, according to market sources. Platts assessed the spot price of uranium at $26.58/lb at 1 pm EST March 22, based on the mean of assessed activity for U3O8 delivered over the next 12 months. The U3O8 price has declined 10.2% since February 1, when Platts assessed U3O8 at $29.60/lb. On March 15 Platts assessed the price at $28.15/lb. Platts assessed prices for delivery in March, April and May more than 1$/lb lower than a week earlier. Platts assessed the price of uranium for delivery in June modestly higher than May and assessed a mild contango in prices for delivery from July through February 2019. There were two primary factors that shaped the market the week of March 18, according to market sources. Utilities, which traditionally comprise the majority of uranium purchasers, remain on the sidelines until a decision is issued on a petition filed January 2018 by Energy Fuels and Ur-Energy asking the US Department of Commerce to recommend that President Donald Trump require US utilities to secure up to 25% of their uranium from US sources for national security reasons.
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