Uranium prices continue to fall amid oversupply, lack of buyers

摘要

The uranium spot price declined by 55 cents to $27.60/lb the week of March 5, as traders seeking to offload material and utility buyers seeking lower prices pushed down tradable values. S&P Global Platts assessed the 12-month average of uranium spot prices, based on the mean of assessed activity for U3O8 over the next 12 months to Canada, at $27.60/lb at 1 pm Feb. 26. The average spot U3O8 price has declined 10.2% this year so far from Dec. 31, when it was $30.74/lb. The 12-month average price is the lowest since March 27, 2020, when it was $27.27/lb. The spot price for March delivery declined by 55 cents week-to-week, from $27.90/lb Feb. 26 to $27.35/lb March 5. “We still see some pressure from oversupply at the moment,” one market participant said in a March 2 interview. However, "at least a few utilities are buying every month,” one intermediary said in a March 2 interview. “There is still a lot of market uncertainty about whether Cameco is done with its buying program or not," the intermediary said.