The Market

摘要

With recent news of the continued curtailment of Kazakh uranium production through 2021 (see page 6) followed by the latest questions concerning Japanese reactor restarts (see page 3) and inventory overhang, the spot uranium market has experienced an interesting mix of emotions over the past week. Spot demand picked back up somewhat last week following the news out of Kazakhstan, and additional mid-term and carry trade deals also added to the week’s activity level. A total of six spot transactions involving about 1.7 million pounds U_3O_8 were added to the database, bringing the totals for the month thus far to 3.1 million pounds U_3O_8 equivalent under ten transactions. New spot demand has also emerged recently as a non-U.S. utility entered the market seeking a reload of EUP (19 tU as EUP) with delivery in February 2020. Offers are due next Monday (September 2). Another non- U.S. utility received offers last week for 220 tU as U_3O_8 (about 572,000 pounds) with delivery in 2020. In addition, offers are due today to a non-U.S. utility based on its secondround request for 257,000 kgU of UF6 (about 672,000 pounds U_3O_8 equivalent) with delivery requested for October 2019. In addition, several other utilities have been quietly in discussions for potential spot as well as near-term delivery, although several others have been more active in the mid-term window.