Has the Market Really Turned?

摘要

Uranium Energy’s Chief Executive Amir Adnani told sharehold- ers this week that “today, for the first time in almost four years, we are seeing fundamental shifts in the supply/demand picture that may favor rising uranium prices.” Could he be right? Adnani’s argument is based on factors frequently cited by other upbeat producers: increased Chinese demand, the prospect of four reactor restarts in Japan and a number of supply-side fac- tors, including years of “under-investment in mining operations,” the ending of the US-Russia highly enriched uranium down- blending agreement, the threat of Russian sanctions and political unrest in Central Africa. If the spot price is any indication, the market may be firming, or at least stabilizing. According to NIW’s Uranium Price Panel, the price rose for the third consecu- tive week to $37.13 per pound U3O8, 71￠ higher than last week’s $36.42/lb. One producer said that demand previously expected in the fourth quarter is emerging now, albeit at a “measured pace.”