Uranium spot price resumes climb

Industrial Fuels & Power reports uranium spot price rising again.

The weekly spot uranium oxide price appears to have left its downward trend and resumed its climb as it increased by 50 cents to US$41.25/lb on March 15, according to Ux Consulting Co. A few days earlier, TradeTech had revised its price indicator upwards to US$40.75/lb.

Sellers have made the most to raise offer prices after the US Department of Energy concluded its sale of 525,000lb of uranium oxide contained in UF6. However, the market remains cautious as the majority of current demand remains largely discretionary and spot supply still outweights firm demand. Sellers are not able to book large advances in price levels as buyers have been slow to commit. Only one deal was reported in the week ending March 12, the purchase of 100,000lb, well down on the previous week’s 1.2mlb.

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