Russia is building 34 new nuclear plants and China 22in the next 10 years. There are dozens of other countries building dozens of new nuclear plants or re-activating old ones.
There is a need for significant new supplies of uranium to hit the market to meet the current and future demand . Currently there is already too much demand for current production , hence the drastic increase in U3O8 prices in the past 3 years.
Surplus inventory from commercial companies has been almost completely depleted by now and so there is no more stockpiled uranium to hit the market to satisfy the deficit in the supply-demand equation.
Very soon, the spot price of uranium has to go up, to incentivize new supply into the market.
Back in 2021, the spot price went up from about 30$ on August 6/2021 to about 51$ on September 13/2021! That's a 70% increase in only 5 weeks! The price hit it's peak at 65$ by April 2022...The 65$ corrected down to about 46$ by July /22 , double bottomed at about 48$ by december 12/2022 . Started climbing in price again until it hit 107$ by january 20/2024 about 13 months later...It's been correcting since January 2024 till now at 80$ for about 8 months now. Are we ready for a brand new price surge? It could start at any moment only because many LT contracts have not been negotiated yet...We shall see soon enough if price rises this next month or starting in December... but the price rise will happen sooner than later.