Industry consultant TradeTech’s weekly uranium spot price indicator jumped 16% last week, by US$8.25 to US$58.50/lb, to mark the fifth biggest weekly percentage move in the indicator’s history. The spot price is up 35% in a month and 114% year on year.
Volume in the spot market was heavy last week, with 2.3mlbs U3O8 equivalent changing hands.
The US and its allies are yet to specifically target Russian exports of uranium and enriched uranium for direct sanctions (Russia is the world’s largest exporter of enriched uranium), although the White House is said to be assessing sanctions on Russia’s state-owned Rosatom, a major global supplier of fuel and technology.
The uranium market is nonetheless considering sanctions with a view of “it’s only a matter of time”. Or if not, there’s no point in being foolishly optimistic. There is also the issue of the knock-on effect of wider economic sanctions.