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February 27, 2024
RBC Uranium Watch
Uranium spot price down as buyers pull back, but month-end term price higher
Our view: Uranium spot prices declined to $95/lb as buyers remained on the sidelines for most of the week, with some renewed interest as prices stabilized toward week-end. However, the UxC month- end term price climbed 4% to $75/lb as long-term fundamentals remain constructive and tight supply/ demand continues to place upward pressure on prices. Government support for nuclear continues to build with India committing to build 18 new reactors of 13,800MW capacity on its path to triple nuclear power generation from 8GW to 22GW by 2032, while South Korean President Yoon Suk Yeol pledged ~$2.5B to bolster his commitment to reverse the country's nuclear phase out. Canada also prepares to sell C$4B of green bonds under the new green financing framework that includes nuclear power (Bloomberg). On the supply side, the Mongolian government has delayed approvals for Orano's ~$1.6B Zuuvch-Ovoo project, risking the timeline of first production by 2028 (UxC).
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