Nuclear fuel
Main article: Nuclear fuel
2024: Prices rise above $100 a pound
Utility companies in the United States have been stockpiling nuclear fuel for two years in case of interruptions in supplies from Russia. Including this leads to a sharp increase in prices.
2023
The United States purchased Russian uranium for a record amount in 2023
The supply of Russian enriched uranium to the United States in 2023 reached a record $1.19 billion against $830 million a year earlier. This is evidenced by data from the US Census Bureau, released in February 2024. Read more here.
China has learned to extract uranium from seawater 3 times faster
In mid-December 2023, Chinese researchers from Northeastern Normal University in Changchun (Jilin province) reported the development of technology that can accelerate production uranium from seawater by about three times compared to pre-existing methods. Achievement in the future can help the PRC in the development of nuclear. power engineering specialists More. here
Radioactive uranium price rise to $80 a pound for first time in 15 years
The resurgence of nuclear power has caused prices of the radioactive uranium needed to refuel reactors in the coming decades to rise rapidly.
By November 9, 2023, benchmark prices jumped 30% to about $62 per pound, according to UxC, making uranium one of the most profitable commodities.
By November 21, uranium prices exceeded $80 per pound for the first time in 15 years amid increased demand for nuclear energy and supply disruptions.
Some fear the US and its satellites will impose sanctions on fuel supplies from Russia, the world's largest producer of enriched uranium. Additional opportunities for rising prices have been linked to the recent coup in uranium-rich Niger.
Australia, Kazakhstan and Canada lead uranium reserves
For 2023, Ukraine is one of the top ten countries in the world in terms of uranium ore reserves and occupies a leading place in Europe. There are 22 uranium deposits in Ukraine, four of which are being developed.
The United States doubled the purchase of uranium from Russia
At the end of August 2023, it became known that the United States more than doubled the purchase of uranium from Russia, despite the current geopolitical situation. Read more here.
US and EU refuse to impose sanctions against Rosatom due to dependence on its supplies
An attempt to pressure Russia through fomenting conflict in Ukraine is forcing the US and EU to look for alternative sources of enriched uranium to run their reactors. As of August 2023, about half of the world's supplies are from Russia, which has become an unpleasant reality for the leaders of the United States and Europe.
Western governments have avoided imposing sanctions on Rosatom because it could hurt their own nuclear industry and economy more than Russia's.
U.S. plans to boost uranium production at only North American plant
The Urenco Ltd. plant in the New Mexico desert USA in is the only commercial supplier of enriched uranium in. North America The plant provides about a third of the U.S. needs for enriched uranium and is in the process of increasing production by 15%.
Creation of a $90 million fund in Britain to reduce dependence on the supply of enriched uranium from Russia
In January 2023, it became known that the British authorities created a $90 million fund designed to reduce dependence on the supply of enriched uranium from Russia. A third of the funds have already been distributed between uranium enrichment and processing companies, and a competition has been announced for the development of the remaining ones.
2022
Uranium Mining Leaders
Decrease in supplies from Russia to the EU to 2.35 thousand tons
At the end of 2022, the supply of Russian uranium to the countries of the European Union decreased, but the fall was insignificant. This was announced by the participants of the international forum World Nuclear Fuel Cycle, held in The Hague from April 18 to 20, 2023.
It is noted that in 2022, Kazakhstan, Niger, Canada and Russia accounted for a total of approximately 90% of all natural uranium supplies to the EU states. The exact figures for shipments were not disclosed. But it is known that in 2021 Russia exported over 2.35 thousand tons of uranium to the EU countries, the share of the Russian Federation in the total supply was 19.7%. The report says that in 2022, purchases of uranium of Russian origin increased the EU countries with VVER (water-water power reactor) reactors of Russian design.
Agnieszka Kazmierczak, CEO of Euratom Supply Agency, said that in 2022, operators of nuclear power plants in the European Union purchased more uranium materials for the first time in 10 years than actually loaded into reactors. It is said that most nuclear power plants in the region have uranium reserves at the required level, but individual enterprises will have enough of them for less than a year.
It is also reported that since 2020, the nuclear fuel market has entered a new phase. In particular, the number of long-term contracts for the supply of uranium products has increased. Global macroeconomic factors and the current geopolitical situation have a significant impact on the industry. Kazmerchak added that in 2024 it will become clear how much uranium supplies from Russia have decreased. Concerns about energy security are driving up short-term demand for fuel supplies for nuclear power plants of non-Russian origin.[1]
Uranium price rise to $59 a pound
Spot uranium prices reached $59.75 per pound on March 10, 2022. This is the highest level since the accident at the Japanese Fukushima nuclear power plant in 2011, after which prices fell sharply.
The reason for the new rise in prices is fears that uranium supplies from Russia to the world market may stop.
Uranium prices in early March 2022 updated the 10-year high to reach $53 per pound.
2021
Rosatom produced 15% of the world's uranium in a year
Production uranium "" in Rosatom 2021 amounted to 7.1 thousand tons, which corresponds to 15% of the world volume for the same period. Compared to 2020, the production of this strategically important metal has practically not changed. This is stated in the annual report of JSC "" Atomenergoprom(part of Rosatom and consolidates all civil assets of the Russian nuclear industry, including the companies "" and Atomredmetzoloto). Uranium One More. here
Rise in prices to a record since 2015
By September 2021, uranium prices had soared to their highest level since 2015 thanks in part to one fund aggressively taking over the physical market.
Investment firm Sprott Inc. launched its Physical Uranium Trust in early 2021. Sprott has amassed more than 24 million pounds of uranium, according to the figures, sometimes buying more than 500,000 pounds in a single day.
Strong fundamentals are also boosting uranium futures, which jumped to a 6-year high.
Uranium prices should continue to rise, analysts at Raymond James Financial Inc said.
2020: US imports 47% of uranium from Kazakhstan, Russia and Uzbekistan
Energy Information Administration (EIA), reports that by the end of 2020, about 90% of uranium used in the United States is imported. Of these, 47% are for supplies from Kazakhstan, Russia and Uzbekistan. 48.9 million pounds of uranium oxide U3O8 were purchased for American nuclear power plants. Of this volume, the United States independently produced only 5 million pounds.
Rosatom accounts for 35% of the world's enriched uranium production.
The U.S. uranium market is controlled by two large supplier groups. Canada and Australia deliver 34%. Russia and Kazakhstan 38.6%. In the state corporation "Kazatomprom" control packages of uranium mines of Kazakhstan belong to "Rosatom." Enrichment of Kazakh uranium is carried out at Russian plants.
Of the 440 units of the world in the United States are 93. And the only commercial uranium enrichment facility in New Mexico went into operation in 2010. It is owned by Urenco, headquartered in Britain. Most of the uranium processed for industrial use in the United States is supplied by Urenco. It is impossible to quickly increase uranium mining and enrichment.
America's officially explored uranium reserves are only 1% of the world's, although some of the reserves may not be "declared."
55 American nuclear power plants with a total capacity of 95.5 GW generate 19.7% of electricity in the United States.
1995-2013: Deliveries of 14,446 tons of low-enriched uranium from Russia to the United States
The Russian-American agreement on the processing and supply of uranium was signed in February 1993 by Russian Prime Minister Viktor Chernomyrdin and US Vice President Albert Gore. Russia has pledged to supply the United States with low-enriched uranium (LEU), obtained from 500 tons of highly enriched uranium (HEU), within 20 years. The Americans pledged to accept, place on the market, pay for the work of the separation and the natural uranium component of the LEU. The first delivery of low-enriched uranium to the United States was made in May 1995, and the last on November 14, 2013. In total, 14,446 tons of LEU were exported as part of the Gora-Chernomyrdin deal. This significantly exceeds the volume of all uranium produced in the United States in history.
Notes
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