Weekly Reports | Mar 26 2019
The spot uranium price continues to slide as sellers are met with stalled demand.
-U3O8 spot price continues to fall
-Honeymoon may not be over
-Upheaval in Kazakhstan
By Greg Peel
The US Department of Commerce is due to submit its section 232 recommendations to the president on April 14. The president then has months to consider a response. All things being equal, it appears utility demand in the uranium market could remain stalled for some time.
Sellers became more aggressive in their offers last week as the spot uranium price continues to pull back from a near unbroken run up from late 2017 depths. They did manage to provoke some buying, but only after offers dropped to below US$26.50/lb, industry consultant TradeTech reports.
Seven transactions were concluded in the week totalling 700,000lbs U3O8 equivalent but by week’s end TradeTech’s spot price indicator had fallen a full -US$1.00 to US$26.00/lb, following on from the prior week’s -US$1.10 fall. The spot price has fallen -10% in 2019 but remains 20% higher year on year.
TradeTech’s term price indicators are steady at US$30.00/lb (mid) and US$32.00/lb (long).