Uranium Week: Still Waiting

Weekly Reports | Jul 02 2019

The uranium market is left hanging as Trump’s 232 decision is again postponed and not yet rescheduled.

-US section 232 decision postponed indefinitely
-Uranium term prices rise
-Rio Tinto’s Rossing sale approved

By Greg Peel

President Trump was due to be briefed by US Department of Commerce officials on its recommendation regarding the section 232 petition two weeks ago but that meeting was postponed to last week. The meeting was again postponed last week but this time has not been rescheduled.

Presumably Iran, the G20 and a stroll in the DMZ were more important.

It was thus another quiet week for the spot uranium market. Industry consultant TradeTech reports only four transactions concluded totalling 585,000lbs U3O8 equivalent.

It was enough, at least, to push TradeTech’s weekly spot price indicator up US20c to US$24.50/lb, to close out the month.

Total spot volumes for the month of June rose to 3.8mlbs from 2.4mlbs in May. At US$24.50/lb, TradeTech’s monthly spot price indicator rose from US$24.00/lb in May.

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