Daryo reported in mid-August 2024 that the United States reduced its uranium imports in the first month of summer 2024, suspending purchases from Russia, China, and Kazakhstan. In June 2024, the United States imported $367.1mn worth of enriched uranium, a 2.7-fold decrease from May's figures. The most substantial portion of uranium imports came from France, which accounted for two-thirds of the total, amounting to $243.3mn. This figure is only slightly lower than the $245.4mn recorded in May.
U.S. halted uranium purchases from China, Kazakhstan, and Russia Source: AP
The U.S. also sourced uranium from the Netherlands, with imports rising to $78.9mn from $63.3mn in May. However, imports from Germany dropped sharply by 2.3 times to $42.1mn. Belgium's contributions increased slightly, reaching $2.8mn.
The reduction in uranium imports can be attributed to the halt in purchases from China, Kazakhstan, and Russia. In May, China had supplied $323.6mn worth of enriched uranium to the U.S., Russia $209.5mn, and Kazakhstan $8mn. Since the beginning of 2024, the U.S. has been purchasing uranium from Russia intermittently, with transactions occurring in January, March, and May, but not in February, April, or June. Imports from China and Kazakhstan have also been sporadic, with no purchases made for several months until May.
In May, President Joe Biden signed a law banning uranium imports from Russia, effective until 2040. However, exceptions are permitted until 2028 with approval from the U.S. Department of Energy. Russian state atomic energy corporation Rosatom criticized the law, labeling it discriminatory and non-market. Rosatom reaffirmed its leading position in global nuclear technology and its commitment to developing long-term partnerships with interested foreign partners.
Kazakhstan holds 12% of .S.global uranium resources and produced around
21,200 tonnes of uranium (tU) (about 42 million pounds) in 2022, marking
43% of the world's total production that year.
Since 2001, the country’s uranium output has generally risen, peaking at 24,689 tU in 2016. However, production faced a slight dip due to low prices and the effects of the COVID-19 Pandemic, falling to 19,477 tU in 2020 before recovering to 21,112 tU in 2023. Kazakhstan plans to bolster its uranium sector by developing value-added fuel production and constructing a fuel fabrication plant with investment from China.
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