The uranium spot price may have held its ground moving into April, but as the month wore on it dipped to $38.25 per pound of U3O8. The price slipped even further last week, and on May 4 recorded its largest one-week fall since November 2014. There was some brighter news toward the end of last week. TradeTech notes that the U3O8 spot indicator exhibited signs of a slight rebound and even showed some strengthening as the week came to a close. Specifically, the uranium spot price ended Friday up $0.50, at $36. The long-term uranium price remains largely unchanged and last week reported in at $49 per pound of U3O8.
However, both Raymond James and Haywood Securities have pointed to rumors that a non-US utility will enter the market and request roughly 9 million pounds of U3O8 for delivery from 2017 to 2026. Looking at the bigger picture, it seems Australia is in line to reap the benefits of the numerous Asian nuclear endeavors. With nearly US$800 billion in new reactors under construction in Asia, primarily in China and India, where demand is significantly increasing, the nuclear boom coming from Asia is sure to shake up the uranium market once again, and perhaps set prices moving.
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