Commodities | Dec 08 2015
By Greg Peel
One would be forgiven for believing the global uranium spot market decided at the beginning of November to simply shut down for Christmas early. Yet again industry consultant TradeTech’s weekly spot price indicator remains glued at US$36.00/lb, unchanged from the week before, and the week before that, and the week…
There were, nevertheless, five transactions concluded in the spot market last week, totalling 500,000lbs U3O8 equivalent. One utility entered the market for a small amount, but otherwise intermediaries and traders continue to provide what support there is on the buy-side, TradeTech notes. With the focus now apparently on 2016 requirements, there’s no real sign of life in the market as far as the rest of 2015 is concerned.
And after a flurry of activity late in November, the term market also went quiet last week. No transactions were recorded, although there remains a handful of utilities with feelers out. TradeTech’s term price indicators remain unchanged at US$38.50/lb (mid) and US$44.00/lb (long).
Amidst various tidbits of demand-side news last week, the highlight was the release of the goals set by China’s power industry as a result of the government’s latest Five Year Plan. China expects to have 110 nuclear reactors in operation by 2030, which would elevate the country to one of the largest global producers of nuclear power. By the end of 2020, the total electricity generating capacity of reactors both commissioned and under construction in China will reach 88GW.
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