Commodities | Jan 20 2009
By Andrew Nelson
It was pretty quiet last week on the spot uranium market, due in large part to a variety of industry meetings over the past week. Industry consultant TradeTech’s Spot Price Indicator fell US$1.00 to US$51.00 per pound, matching the price level set by peer Ux Consulting last week (minus US$2 to US$51/lb). The long-term uranium market stayed put at US$70/lb.
TradeTech reports that while several utilities were contemplating purchases, none have yet done so formally. In the meantime, most sellers are standing fast in anticipation of new demand, which is expected to pick up later this month.
However, reports TradeTech, the lack of demand has led at least one seller to lower its offer price slightly. This explains the US$1/lb decline from last week.
Meanwhile, a number of market participants were in London for the WNA Working Group meetings or in India with the NEI/USIBC delegation.
The USA and India have accelerated the process of extending nuclear commerce between the two nations. TradeTech reports that last week saw the first US delegation to visit India since the two nations signed a historic nuclear trade agreement just three months ago. The mission included more than 50 senior executives representing over 30 commercial nuclear companies, who met with Indian government and business officials in New Delhi and Mumbai.
The good news is the trip culminated with news that Westinghouse will collaborate with an Indian construction firm to build reactors for the Asian nation. In addition, reports TradeTech, there was news that India and Kazakhstan will likely sign a uranium supply agreement in the near future.
