Russia Under Pressure
Weekly Reports | 10:59 AM
Russia is facing difficulties in shipping its uranium out of St Petersburg, pushing up the spot price.
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Last Friday news agencies reported a depleted uranium canister was dropped in the Ural Electrochemical Plant in Russia, killing one person. The news followed reports that shipments from the port of St Petersburg are delayed due to the inability to secure adequate insurance and bonding for the shipment.
Both Kazakhstan’s mostly state-owned uranium producer Kazatomprom, and Russian state-owned Tenex, which is the world’s largest exporter of initial nuclear fuel cycle products, have indicated they are working on alternative arrangements and that deliveries will be made, industry consultant TradeTech reports.
These developments highlight the primary fundamentals facing today’s nuclear fuel market participants, TradeTech notes. Demand is expected to grow and the supply chain for uranium, conversion, and enrichment is under increasing strain due to concerns about continued reliance on fuel supplies from Russia.
Sanctions on Russian entities and individuals across various countries and jurisdictions, including the EU, US, UK and Canada, represent the potential to ripple through the industry and affect scheduled and future deliveries that must go through the port of St Petersburg.
Although the majority of buyers are focused on securing uranium delivery in the mid-term, the increase in buying interest combined with renewed logistical concerns exerted upward pressure on the spot price last week.
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