The price of uranium fell to $78.2 per pound. This is the lowest since last year.
Uranium prices are falling. According to Vedomosti, quotations for it fell to a minimum since November last year and now the metal is trading at $78.2 per pound.
In February, the price of the metal rose to a 14-year high of $106 per pound. Since May, it has been steadily falling in price and has already lost 14% of its price. In October, in particular, $83.5 was given for a pound of uranium.
Experts attribute this trend to the plans of uranium mining companies to increase production. First of all, this concerns Kazakhstan – almost half of the world’s production of this substance is concentrated there. In particular, Kazatomprom intends to increase production this year by 7-11% to 23.5 thousand tons. And from January to September of this year, it achieved significant success, increasing the scale of production by 9%. Russia also occupies a significant place in the world production of uranium – in terms of volumes, we are in 6th place, our country has 8% of all uranium reserves of the planet. According to experts interviewed by Vedomosti, the current trend towards a decrease in cost is nothing more than a price adjustment after a significant increase. In the near future, uranium quotes will depend on the United States, which imposed sanctions on imports of the metal, but left loopholes in the ban, and on China – the country’s authorities are tightening control over supplies.