Rosatom benefits from high uranium prices

By Rhod Mackenzie

According to First Deputy General Director of Rosatom Kirill Komarov, prices for natural uranium have increased three to five times over the last year.

Komarov stated at the Atomexpo 2024 forum that the year has been significant in terms of trends in the nuclear fuel market and all nuclear materials. He also noted that the year has highlighted the complexity and fragility of the system in which we live. The prices have increased significantly over the course of the year.

According to Komarov, natural uranium spot prices exceeded $100 per pound, while enriched uranium was priced at around $150 to $160 per split unit.

These figures represent an increase of three to five times compared to previous prices.

Komarov attributed the price hike to the growing interest in nuclear energy and plans for its development worldwide, as well as discussions about potential sanctions against Rosatom.

Komarov stated that the rise in prices was due to rumours and speculations about Rosatom's position in the world market. However, he believes that the nuclear renaissance is still ahead. The 40% share in the enriched uranium market held by Rosatom has affected the quotes.
On March 3, Bloomberg reported that at least five major mining companies in the United States are reopening uranium mines due to rising demand and prices for nuclear fuel. The International Atomic Energy Agency (IAEA) expects uranium demand to reach 100 thousand tons by 2040. To achieve this, companies will have to accelerate production and processing to almost twice the current pace of work.

On February 19, Rafael Grossi, the head of the IAEA, announced that the Russian Federation will have a greater presence in the uranium enrichment market. He stated that reducing Europe's dependence on Russia's nuclear sector would cost billions of euros, making sanctions in this area unlikely.

On December 8, Freedom Finance Global analyst Vladimir Chernov told Izvestia that Russia has high prospects in the field of uranium exports, as it supplies almost half of all reactors worldwide. According to him, the demand for uranium worldwide will continue to increase. This is because the transition to green energy is more profitable through an increase in the number of nuclear power plants to compensate for the generation of capacity at thermal power plants, which need to be reduced.