Sufficient supply, uncertain demand influence uranium markets

Uranium futures closed out February at about $65.55 per pound, according to online analysist firm Trading Economics. Futures prices have been below $66 per pound since mid-February.
The ANS Nuclear Cafe is a blog owned and edited by the American Nuclear Society. Information contained on the ANS Nuclear Cafe has been provided by numerous sources. Therefore, the American Nuclear Society assumes no responsibility or liability for the accuracy of information contained herein. DISCLAIMER: The views expressed in posted articles do not necessarily reflect the views of the American Nuclear Society. The views expressed here are those of the individual authors. ANS takes no ownership of their views. The American Nuclear Society assumes no responsibility or liability for any use or operation of any methods, products, instructions, or ideas contained on this site.
Uranium futures closed out February at about $65.55 per pound, according to online analysist firm Trading Economics. Futures prices have been below $66 per pound since mid-February.
A former assistant secretary for nuclear energy at the Department of Energy recently appeared on Neil deGrasse Tyson’s StarTalk YouTube show to discuss the future of nuclear energy in the United States and abroad.
Pacific Northwest National Laboratory has reported that researchers there have created a tough new alloy that has potential use in advanced nuclear reactors and that is not dependent on a difficult-to-get element. The research team, which included materials scientists Isabella van Rooyen, Subhashish Meher, and Steven Livers, started its experiments with the highly durable nickel-chromium-cobalt-molybdenum “super alloy” known as Inconel 617 (IN617).
The International Energy Agency has published a new report examining opportunities for the nuclear power industry to address concerns related to energy security and climate change. The Path to a New Era for Nuclear Energy explores areas of policy, innovation, construction, and financing with an emphasis on investment-related issues regarding small modular reactors.
The IEA report describes encouraging developments taking place in the nuclear energy industry, such as increasing investment, technology advances, and supportive policies in many countries. But it also notes that certain key challenges need to be overcome if nuclear energy is to meet the needs of rising electricity demand, including demands from artificial intelligence and data centers. In addition to examining the present global status of nuclear power, the report evaluates the long-term outlook, quantifying expected capacity and investment through 2050.
The world’s first carbon-14 diamond battery became a reality in a United Kingdom laboratory this past December when it was created by scientists from University of Bristol and the U.K. Atomic Energy Authority.
The government of South Africa has announced the passing of Senamile Masango, the country’s first black female nuclear scientist. The 37 year old, who many South Africans thought of as the “queen of science,” died on February 9 from undisclosed causes. Deputy President Paul Mashatile described Masango as “a beacon of hope for many young people, especially women.”
Uranium futures took a sharp plunge below $69 per pound in late January, to a low of about $67 on January 27, before climbing back to $71.35 on January 31, according to Trading Economics. The New York City–based analyst firm noted that this was the market’s first drop below $69 in 16 months and that the price fluctuation happened as “markets recalibrated demand expectations against a backdrop of ample supply.”
Denver-based Energy Fuels Inc., one of the largest uranium producers in the United States, has signed a landmark agreement with the Navajo Nation on the transport of uranium ore along federal and state highways that cross through Navajo land. The agreement allows the resumption of uranium ore transport from Energy Fuels’ Pinyon Plain Mine in northern Arizona to the company’s White Mesa Mill in southern Utah, where the ore is processed into natural uranium concentrates (U3O8).
A recent article on University of Michigan’s Department of Nuclear Engineering and Radiological Sciences (UMich NERS) website highlights the university’s work on the application of artificial intelligence to nuclear engineering. Python-based Michigan Artificial Intelligence Standard Environment (pyMAISE) is a project that is providing an “automatic machine learning benchmarking library—the first of its kind created by nuclear engineers for nuclear engineers.”
University of Tennessee–Knoxville’s Department of Nuclear Engineering highlighted the Computational Research Access Network (CRANE) program in a recent article on its website. CRANE is a free online program “that teaches computational methods in nuclear fusion to students from underrepresented backgrounds,” said Alyssa Hayes, a nuclear engineering Ph.D. candidate at UTK. Hayes is the first chair of the board of directors of the CRANE nonprofit organization.
Fermi National Accelerator Laboratory’s Integrated Engineering Research Center, which officially opened in January 2024, is now known as the Helen Edwards Engineering Research Center. The name was changed to honor the late particle physicist who led the design, construction, commissioning, and operation of the lab’s Tevatron accelerator and was part of the Water Resources Development Act signed by President Biden in December 2024, according to a Fermilab press release.
Poneman
The Harvard Gazette recently featured an interview with Daniel Poneman, former president and chief executive officer of Centrus Energy and former deputy secretary of energy. In the interview, Poneman offered his views on the “comeback” of nuclear power, artificial intelligence, safety and security issues, advanced reactors, climate change goals, and other issues of interest to the nuclear energy industry.
Climate, demand, hyperscalers: In the article, Poneman explained the nuclear comeback in terms of the converging concerns about climate change and electricity demand, as well as the issue of “hyperscalers.”
The potential application of artificial intelligence to the operation of nuclear power plants is explored in an article published in late December in the Washington Examiner. The article, written by energy and environment reporter Callie Patteson, presents the views of a number of experts, including Yavuz Arik, a strategic energy consultant.
“SMRs present a viable opportunity for Indiana to transition to a cleaner, resilient, and diversified energy future. Successful deployment of SMR technology requires a careful balance of economic, regulatory and social considerations along with development of the technology.” Those are among the conclusions of a comprehensive study conducted on small modular reactors primarily by researchers at Purdue University and funded by the Indiana Office of Energy Development.
The uranium market closed out 2024 with a spot price of $72.63 per pound and a long-term price of $80.50 per pound, according to global uranium provider Cameco.
The Nuclear Energy Institute has launched a new website that focuses on nuclear industry career awareness. NuclearWorks is designed “to allow students and potential job seekers the ability to identify career and/or education opportunities in the industry that align with their interests and skills/background,” according to Lori Brady, senior director of NEI’s Human Resources and Workforce Development.
DeWine
State legislation that designates nuclear power as “green energy” and expands oil/natural gas hydraulic fracturing (fracking) leases on state land was forwarded this week to the desk of Ohio Gov. Mike DeWine. The Republican governor has 10 days after receiving House Bill 308 to either sign it into law or veto it. A “green” designation would imply state recognition that nuclear energy causes no harm to the natural environment.
Pro arguments: In its coverage of the bill, Spectrum News quoted Greg Lawson, a research fellow at the Buckeye Institute, as defending nuclear energy. “Nuclear energy is zero carbon emission, and from that standpoint, it certainly addresses a lot of the concerns that folks have when they’re concerned about what happens to the climate. . . . Right now, Ohio is facing a real challenge. We’ve got a lot of data centers coming into Ohio. This is a massive issue. These things consume just incredible amounts of electricity,” Lawson said.
Results from a recent Australian public opinion survey indicate that in Australia, women are much less likely than men to support nuclear energy. The findings of the survey, conducted by market research firm DemosAu on behalf of the Australian Conservation Foundation, somewhat reflect the findings about gender differences regarding nuclear energy in the United States—though the Australian gender split is much wider.
The OECD Nuclear Energy Agency’s Global Forum on Nuclear Education, Science, Technology, and Policy has developed the Nuclear Workforce Survey to explore how and why individuals decide to join the nuclear field and how their experiences impact decisions to stay or leave.
New York City–based analyst firm Trading Economics has reported that uranium prices have fallen $13.20 per pound, or 14.51 percent, since the beginning of 2024, with the price on December 3 down to $77.80 per pound. A graph of prices for the year shows a jagged downward slide since a peak of about $107 per pound in early February. The all-time high for uranium prices was $148 per pound in May 2007, according to the firm.