Uranium price rises as nuclear power revives

The price of uranium has risen by 50% in the last year, with an average price today of $84 per pound. On the international market, demand is outstripping supply, and sanctions against Russia, the world's third largest exporter, are helping to reinforce the imbalance. The price of uranium has been consistently below 40 dollars per pound between 2015 and 2022. The resumption of nuclear power worldwide and interest in new nuclear technologies such as SMRs (Small Modular Reactors) are leading players to build up protective stocks, which are driving up prices. The International Nuclear Association expects demand for uranium to double (from 65,000 to 130,000 tonnes a year) by 2030. Kazakhstan and Canada are the world's two leading uranium producers, followed by Russia.