The Uzbek post office has tripled its exports of uranium products to the European Union market in the past year, marking a significant uptick in this sector. This increase, reported by "Kommersant" with a reference to the Euratom Supply Agency, reflects changes in the global uranium trade.
A report submitted to the nuclear plant regulator, ES, outlines developments in the European energy sector's shift away from Russian uranium supplies toward countries like Uzbekistan, Kazakhstan, and Canada. ES has reduced its imports of uranium products from Russia by 16% to approximately 1.98 thousand tons.
Uzbekistan has emerged as a significant player, increasing its uranium exports to the European Union by 2.71 times, totaling 441 tons.
Kazakhstan remains the leading uranium supplier to the European market, experiencing 14% growth, resulting in 3.14 thousand tons of uranium exported to Europe. Canada secured the third position among European uranium suppliers, increasing exports by half to reach 2.58 thousand tons.
Competitive pricing is a crucial factor that makes CIS countries - Russia, Kazakhstan, and Uzbekistan - attractive for uranium procurement. In 2022, medium-sized uranium buyers could secure long-term contracts at €101 per 1 kilogram of nuclear-grade uranium, making CIS countries 23% cheaper.
The surge in Uzbekistan's uranium exports exemplifies the country's growing role in the global uranium market and changing dynamics in the European energy sector's quest for diversified and cost-effective uranium sources.
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