Uzbek uranium accounted for almost 10% of US uranium needs in 2023, the US Energy Information Administration (EIA) stated. US utilities increased their uranium purchases by 27% in 2023 compared to the previous year. Most of this uranium was sourced from foreign suppliers, with US-origin material accounting for only 5% of total deliveries, the same percentage as in 2022.
Owners and operators of US civilian nuclear power reactors purchased a total of 23.4 mn U3O8 of uranium in 2023, at a weighted-average price of nearly $44 per 0.5 kg U3O8. This marked a 12% increase from the 2022 weighted average price of $39.1 per 0.5 kg U3O8 and the highest price since 2015.
Canada was the largest supplier of uranium to the US, accounting for 27% of total deliveries, followed by Australia and Kazakhstan, each contributing 22%. Russian-origin material made up 12% of total deliveries, while Uzbekistan-origin material accounted for 10%.
The EIA anticipates a maximum market requirement of almost 197 mn U3O8 over the next 10 years, based on existing contracts and unfilled market requirements from 2024 to 2033.
The EIA also noted an increase in commercial US inventories of uranium, which stood at 69 mn U3O8 by the end of 2023, a 6% increase from the previous year.
The import of Russian-produced unirradiated low-enriched uranium (LEU) into the USA will be banned from August under the Prohibiting Russian Uranium Imports Act. However, importers can apply for waivers to allow the import of limited amounts of material up until January 1, 2028.
Uzbekistan has consistently been the fifth-largest uranium producer globally since 2016. In 2022, the country extracted 3,300 tons of uranium, representing 6.4% of global production. Uzbekistan boasts uranium reserves exceeding 100,000 tons, ranking it as the 10th largest holder of uranium reserves globally.
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