Uranium Prices Rise Amid Russian Export Restrictions

By Seher Dareen
(Reuters) – Uranium prices gained on Friday after Russia imposed temporary restrictions on the export of enriched uranium to the United States.

The move by Russia, the world’s largest supplier of enriched uranium, was a symbolic tit-for-tat after the U.S. banned Russian uranium imports. However, companies authorized by the export control watchdog can still export uranium to the U.S.

Bids for uranium for November 2025 delivery jumped $4 to $84 a pound following the news, according to market research firm and consultancy UxC.

> “Many sellers have backed away from making offers at the moment as they assess the impact,” said Jonathan Hinze, president of UxC.

The weekly spot price of uranium slipped by $1 to $77 a pound as of Nov. 11 from the previous week, down from about $90 in May, reports UxC.

Shares of uranium miners also saw an increase after the announcement.

Russia holds about 44% of the world’s uranium enrichment capacity, and around 35% of U.S. nuclear fuel imports used to come from Russia, according to the U.S. Office of Nuclear Energy.

> “$100 per pound is very achievable intermediately on the spot market … it’s inelastic demand,” said John Ciampaglia, CEO of Sprott Asset Management, which manages a large physical uranium fund.

Securing supply is crucial, but enrichment and conversion elements of the fuel cycle are more constrained, he added.

British-Dutch-German firm Urenco runs the only commercial uranium enrichment facility in the U.S. from New Mexico and announced plans to expand it last year.

In September, French nuclear fuel specialist Orano stated it could begin enriching uranium at a new plant in the U.S. in the early 2030s.

Broadly, analysts believe that Russian imports into the U.S. would continue with limited interruption through 2027 due to previous waivers granted by the U.S. Department of Energy. Russia is expected to maintain exports, according to RBC analysts.