The spot uranium price has hit $65.50/lb U3O8* – the highest level in more than 12 years – as tight near-term supplies lead sellers to increase offer prices, market consultant TradeTech said.

“The expectation for higher demand from the global nuclear power industry, combined with signs that the uranium production sector could contract further due to the recent geopolitical events, as well as certain missed targets by existing and emerging producers, have led spot uranium sellers to resist reducing their offer prices, with buyers exhibiting a willingness to pay higher prices to secure material,” said TradeTech president Treva Klingbiel.