Uranium futures rose to $63.70, the highest level since the Fukushima disaster of 2011, amid the Russia-Ukraine war and sanctions on uranium imports from Russia. Also, a bill has been put forward in both the U.S. House and the Senate to ban U.S. imports of nuclear fuel from Russia in retaliation for Russia’s invasion of Ukraine, while the European Union has banned coal imports from Russia. These sanctions are raising concerns about a supply shortage of Uranium, pushing its price up.
Uranium demand has also been increasing as countries worldwide explored alternative energy sources. However, the market’s growth could be disrupted by a decline in nuclear electricity generation, the shutting down of mine operations, and geopolitical issues. Furthermore, the shift to nuclear power is a challenging concept.
