Uranium prices hit record high

Uranium prices hit record as thirsty AI data centres add to market squeeze. Industry pressured to build new conversion facilities to cover end of US import waiver and impact of Ukraine war. The price of fuel for nuclear reactors has surged to a record high as demand from artificial intelligence data centres exacerbates a squeeze on the market following Russia’s invasion of Ukraine. Prices for enriched uranium have hit $190 per separative work unit — the standard measure of the effort required to separate isotopes of uranium — compared with $56 three years ago, according to data provider UxC. A resurgence of interest in nuclear power has come as governments and companies eye carbon-free sources of power large enough to service major industrial facilities and communities. Around 27 per cent of US enriched uranium imports in 2023 came from Russia, according to analysts at Berenberg. While US utilities probably had enough fuel for this year, their cover will fall off substantially in four years’ time, the analysts added. “US utilities will have to commence contracting discussions this year to secure [uranium], particularly with the restriction of Russian uranium imports into the US coming into place at the end of 2027,” they said.