The spot price for uranium has the potential to drop below US$70 per pound for the coming months, especially if a number of sellers aggressively pursue the opportunity to supply Taiwan Power Co. of about 300,000-pound of U3O8-equivalent uranium.
According to some market analysts, spot U3O8 transactions over the next week likely will occur within the US$69 per pound to US$75 per pound range.
The Asia-based utility recently entered the market, taking bids through April 8 for either U3O8 or UF6 uranium for delivery in September, as per Platts media report.
The spot price of uranium dropped US$1 to US$73 per pound U3O8, according to a report by Ux Consulting last Mar. 24 because a significant number of sellers, facing weak buying interest, had lowered their offer prices. TradeTech, on the other hand, kept its price at US$74 per pound.
Most traders noted that near-term demand is discretionary; but, they believe that there are sufficient supplies to meet that demand.
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