Canada was primary source of supply in 2022, says EIA
Owners and operators of US civilian nuclear power reactors received a total of 40.5 million pounds U3O8e (equivalent)* of uranium deliveries in 2022, a 13% decrease from 46.7 million pounds in 2021, the US Energy Information Administration (EIA) said.
The EIA, a government agency, said in its annual uranium marketing report that purchases were made from both US and foreign suppliers at an average price of $39.08 per pound U3O8e, 15% higher than the 2021 weighted-average price of $33.91 per pound U3O8e, making it the highest price since 2016.
Canada was the primary source of uranium deliveries to the US in 2022, accounting for 27% of total deliveries. Kazakhstan followed at 25% with Uzbekistan at 11% and Australia 9%. Uranium from the US accounted for only 5% of total deliveries in 2022.
Owners and operators bought three material types from 31 sellers in 2022. Of all the uranium delivered, 15% was bought under spot contracts, which involve a one-time delivery within a year of contract execution. The average price for this type of purchase was $40.70 per pound. The remaining 85% of uranium was acquired under long-term contracts, which involve one or more deliveries scheduled for at least a year following contract execution. The average price for long-term contracts was $38.81 per pound.
In 2022, nuclear plant owners and operators signed 27 new purchase contracts for 4.6 million pounds with an average price of $41.87 per pound for deliveries in the same year.
By the end of 2022, the maximum uranium deliveries scheduled from 2023 to 2032 under existing purchase contracts amounted to 223 million pounds. There were unfilled uranium market requirements for the same period, totalling 179 million pounds. Combined, these contracted deliveries and unfilled market requirements represent the maximum anticipated market needs of 402 million pounds over the next decade for owners and operators.
Foreign Enrichers Received 59%
In 2022, owners and operators delivered 35 million pounds of natural uranium feed to both US and foreign enrichers. US enrichment suppliers received 41% of the total, while foreign enrichment suppliers received the remaining 59%.
Enrichment services were obtained through contracts for 14 million separative work units (SWU)** from nine sellers in 2022, with an average price of $101.03 per SWU. In the same year, 27% of SWUs came from US sources, while the remaining 73% originated from foreign suppliers, including Russia, Germany, the UK, and the Netherlands.
In 2022, US suppliers and owners and operators purchased a total of 32.1 million pounds of uranium from foreign suppliers at a weighted-average price of $40.31 per pound. Foreign sales of uranium by US suppliers and owners and operators amounted to 2.5 million pounds, with a weighted-average price of $54.65 per pound.
At the end of 2022, total US commercial uranium inventories – including inventories owned by owners and operators – brokers, converters, enrichers, fabricators, producers, and traders) stood at 140 million pounds.
This represented a 1% decrease from the end of 2021. Of this inventory, owners and operators owned 103.8 million pounds, a 4% decrease from the previous year. In contrast, uranium inventories owned by U.S. suppliers amounted to 36.2 million pounds at the end of 2022, which was a 9% increase from the 2021 year-end levels.
* U3O8e is triuranium octoxide (or uranium concentrate) and the equivalent uranium-component of uranium hexafluoride (UF6) and enriched uranium.
** A separative work unit (SWU) is the standard measure of the effort required to separate isotopes of uranium (U235 and U238) during an enrichment process in nuclear facilities. One SWU is equivalent to 1 kg of separative work.
