Industry consultant TradeTech's weekly spot price indicator for yellow cake has tumbled more than 1.5% during the week ending on Friday. TradeTech puts the blame on a "combination of offers from aggressive sellers and limited, largely discretionary, demand".
TradeTech's U3O8 spot price indicator now stands at US$43.75/lb, US75c (1.69%) lower than the week prior.
The consultant registered five transactions for a combined total of approximately 700,000 pounds U3O8 equivalent. Buyers included utilities and intermediaries, with TradeTech indicating prices in some of the spot transactions concluded were below the new spot price indicator.
The consultant adds the drop in price seems to have attracted new demand which, in turn, is likely to ease some of the downward pressure on prices.
TradeTech's Mid-Term U3O8 Price Indicator stands at US$50.00/lb, while its Long-Term Price Indicator stands at US$60.00/lb.