U308 Prices Underscore Renewed Demand

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"Prices increase steeply during the second half of July."

With a dramatic ending to the month of July, TradeTech's spot price increased by $3.50 to its current value $45.25 per pound of uranium, representing an increase of over 8% from the June 30 value. Uranium trade consultants UxC's spot price for uranium also ended the month very strongly, indicating spot prices trading at the level of $46/lb. uranium. A total of 22 transactions were concluded in July, with prices increasing steeply during the second half of the month.

India to Reprocess US-obligated Nuclear Material

An agreement on arrangements and procedures for reprocessing was finally signed and announced last Friday in Washington after a year of negotiations. Once it enters into force, it will signify that India will be able to reprocess US-obligated nuclear materials at a new national facility dedicated to the reprocessing of material under IAEA safeguards.

As China and Pakistan have been involved in nuclear program discussions, a disruption of India’s nuclear program has raised international misgivings and revived apprehension last month while competition for diminishing energy resources in South Asia continually mounts. Although Russia, France and Britain have strongly backed nuclear transfers to India, several countries such as Australia, Ireland, Austria and New Zealand demonstrated protest against any special treatment.

President Obama will visit India this November; both countries hope the implementation of the nuclear deal can commence before his arrival. Other than minor details that remain to be resolved, one key component will be passage of the nuclear liability legislation in Parliament. Legislation to limit nuclear firms' liability in the case of industrial accidents has stalled in the Indian parliament, though it has been cleared by the cabinet. U.S. firms are reluctant to do business in India without legislation that underwrites their compensation liability in the case of industrial accidents.

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