x(1125).png?1182888802 "Uranium: Price, by month"){kind=logo}
| Month | Price, in USD per pound |
|---|---|
| Feb 24 | 81.32 |
| Jan 24 | 80.36 |
| Dec 23 | 70.06 |
| Nov 23 | 62.29 |
| Oct 23 | 57.60 |
| Sep 23 | 53.20 |
| Aug 23 | 46.38 |
| Jul 23 | 45.25 |
| Jun 23 | 45.70 |
| May 23 | 43.46 |
| Apr 23 | 41.76 |
| Mar 23 | 40.74 |
| Feb 23 | 41.31 |
| Jan 23 | 40.06 |
| Dec 22 | 39.18 |
| Nov 22 | 40.95 |
| Oct 22 | 41.30 |
| Sep 22 | 40.95 |
| Aug 22 | 39.80 |
| Jul 22 | 38.94 |
| Jun 22 | 40.33 |
| May 22 | 40.89 |
| Apr 22 | 48.70 |
| Mar 22 | 45.51 |
| Feb 22 | 35.83 |
| Jan 22 | 36.87 |
| Dec 21 | 36.13 |
| Nov 21 | 31.10 |
| Oct 21 | 38.48 |
| Sep 21 | 45.08 |
| Aug 21 | 32.15 |
| Jul 21 | 32.34 |
| Jun 21 | 32.14 |
| May 21 | 30.26 |
| Apr 21 | 29.75 |
| Mar 21 | 28.33 |
| Feb 21 | 28.66 |
| Jan 21 | 29.86 |
| Dec 20 | 29.77 |
| Nov 20 | 29.49 |
| Oct 20 | 29.64 |
| Sep 20 | 29.98 |
| Aug 20 | 31.38 |
| Jul 20 | 32.36 |
| Jun 20 | 33.09 |
| May 20 | 33.51 |
| Apr 20 | 29.96 |
| Mar 20 | 24.66 |
| Feb 20 | 24.69 |
| Jan 20 | 24.64 |
- Region: Worldwide
- Time period: Jan 2020 to Feb 2024
- Published: Mar 2024
Data Analysis and Insights
Sharp Increase in Uranium Price from 2021 to 2024
Uranium prices have experienced a significant increase, rising from $24.64 per pound in January 2020 to $81.32 per pound in February 2024. This growth reflects a remarkable escalation of more than 230% over four years, indicating robust demand and possible constraints in supply.Yearly Peak Price Trends
The peak uranium price each year showcases a notable upward trend, from $33.51 per pound in May 2020 to $81.32 per pound in February 2024. Such consistent annual increases highlight the escalating valuation of uranium in global markets.Impact of 2023 on Uranium Prices
The year 2023 marked a pivotal point for uranium prices, with a jump from $45.25 per pound in July to $70.06 per pound by December, illustrating a significant 55% increase within just five months. This surge underscores a critical period of growth driven by factors likely including geopolitical tensions, supply disruptions, or increased demand in nuclear energy sectors.Historic Low to Rapid Recovery
Uranium prices reached a historic low of $24.66 per pound in March 2020 but saw a rapid recovery, more than tripling to $81.32 per pound by February 2024. The swift turnaround in prices highlights the volatile nature of the uranium market and its sensitivity to global energy trends and policies.Consistent Year-on-Year Price Increase
Comparing year-on-year figures, uranium prices have consistently increased from $29.86 per pound in January 2021 to $81.32 per pound in February 2024. This consistent rise over three years signals a strong and growing demand for uranium, potentially driven by the expansion of nuclear energy as a clean energy source.Acceleration in Price Growth Rate
The rate of price increase for uranium has accelerated significantly in recent times, with a stark contrast seen in the growth from $40.06 per pound in January 2023 to $81.32 per pound in February 2024. This acceleration within a year underscores the intensifying demand and potential supply challenges in the uranium sector.Frequently Asked Questions
What was the yearly peak price trend of Uranium?
The peak uranium price showcased an upward trend, rising from $33.51 per pound in May 2020 to $81.32 per pound in February 2024.
Terms and Definitions
The spot market is where commodities or securities are bought and sold for immediate delivery. In the context of uranium, the spot market price refers to the current price of uranium for immediate delivery. It is often subjected to rapid fluctuations based on short-term changes in supply and demand.
The long-term contract price refers to the price agreed upon for the delivery of uranium over a specified period - often years - in the future. These contracts provide price stability for both the buyer and the seller, cushioning them from short-term market volatility.
Uranium enrichment is a process that increases the concentration of the uranium-235 isotope in uranium. This is important because uranium-235 is the isotope that can sustain a nuclear chain reaction.
Nuclear energy is the energy in the nucleus, or core, of an atom. Atoms are tiny units that make up all matter in the universe. Energy is what holds the nucleus together, and there is a huge amount of power in an atom's dense nucleus. In nuclear power stations, this energy is released as heat and used to generate electricity.
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The thermal efficiency of nuclear power stations in the U.K. has seen both ups and downs over the years, with several advances in technology and operating procedures contributing to overall improvements.
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