Uranium prices have exceeded $90 per pound

Uranium prices have risen above $90 per pound, exceeding their highest in more than seven weeks.

The growth driver was the unanimous adoption by the Senate of the US Congress of a law banning the import of enriched uranium from Russia. The bill is now under consideration by the President. If Biden signs it, Western companies may face an additional burden on processing and enrichment facilities. And this is a plus to the already existing decrease in imports from Canada and Kazakhstan.

The new law prohibits the import of Russian uranium 90 days after entry into force, but allows temporary exceptions until January 2028.

The White House administration called for a «long-term ban» on Russian imports in order to free up about $2.7 billion to support the domestic uranium industry allocated by Congress earlier this year.

According to the U.S. Department of Energy, Russia supplies almost a quarter of the enriched uranium used in more than 90 U.S. commercial reactors, making it the largest foreign supplier. These sales are estimated to bring Russia about $1 billion a year, and replacing them can be a difficult task and lead to an increase in the price of enriched uranium by about 20%.