Ben Finegold, Director at Ocean Wall, examines the uranium market as term prices reached 15-year highs around $93 per pound. He highlights the persistent global supply deficit entering its eighth year and the sharp contrast between rapid nuclear expansion in Asia and slower progress in the West despite strong policy support.

• Uranium term prices have moved higher in almost every month over the last five years, recently reaching 15-year highs near $93/lb, reflecting utilities’ increasing concern over future supply security.
• The global uranium market has been in deficit since 2018 and is now entering its eighth year of shortfall, with an expected ~40 million pound gap this year.
• Asian nations are aggressively advancing nuclear energy, with China and India leading significant capacity growth, while Western countries remain largely in the “talking” phase rather than actual project delivery.
• Major producers such as Kazatomprom are exercising production discipline amid rising costs (including new taxation and sulfuric acid price spikes), with large volumes of supply already secured by Chinese, Indian and other Eastern buyers.
• Western utilities are materially under-contracted relative to their needs, leaving them more exposed to delays and risks associated with new greenfield uranium projects.