The partial meltdown at Japan’s Fukushima nuclear plant has created new uncertainty about the world’s uranium markets. There have been huge price swings in the days since the crisis. Prices have recovered somewhat this week, but only after some of the world’s largest uranium producers saw their prices fall dramatically.
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Jeffrey Christian, managing director at CPM Group said:
“There’s a lot of emotion and psychology involved with nuclear power and nuclear radiation and radiation poisoning. So it looks like it could have an extended negative effect on the refocusing of nuclear power as a source of relatively less harmful energy than we have seen over the last few years and this could last for several years.”
But some believe strong demand from countries that depend on nuclear power will drive prices higher.
Reuters Metals correspondent Jim Reagan says, “We’ve already had reassurances from the Japanese ambassador to Kazakhstan, a big supplier of uranium to the world that their contracts are intact and will grow over the years”
Kazakhstan, Canada and Australia are the world’s largest uranium producers.
Bottom line: Japan’s nuclear crisis is taking its toll on the uranium industry as concerns about nuclear energy weigh on the world’s major producers.