Russia provided about 3.4 million SWU, which is only marginally less than the 3.9 million SWU of US origin that were bought during the year.
The most recent annual uranium marketing report from the US Energy Information Administration (EIA) shows that owners and operators of US nuclear plants bought less uranium in 2022 than in 2021 and at a higher price. The majority of the uranium delivered in 2022 was foreign-sourced, with Kazakhstan and Canada providing more than half of the total.
The EIA’s 2022 Uranium Marketing Annual Report, which was released on June 13th, offers comprehensive information on uranium marketing activities in the USA from 2017 to 2022 as well as summary information going back to 2001.
The information is based on data from the EIA’s Form EIA-858, the Uranium Marketing Annual Survey, which gathers information on contracts, deliveries, enrichment services purchased, inventories, use in fuel assemblies, feed deliveries to enrichers, and unmet market requirements for the following ten years.
Owners and operators of civilian nuclear power plants in the USA purchased a total of 40.5 million pounds U3O8 equivalent (15,578 tU) of uranium in 2022, a 13% decrease from the 46.7 million pounds U3O8e acquired in 2021.
The weighted average price for purchases in 2022 was USD39.08 per pound, 15% more expensive than the weighted average price for purchases in 2021 of USD33.91 per pound, and the most expensive since 2016.
The majority of uranium deliveries in 2022 came from outside of the country, with Canada accounting for 27% of all deliveries, followed by Kazakhstan (25%), Uzbekistan (11%), and Australia (9%). Materials with US origin made up 5% of the total.
A weighted average price of $40.70 per pound was paid for about 15% of the delivered uranium under spot contracts, and a weighted average price of $38.81 per pound was paid for the remaining 85% under long-term contracts.
35 million pounds U3O8e of natural uranium feed were delivered to enrichers, 41% of which went to US enrichment suppliers. In 2022, US plant owners and operators spent 14.2 million SWU on enrichment services. 73% of this came from SWU with an international origin. Russia provided about 3.4 million SWU, which is only marginally less than the 3.9 million SWU of US origin that were bought during the year.
US commercial uranium inventories totaled 140 million pounds U3O8e at the end of the year, down 1% from the 141.7 million pounds at the end of 2021 (including inventories owned by plant owners and operators, brokers, converters, enrichers, fabricators, producers, and traders).
According to the report, plant owners and operators’ maximum anticipated market requirements for U3O8 over the next 10 years will be 402 million pounds due to contracted deliveries and unmet market demand.