EnergyPolitics

The global geopolitics of nuclear fuel

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 05/11/2026, 15:08:25 UTC.

Briefings

In late September 2026, uranium prices reached a record $96.50 per pound, yet buyers continue relying on existing supply chains. Mike Alkin, CIO of Sachem Cove Partners, explains that the nuclear fuel cycle faces bottlenecks, geopolitical risks, and production cost surges. Key factors include a 2028 US ban on Russian enriched uranium, a global supply-demand mismatch, and high costs at Kazatomprom. The article notes that while prices are high, panic among buyers has not yet triggered a supply scramble.

Key points

• Uranium prices reached a record high of $96.50 per pound in late September 2026, surpassing the 2007-2008 peak.
• Buyers continue relying on existing supply chains despite high prices, indicating a lack of panic-driven supply scramble.

Context

The nuclear fuel cycle involves mining, conversion, enrichment, and fabrication stages. The article highlights that too many links run through Russia, Kazakhstan, and China, making the supply chain vulnerable to geopolitical shifts. A 2028 US ban on Russian enriched uranium is a key factor driving market dynamics.

Limitations

Evidence is limited to a transcript excerpt; specific production costs, exact mine locations, and future production capacity figures are not provided. Uncertainty exists regarding the full impact of the 2028 ban and the timeline for new reactor construction.

Generated by Bittrees-hosted qwen35-2b sha256:aaf42c8b7c3c on 05/11/2026, 15:25:42 UTC. Based on publisher-provided feed evidence; may not cover the full original article. Check the source for details.

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