Uranium prices outlook for 2024 as per Citi
prices have been under pressure recently, trading within a narrow range and slightly lower due to limited trading volume and liquidity.
Citi has adjusted its uranium price forecasts in response to the recent market softness. The analysts now expect uranium prices to average $94/lb in 2024, with potential upside momentum during the third and fourth quarters. Kazakh production has been slightly revised upwards, with an expected output of 59 million pounds this year, as issues with sulfuric acid are anticipated to be resolved. In Canada, the Cigar Lake and McArthur River mines are showing improved performance and are likely to reach their production plateau this year.
By 2030, cumulative supply growth is expected to reach 38 million pounds. However, cumulative global uranium requirements are projected to exceed 40 million pounds during the same period. While inventories are likely to balance the market in the short term, The need for nuclear energy is becoming increasingly attractive, particularly in the context of growing data center demand.
The restart of nuclear plants is likely to have the most significant short-term impact on uranium demand, as initial fuel loading requires three times more uranium than regular refueling processes.
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