Uranium spot prices regrouped a bit last week, with TradeTech's weekly spot price adding $0.25 to finish at $19.75. The move higher comes after prices dove in the prior week. According to TradeTech, prices were volatile over the week as buyers were drawn to the market in search of a bargain.
The return of buyers is a good signal for uranium prices after it seemed that they were at risk of unraveling the gains experienced so far in 2017. But, even though buyers were attracted back to the market after spot prices slipped to $19.50 in the prior week, buyers were reluctant to settle purchases when sellers pushed for a $20 price point.
Meanwhile, in Japan, Kansai Electric Power restarted its Takahama No. 3 reactor Tuesday afternoon. This means that five nuclear reactors have come back online in Japan since the Fukushima nuclear disaster. Commenting on the development, Kepco President Shigeki Iwane said: "Today marks an important step in the process to restart Japan's nuclear reactors. It does not mark the end of efforts to ensure the safety of nuclear power, and we'll continue to make safety our top priority."
Less than a month ago, Kepco turned its No. 4 reactor back on. While nuclear restarts in Japan have been met with protest, Kepco has promised to reduce electricity bills with the peak-demand summer season approaching. The addition of nuclear power capability is an important step to meet this promise. Electricity from the No. 4 reactor will go on sale late next week whereas electricity from the No. 3 reactor is expected to be sold from early July.
Meanwhile, according to Japan Times, a shipment of uranium-plutonium mixed oxide (MOX) fuel from France will arrive in Takahama in a few months for use in the No. 4 reactor next year.