EnUranium manufacturers Ur-Energy and Energy Fuels have petitioned the U.S. ITC to investigate imports of uranium under the section 232 “national security” process. The case comes as the related investigations of steel and aluminum are approaching a conclusion, as outlined in Panjiva research of January 12. There are also political sensitivities given the reported Department of Justice investigation of the a sale of uranium mining assets in 2010, NBC reported in December.
The case is an obvious fit for the recently launched National Security Strategy given the ongoing fuel needs for the Navy. Nuclear power also accounts for 20.0% of U.S. power generation, up from 19.0% in 2012 and the highest since at least 2003, Panjiva analysis of EIA data shows. That followed an expansion of 4.2% in the 12 months to October 31 vs. 2012.
Source: Panjiva
An similar, case, requested by the Department of Energy, was completed in September 1989 and concluded there was no action to be taken. Since then though production has declined while requirements have increased. There was a 48% reduction in uranium concentrate production in the 12 months to September 30 vs. 2014.
U.S. imports of uranium ores, concentrates and recyclable waste have been in a long-term decline, Panjiva data shows, having fallen 8.0% annually since 2009. That’s accelerated recently with a 28.4% slump in the 12 months to November 30.
That’s masked a growing importance of shipments from Canada – which may end up being excluded from the case – which reached 30.0% of the total in the past year from 7.5% in 2009. Notably shipments from Russia, a potential target in the case, have also increased to 22.9% of the total from 16.5% in 2009 despite a 39.3% slide in the past year. The losers have been supplies from Europe – partly reflecting the steady withdrawal from nuclear power there – and the rest of the world including Australia.
Source: Panjiva
