Market activity increases

The spot price has crept up to the $10.10 to $10.35 range in the restricted market, causing some buyers to re-consider their purchasing plans. Two US utilities approached the spot market only to retreat from purchasing plans in whole or in part during the month. Two non-US firms also withdrew from the spot market. Despite the reluctance of some participants to transact at current prices, volume has increased perceptibly in all phases of the uranium market. Total spot market volume was about 1.4 million lbs U308 equilvalent, making March the busiest month so far this year for the spot market. Still, this March was not as active as March 1992, and cumulative volume for 1993 remains about 40% behind last year's pace. At this time last year, cumulative spot market volume had reached 4.4 million lbs U308 equivalent