Uranium market with special consideration of the West European situation

Urannium consumption in the western world was about 115 mill. lbs U3O8 in 1988; it thus exceeded production by about 17%. Production below consumption for the fifth year in succession in the western world is the result of 'oversupply' of the power supply undertakings with uranium for many years. This is attributable in particular to the overestimation of the electricity and nuclear power demand in the seventies as well as cancellations and delays in the construction of new nuclear power plants. Urandium consumers were thus able to offset the difference between demand and production in recent years by reducing stocks. However, it will be necessary to develop and utilise new capacities for extraction of uranium in good time to meet the uranium demand in the nineties. This requires a perceptible recovery of the world market prices for uranium, which is also anticipated on the basis of the foreseeable change from the current stellers' market to the buyers' market in the nineties. (orig.)