Platts to add daily uranium conversion assessment, extend UF6 pricing

Platts, part of S&P Global Commodity Insights, will launch a daily uranium conversion spot price assessment and extend the timeframe for its uranium hexafluoride, or UF6, spot price assessment, effective Nov. 1, 2024.

Natural UF6, the second industrial step of processing uranium into nuclear reactor fuel, results from the chemical conversion of uranium into a gas form that is used as feedstock for uranium enrichment plants. Market participants have sought greater transparency of conversion and spot UF6 pricing following the Russian invasion of Ukraine, as some participants have moved away from Russia as a supplier.

The assessment is for spot uranium conversion services at a North American facility over the following 12 months. The assessment will be denominated in US dollars per kilogram of uranium content ($/kgU), with a minimum lot size of 25,000 kgU.

The assessment will reflect a 1 pm US Eastern timestamp and follow the US publication schedule.

Any information with different location, volumes or terms may be considered for assessment purposes, subject to normalization. Platts will consider information from adjacent markets, including UF6, in its assessment.

Platts is extending its assessments for UF6, from the current three months to 12 months. For example, the assessment at launch will assess monthly prices for November 2024 through October 2025.

The new UF6 assessments will also reflect delivery of at least 25,000 kgU to a US enrichment plant, with a 1 pm US Eastern timestamp and follow the US publication schedule.

Platts will survey the market to inform spot UF6 prices across the longer 12-month delivery period and consider adjacent markets, such as U3O8 prices and conversion costs.

Pricing information reflected in the final assessments of conversion and UF6 will include, but would not be limited to, firm bids, offers and trades, as well as indicative values from market participants.

The new prices will be published on fixed pages PEA0308 and PEP0308 as well as weekly in Platts Nuclear Fuel and the Nuclear Fuel Uranium Pricing Supplement.

This decision follows a proposal published Aug. 30: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/083024-platts-proposes-uranium-conversion-assessment-extended-uf6-pricing.

Please send any comments or questions to nucleareditorial@spglobal.com and pricegroup@spglobal.com.

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