Global Nuclear Fuel Inventories

Assessing Global Inventories

Source: WNTI

UxC, LLC (UxC) is pleased to present the third edition of this special report on the topic of Global Nuclear Fuel Inventories. The inaugural edition of this report, published in December 2015, represented a first-of-a-kind effort by UxC to assemble and categorize all the available information related to nuclear fuel inventories around the world and provide insights and analysis on this important topic. A second edition, published in February 2018, built and improved upon the first edition, introducing notable changes to our analysis. This new June 2020 edition expands upon the work forged in the previous two reports by providing updated data on global nuclear fuel inventories along with enhanced analysis of the latest trends related to these inventories.

There is perhaps no bigger issue to emerge over the last decade in the nuclear fuel markets than the growing influence of inventories, especially following the drop in global demand after the March 2011 Fukushima accident. This updated 2020 report presents UxC's detailed research and analysis on the topic of inventories to expand market understanding of this important issue and to provide expert forecasts regarding the future role that inventories will play in all the nuclear fuel market sectors.

Even before Fukushima, there were important drivers for inventory growth, such as the dramatic ramp-up in China's new reactor program. Shifts in the uranium market towards a more "normal commodity market" have also driven increased demand for inventories by financial players. Most recently, as production cutbacks have reduced global supplies, inventory drawdowns have intensified. Understanding these drivers and how they shape the inventory equation is of utmost interest to all market participants.

Answering Critical Questions

The Global Nuclear Fuel Inventories special report's primary objective is to provide comprehensive analyses and forecasts and respond to these and related questions. Some of the most critical questions this report addresses include the following:

  • What are the total current inventory levels in each key region/country?
  • Who holds these inventories and in what form?
  • Where could we see future increases or reductions in inventories?
  • How do current inventory levels compare to previous estimates?
  • How much of these inventories is pipeline versus strategic?
  • How much of these inventories can be considered "excess" or "unobligated?"
  • What is the mobility of excess inventories and what factors affect how unwanted holdings may be sold or disposed of?
  • What is the likely future course of disposition for government-held inventories?
  • What is the potential future impact of these inventories on each of the three nuclear fuel component markets (uranium, conversion, and enrichment)?
  • What critical market conditions will influence the state of inventories over the long-term?

What's New in the 2020 Edition?

As this is the third edition of this report, we have made several important enhancements to the previous editions and added new content to address the current market conditions, including:

  • Updated data and analysis of all utility, supplier, trader/financial, and government inventory levels
  • Provided new insights into the level of utility forward coverage rates and how these may evolve in the coming years
  • Included detailed reviews of nuclear fuel inventory-related financial data of individual utilities from the past ten years
  • Added individual profiles of EU nuclear power countries given unique differences among each in terms of inventory policies and utility approaches
  • Revised forecasts for future inventory buying and disposition in terms of the uranium, conversion, and enrichment sectors
  • Updated our analysis of U.S. and Russian government stockpiles and their likely future usage
  • Added a new section on international fuel banks to highlight the unique role that these sequestered pockets of material play in the global nuclear industry
  • Increased analysis of the market impacts of inventories and key considerations for all market players for all three fuel cycle component sectors
  • Added analysis on the role of inventories in the face of supply risks, including recent supply shocks due to the COVID-19 pandemic

Why Purchase this Report?

UEC Cylinders
Source: URENCO

Combining UxC's extensive and unparalleled experience and knowledge of the nuclear fuel markets, this report provides detailed data and information along with practical analysis of all the critical factors affecting global nuclear fuel inventory levels and future holdings.

Now is the time to gain a deeper understanding of the current and potential future role that inventories will play in shaping the nuclear fuel markets. This is a unique UxC report with comprehensive coverage of inventories, and we are confident that it will provide great value to all subscribers interested in learning more about this important topic.

Given the ongoing market shifts in the uranium, conversion, and enrichment sectors and the evolving role that inventories play in each part of the nuclear fuel cycle, this report provides key insights on all the latest trends and developments related to inventories and should greatly expand the knowledge-base for anyone active in the nuclear fuel market.

Detailed Analysis

  • Utility inventory levels by country/region, including U.S., EU, Japan, and China
  • Latest utility perspectives on inventories and future strategies
  • Impact of Japanese reactor restarts on forward nuclear fuel coverage
  • China's reactor expansion and factors affecting Chinese inventory buying
  • Supplier, trader, and financial holdings
  • U.S. and Russian government stockpiles and disposition policies
  • The role of underfeeding and tails re-enrichment
  • Future inventory growth and disposition scenarios
  • Quantifying current "excess" inventory levels
  • Qualifying the mobility of inventories and potential for future sales/disposition
  • Assessing the impacts of the COVID-19 pandemic on inventory policies
  • Market impacts and key considerations

Ordering Information

UxC's Global Nuclear Fuel Inventories - 2020 special report is available for immediate purchase. The standard price for the electronic copy (PDF) of the 2020 report is US$5,000.00 payable upon receipt of invoice by check, credit card, or wire transfer. A discounted price of US$4,000.00 is available to current UxC Market Outlook report subscribers.

Please see our product flier and the table of contents in Adobe Acrobat PDF format.

An online order form is available.

For additional information, please contact:
Jonathan Hinze  +1 (770) 642-7745