Signs of a growing deficit are emerging in the global uranium market, according to Dastan Kosherbayev, chief strategy and international development officer at Kazatomprom, Kazakhstan’s national nuclear company and the world’s largest uranium producer. Speaking at the Virtual Uranium Conference, as reported by Inbusiness.kz, Kosherbayev warned that the imbalance is becoming increasingly apparent.
Securing pounds
«The deficit is rapidly approaching — it’s obvious to everyone,» Kosherbayev said. «But it contradicts the behavioral patterns of many utilities, especially in the Western hemisphere. There was a lack of contractual activity in 2024, especially from the middle of the year. Everyone is interested, but no one is securing their pounds in the West, whereas the Asian market is booming.»
He added that, to some extent, this could benefit Kazatomprom, as rising prices are likely to follow growing scarcity.
Kosherbayev also pointed to critical infrastructure bottlenecks, particularly a shortage of conversion and enrichment capacity, as another factor slowing the signing of new contracts. These stages are essential in transforming raw uranium into fuel for nuclear power plants. He noted that capacity for these services is already fully booked years in advance.
Beyond 2028
While most energy companies are covered through 2026 and 2027, demand is expected to spike starting in 2028, just as consumer stockpiles begin to dwindle.
«In terms of long-term demand and the overall picture,» Kosherbayev said, «the scarcity is only going to increase.»
He also emphasized that the current state of the market signals a need for another major uranium producer to help meet growing demand.
Kazatomprom reported selling 12,700 tons of uranium in 2024, down by 14% year-on-year (YoY). In the first quarter of 2025, sales rose 10% YoY to 2,500 tons.
According to UxC, the spot price for uranium reached $78.50 per pound at the end of June. Amid limited supply and rising interest in small modular reactors, Kazatomprom believes that global demand will continue to support sustainable growth in the uranium market.
U.S. security probe into uranium supplies
Kursiv.media previously reported on Kazatomprom’s response to the U.S. Department of Commerce’s Bureau of Industry and Security, which is conducting an investigation into the national security risks associated with imports of processed critical minerals and their derivatives.
Kazatomprom maintains that uranium imports from Kazakhstan do not pose a threat to U.S. producers, pointing out that domestic uranium output has remained stable for years, while prices for Kazakh uranium have followed normal market trends.
The company argues that the U.S. investigation should focus on the country’s excessive reliance on enriched uranium from geopolitical rivals, not on uranium concentrate imported from Kazakhstan, a partner nation. Kazatomprom warned that imposing tariffs or control measures on these imports could harm the competitiveness of the U.S. nuclear energy sector, where nuclear power plants must compete with other sources of electricity.
