Category: Enrichment

Secondary supply—uranium sourced outside of primary production—has long been bolstered by the re-enrichment of depleted uranium, particularly through contracts between Western enrichers and Russia. This process once added meaningful volume to the market.

Utilities don’t just buy uranium—they buy enriched uranium, a mix of raw material and processing. For years, enrichers used less uranium (a practice called “underfeeding”), creating extra supply. But as of mid-2025, they’re underfeeding less, meaning more uranium is being...