By Seher Dareen
(Reuters) -Uranium prices gained on Friday after Russia imposed temporary restrictions on the export of enriched uranium to the United States.
The move by Russia, the world's largest supplier of enriched uranium, was a symbolic tit-for-tat move after the U.S. banned Russian uranium imports, adding that companies authorized by the export control watchdog can still export uranium to the U.S.
Bids for uranium for November 2025 delivery jumped $4 to $84 a pound after the news, market research firm and consultancy UxC said.
"Many sellers have backed away from making offers at the moment as they assess the impact," Jonathan Hinze, president of UxC, told Reuters.
The weekly spot price of uranium slipped $1 to $77 a pound as of Nov. 11 from the previous week, down from about $90 in May, according to UxC.
Shares of uranium miners also jumped after the news.
Russia holds about 44% of the world's uranium enrichment capacity and about 35% of U.S. nuclear fuel imports used to come from Russia, according to the U.S. office of nuclear energy.
"$100 per pound is very achievable intermediately on the spot market ... it's inelastic demand," said John Ciampaglia, CEO of Sprott Asset Management, which manages a large physical uranium fund.
While securing supply is paramount, the enrichment and conversion elements of the fuel cycle are more constrained, he added.
British-Dutch-German firm Urenco runs the only commercial uranium enrichment facility in the U.S. out of New Mexico and announced plans to expand it last year.
In September, French nuclear fuel specialist Orano said it could begin enriching uranium at a new plant in the U.S. in the early 2030s.
Broadly, consensus stands that Russian imports into the U.S. would continue with limited interruption through 2027 due to the previous waivers granted by the U.S. Department of Energy, with Russia expected to continue exports, RBC analysts said.