The price of uranium is at a seven-year low but we forecast that it will increase from $36.50/lb today to $50 by the end of 2014, and to $60 in 2015. The key drivers are likely to be a recovery in Japanese demand and, in the long term, the construction of many Chinese nuclear power plants. Nonetheless, our forecasts for 2015 are some 20% below the consensus, in part due to our expectations of weak growth in overall energy demand.
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