The 2020 UMAR shows that U.S. utilitiesare still seeing falling prices in both uranium and enrichment;however, if EIA were to publish delivery prices for conversion,we suspect these would be quite a bit higher than a fewyears ago. Meanwhile, as term uranium contracting seems tohave picked up a bit, we are now seeing uncovered utilityneeds fall in future years. As U.S. utilities continue to assesstheir requirements and overall market conditions, it will beimportant to see if these recent trends continue or shift again.
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