China’s growing demand for uranium is significantly shaping the global market as the country expands its reliance on nuclear energy and possibly its nuclear arsenal, according to Citi analysts.

China’s uranium imports are set to rise sharply in the coming years, driven by increasing energy needs and geopolitical factors. Currently, China’s utilities require 14.6 kt of uranium (38 million lbs), accounting for 22% of global demand, a figure projected to rise to 24.6 kt (64 million lbs) by 2030, representing 28% of global demand. By 2035, China is expected to consume a cumulative 250 kt (650 million lbs) of uranium.

In addition to energy demands, China’s potential plans to scale up its nuclear warhead arsenal may further increase uranium needs, requiring an estimated 84.6 kt (220 million lbs). However, with limited domestic production, China remains heavily reliant on imports, particularly from Central Asia and Africa, having built stockpiles of 173 kt (450 million lbs).

Citi warns that China’s growing share of global uranium demand, expected to reach 36% by 2040, could introduce volatility into the global uranium market, with the country’s procurement strategies likely to impact prices.

https://www.investing.com/news/commodities-news/what-is-chinas-role-in-the-uranium-market-3610160