MarketPR
Russia's efforts to build a larger position in the uranium market have placed the security of the global nuclear fuel supply chain under fresh scrutiny.
For markets that track the nuclear fuel cycle, the concern is structural rather than episodic: concentration of upstream supply in a single state actor creates pressure points that downstream consumers have limited flexibility to navigate quickly.
The supply-chain stakes Nuclear fuel does not move through a liquid, interchangeable commodity market.
It travels through a series of discrete processing stages, and capacity at each of those stages is held by a small number of operators globally.
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