Washington (Platts)--28May2008

The spot price of uranium remained at $60/lb U3O8 over the past week,
according to the latest reports of both Ux Consulting and TradeTech.

There is, however, a sense among market analysts that the price may be
inching up slowly, with some buyers said to be willing to pay $61/lb U3O8.

"We're starting to see a little more buying action on the part of
utilities," said one source, adding that there seems to be a growing sense
that "$60/lb might be the magic number" for covering unfilled requirements.

The US Department of Energy's Energy Information Administration said that
as of December 31, 2007, unfilled utility requirements in the US over the
period 2008-2010 totaled 15 million lb U3O8 equivalent.

But one analyst also said there was a possibility that a seller that
needs to make a sale right now might let U3O8 go for "$59/lb and change."

There is, however, more demand looming, said analysts. Taiwan Power said
last week it wants to buy 300,000 lb U3O8 equivalent. Bids are due June 5.

Florida Power and Light has also indicated that it would like to buy
100,000 lb U3O8 through an auction. The auction had been scheduled for May 29,
but has been postponed until June 5.

And a number of analysts expect public investment funds Uranium
Participation and Nufcor Uranium to enter the market in the next month or so.

The Platts NuclearFuel range for the week was $58-$65/lb U3O8.