Research Report on China's Uranium Resource Import 2024-2033

Research Report on China's Uranium Resource Import 2024-2033

In recent years, China's nuclear power industry has developed rapidly. As of June 30, 2024, China had 56 commercial nuclear power units in operation, with a total installed capacity of approximately 58.2 million kilowatts. By the end of 2023, there were 26 nuclear power units under construction, with a total installed capacity of 30.3 million kilowatts. China has maintained the world's largest installed capacity of nuclear power units under construction for several consecutive years. As China's installed nuclear power capacity increases, the country's demand for uranium resources continues to rise. Due to the scarcity of domestic uranium resources, with total reserves of no more than 200,000 tons and high extraction costs, China needs to import large quantities of uranium each year.

In 2023, China imported 13,123.7 tons of uranium resources, a year-on-year decrease of 3.6%, while the import value reached 1.94 billion USD, a year-on-year increase of 47.5%. According to CRI's analysis, from January to July 2024, China imported 9,517.8 tons of uranium resources, a year-on-year decrease of 4.8%, with an import value of 1.55 billion USD, a year-on-year increase of 28.7%.

From 2018 to 2023, the average import price of uranium resources fluctuated significantly. In 2019, the average import price of uranium in China was 125.2 USD per kilogram, a year-on-year increase of 38.3%. According to CRI's analysis, from 2019 to 2021, the average import price of uranium resources continuously declined, reaching 96.5 USD per kilogram in 2021. In 2022, the average import price of uranium resources surged to 147.7 USD per kilogram, a 53% increase compared to 2021. In 2023, the average import price slightly decreased to 137.7 USD per kilogram.

China primarily imports two types of uranium resources: natural uranium and enriched U-235 uranium. In 2023, China imported 16,866.8 tons of natural uranium, accounting for 96.6% of the total import volume, with an import value of 1.87 billion USD, representing 78.0% of the total import value. In 2023, China imported natural uranium from four countries and regions. According to CRI's analysis, Kazakhstan was China's largest source of natural uranium imports by volume. In 2023, China imported 11,132.5 tons of natural uranium from Kazakhstan, accounting for 66.0% of the total natural uranium imports, with an import value of 1.27 billion USD, accounting for 67.8% of the total natural uranium import value.

China's domestic uranium resources are insufficient, leading to a heavy reliance on imports. Nuclear power generation in China accounts for about 5% of the country's total electricity generation, indicating significant room for growth. CRI predicts that from 2024 to 2033, as China's nuclear power installed capacity continues to increase, the demand for uranium resources will keep rising, and China's uranium resources imports are expected to grow steadily.

Topics Covered:

• China’s Uranium Resource Imports and Major Sources, 2018-2023
• Key Drivers and Market Opportunities for China's Uranium Resource Imports
• What are the main drivers, challenges, and opportunities for China's uranium resource imports during the forecast period of 2024-2033?
• Which countries are the major sources of China's uranium resource imports, and what are their export size and average price?
• What is the expected revenue for China's uranium resource import market during the forecast period of 2024-2033?
• What strategies have the key players in the market implemented to increase their market share in this industry?
• Which segment of the Chinese uranium resource import market is expected to dominate the market by 2033?
• What are the competitive advantages of the key players in China's uranium resource import market?
• What is the impact of economic uncertainty on China's uranium resource imports?
• What are the main limiting factors restricting the growth of China's uranium resource imports?