The nuclear crisis in Japan and a halt of seven reactors in Germany may trigger "short-term fluctuations" in the price of uranium in Kazakhstan, according to the deputy minister for economic development and trade, Bloomberg reported.
"We understand that the situation in Japan and what is happening in other countries, for example, in Germany, can affect in the short term the price of Kazakh uranium," Kuandyk Bishimbayev said at a briefing in Brussels today.
Kazakhstan is the world's biggest uranium producer, accounting for almost 28 percent of global output in 2009, according to World Nuclear Association data. The country has 15 percent of the world's uranium resources, the association said on its website.
Japan is struggling to avert a nuclear meltdown after last week's earthquake and a tsunami crippled reactors at the Fukushima Dai-Ichi reactor. German Chancellor Angela Merkel decided March 15 to keep seven of the country's oldest reactors off line during a three-month safety evaluation.
Uranium prices have dropped to $50.01 a pound from $68.24 on March 11, according to data from energy broker MF Global U.K. Ltd. The price represents the midpoint for bids and offers in Western markets.