Cameco, page-28

Referring to the bottle neck of conversion services, it may also be the case that utilities have already secured some or all of their conversion services and are now searching for uranium to satisfy those conversion contracts. John Campaglia of Sprott has mentioned a couple of times in various interviews that utilities usually start at the top of the food chain and work down, ie they secure the enrichment and conversion contracts prior to securing the uranium supply. Why buy uranium if it can't be enriched or converted. Look at Korea they had a RFP in the market for approx 5-6 million pounds over a few years and it is rumoured that they didn't receive an offer for the price range that they offered. So they will have to reconsider their price range, but they wouldn't be buying if they hadn't secured the next services.
The reactors won't stop due to lack of fuel supply, but it is going to be interesting how they fill these gaps, money will find a way.