yah, contracted delivery and delayed production will do it,...

yah, contracted delivery and delayed production will do it, partly why I chose to exit this holding.

According to WNA (WNA U requirement last Updated 19 February 2025) ~67kt U was needed for 2024 and ~49Kt was produced in 2022, why WNA production/consumption figures aren't updated feels lacking in transparency. China had the most reactors under construction and I doubt they would be buying from western countries, similarly proposed future reactors are mostly in unfriendly to western countries.

Have you got any thoughts on U market in terms of supply demand in particular for PENs customer base? For the last couple of years investors have been calling a deficit which I have not found any significant proof but can see U prices returning to 2023 levels indicating supply is fine for the moment.