Firstly most consumers do not buy at spot prices. Contracts are negotiated. The lower spot goes the less investment in uranium mining sector there is and the more supply side comes off. With no investment in the sector, new supply does not get developed and at current prices mining is even being halted with some mines being put into care and maintenance with skeleton crew to conserve cash. Consumers will negotiate contracts for the long term and those opportunistically buying at low spot price may miss out on contracts for the long term.
Reactors are being built and demand is increasing - my prediction is that a turn around is not far away (<1 year). Uranium needs to be > $45 USD to have a supply/demand balance today and by 2022 it will be > $100 due to the lack of investment in exploration and development during this price funk.
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