Acid supply risks re-emerge: positive for uranium prices

Following disruptions at several petrochemical plants, Russia has introduced temporary restrictions on sulfuric acid exports effective from 22 Sept to 31 December 2026, to ensure stable supplies to industrials and fertiliser producers. Acid exports will remain possible subject to approvals by the Prime Minister or his deputies, and under international transit arrangements and intergovernmental agreements. 2/3 of Kazakhstan's sulfuric acid imports came from Russia in 7M26. Russian acid suppliers have confirmed their readiness to fulfil their existing contractual obligations for acid deliveries to Kazakh uranium producers in 2026, and are applying for export approvals, per our channel checks. In addition, KAP's TQZ Sulfuric Acid Plant (800kt/yr) commissioning date previously has been delayed from 1Q27 to 3Q27-1Q28. Thus, we highlight sulfuric acid supply risks to uranium production in Kazakhstan, which could potentially push up uranium prices and benefit uranium miners, although some of