I think in secondary supply there is another source, warhead...

I think in secondary supply there is another source, warhead decommission degraded uranium. I am not sure whether this has been completely digested by the market. The fact is that could contribute large amount of pounds (Russia alone had over 500t on warhead U which equivalent to 10,000t of energy grade U).

Also I think the underfeeding feedstock are from depleted U, not the plant waste. With U price rising, it can be more incentive to the enrichment companies to create more underfeeding due to raw material costs saving. Of cause this capacity will also be affected by the new contracts, it increased.

When the forecast analysis was done, it seems people never factored in the old Nuke plants to be shutdown. I can't remember the figure but I saw it somewhere the near term shutting down plants are quite a few.

IMO U stocks are good to kept in the long term portfolios. Patience is essential.