<P> Before uranium is ready for use as nuclear fuel in reactors, it must undergo a number of intermediary processing steps which are identified as the front end of the nuclear fuel cycle: mining it (either underground or in open pit mines), milling it into yellowcake, enriching it and finally fuel fabrication to produce fuel assemblies or bundles . This technologically complicated and challenging process is simple in comparison to the complexity of the market that has evolved to provide these three services . </P> <P> The world's top uranium producers in 2012 with 64% of production were Kazakhstan (36.5% of world production), Canada (15.4%) and Australia (12.0%). Other major producers included Niger, Namibia and Russia Purification facilities are almost always located at the mining sites . The facilities for enrichment, on the other hand, are found in those countries that produce significant amounts of electricity from nuclear power . Large commercial enrichment plants are in operation in France, Germany, Netherlands, UK, United States, and Russia, with smaller plants elsewhere . These nations form the core of the uranium market and influence considerable control over all buyers . The uranium market is a classic seller's market . The uranium cartel, as it became known, was the alliance of the major uranium producing nations . Representatives of these five countries met in Paris, France in February, 1972 to discuss the "orderly marketing" of uranium . Although sounding innocuous, they had, amongst themselves, a monopoly in the uranium market and were deciding to exercise it . </P> <P> Global demand for uranium rose steadily from the end of World War II, largely driven by nuclear weapons procurement programs . This trend lasted until the early 1980s, when changing geopolitical circumstances as well as environmental, safety, economic concerns over nuclear power plants reduced demand somewhat . The production of a series of large hydro - electric power stations has also helped to depress the global market since the early 1970s . This phenomenon can be traced back to the construction of the vast Aswan Dam in Egypt, and to a certain extent with the ambitious Three Gorges Dam in China . During this time, large uranium inventories accumulated . In fact, until 1985 the Western uranium industry was producing material much faster than nuclear power plants and military programs were consuming it . Uranium prices slid throughout the decade with few respites, leaving the price below $10 per pound for yellowcake by year - end 1989 . </P> <P> As uranium prices fell, producers began curtailing operations or exiting the business entirely, leaving only a few actively involved in uranium mining and causing uranium inventories to shrink significantly . Since 1990 uranium requirements have outstripped uranium production . World uranium requirements have increased steadily to 171 million pounds of yellowcake in 2014 . </P>

When did uranium become a sought after commodity
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