Uranium Price Today

The uranium price shown above tracks the NYMEX UxC uranium futures contract (UXA), quoted in US dollars per pound of U3O8, the triuranium octoxide concentrate known as yellowcake. Unlike most commodities, the majority of uranium changes hands through long-term contracts between miners and utilities; the spot and futures markets are thinner but set the headline price everyone watches.

Demand is utility-driven and inelastic. Roughly 440 operable nuclear reactors worldwide need fuel regardless of price, since uranium is a small fraction of a plant's operating cost. Demand growth comes from new reactor construction in China and India, plant life extensions in the US and Europe, restarts in Japan, and a wave of planned small modular reactors (SMRs) backed by data center power agreements.

Supply is highly concentrated. Kazakhstan's Kazatomprom alone produces around 40% of world output via in-situ recovery, with Canada (Cameco's Cigar Lake and McArthur River), Namibia, Australia, and Uzbekistan rounding out the bulk of supply. Years of low prices after the 2011 Fukushima accident hollowed out the project pipeline, leaving the market structurally tight as demand recovered.

Price catalysts include utility contracting cycles, production guidance from Kazatomprom and Cameco, physical buying by funds such as the Sprott Physical Uranium Trust, government policy (including Western efforts to reduce dependence on Russian enrichment), and geopolitical risk around Kazakh and Russian supply chains.