Uranium

The nuclear fuel commodity, traded as U3O8 per pound and priced mostly through long term contracts.

Overview

Spot prices published by price reporting firms cover a thin marginal market, while utilities lock most supply through multiyear contracts, so term prices run above spot in tight markets. Kazakhstan leads production, with Canada, Namibia, and Australia next, and conversion, enrichment, and fabrication are separate markets with their own chokepoints, exposed by the disruption of Russian enrichment supply after 2022. Reactor fuel is a small share of nuclear power cost, giving uranium price wide room to rise without breaking utility economics. Sentiment rides Japanese restarts, small modular reactor interest, and physical trusts that buy and hold pounds, tightening the spot market.