TradeTech began publishing a Daily Uranium Spot Price Indicator on March 1, 2011, which reflects data from completed and pending transactions in the uranium spot market.

 

TradeTech’s uranium spot price reached a 16-year high of US$91.00 per pound U3O8 at year-end 2023 on expected growth in demand for uranium to fuel an expanding global nuclear power market. However, there were also policies at work that impacted nuclear fuel supply, including restrictions on Russian nuclear fuel imports, which were drafted in response to Russia’s invasion of Ukraine in February 2022.

 

These restrictions were enacted during 2024, following bipartisan legislation (H.R. 1042) passed the US Congress, which prohibits the importation of low-enriched uranium produced in the Russian Federation or by a Russian entity. The import ban went into effect 90 days after its enactment, on August 11, 2024, and is set to expire on December 31, 2040.

 

The uranium spot market languished throughout 2024 and ended the year at $73.50 per pound U3O8, as the nuclear fuel market continued to be influenced by trade restrictions, as well as net-zero carbon emissions initiatives and emerging demand for nuclear power in the technology sector.

 

These influences have continued in 2025, particularly as the Trump administration’s tariffs program brings uncertainty to the market. The White House confirmation in February that tariffs on Canada, Mexico, and China were imminent led nuclear fuel market participants to remain cautious as they await clarity from the Trump administration on trade policy. As a result, TradeTech’s uranium spot price decreased incrementally in January and February, falling to $64.50 per pound U3O8 on February 28, 2025.

 

Positive news related to US energy policy has provided some balance for the uranium market as US President Donald Trump signed an Executive Order on January 20, 2025, entitled "Unleashing American Energy,” which calls for an agency-wide review of all existing regulations and policies that impose an undue burden on the identification, development, or use of domestic energy resources—with particular attention to nuclear energy resources, as well as oil, natural gas, coal, hydropower, biofuels, and critical minerals.

 

Similar to TradeTech’s Weekly Uranium Spot Price Indicator and monthly NUEXCO Exchange Value, the Daily Uranium Spot Price Indicator reflects the company’s judgment of the price at which spot and near-term transactions for significant quantities of natural uranium concentrates could be concluded as of the close of business each day.