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TradeTech Trade Tech Weekly U3O8 Spot Price Indicator Uranium Graph Per Pound Spot Term Transaction

The U3O8 spot price is resilient, with utilities active in mid- to long-term markets. Industry consultant TradeTech reported an un...

Bannerman Energy has reported on continued strong progress at its Etango Uranium Project during the quarter ended June 30, with si...

NexGen Energy has announced additional 2024 and winter 2025 assay results from exploration at Patterson Corridor East (PCE). New a...

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June 23, 2025 – Uranium Spot Price Soars 12% on Increased Market Activity

May 1, 2025 – Uranium Spot Price Climbs on Renewed Market Activity in April

April 1, 2025 – Uranium Market Fluctuates Amid Production Concerns and Tariff Decisions

January 2, 2025 – Technology Sector and Net-Zero Policies Support Long-Term Demand for Uranium

September 4, 2024 – Project Risk & Higher Operating Budgets Drive Uranium Production Costs Higher

Uranium Spot Price Soars 12% on Increased Market Activity
Englewood, CO, June 23, 2025 - A swell of activity in the uranium spot market last week led to a 12 percent spike in the spot price, with industry consultant TradeTech’s Weekly Uranium Spot Price Indicator climbing US$8.50 to $77.50 per pound uranium oxide (U3O8) on June 20—the largest week-on-week increase since January 2024.

TradeTech’s Weekly Uranium Spot Price Indicator has increased $12.25 per pound uranium oxide in the last four months. The recent increase in transaction volume has pushed the year-to-date price rise to 2.0 percent.

The spot market reacted to the June 16 news that the Sprott Physical Uranium Trust had raised $200 million, which would be used to purchase uranium in the spot market.

“The Trust, which has nearly $183 million in hand after purchases last week, is expected to be a presence in the market as it seeks to acquire additional uranium to add to the fund,” said TradeTech President Treva Klingbiel. The fund currently holds more than 60 million pounds of uranium oxide in inventory.

Furthermore, a more bullish outlook for the uranium market has emerged as China intends to nearly double its nuclear power capacity by 2040 in a rapid expansion program. The country is set to build dozens of new nuclear reactors to raise its installed nuclear generating capacity to 200 gigawatts, according to the China Nuclear Energy Association.

Against this backdrop, there are a number of utilities that are already evaluating long-term uranium purchases with several others posed to enter the market in the coming months, according to TradeTech.

About TradeTech
TradeTech—and its predecessor companies—has supported the uranium and nuclear fuel cycle industry for more than 50 years and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic, and political factors affecting this industry. TradeTech provides expert market consulting, has relationships with international nuclear fuel buyers and sellers, and maintains an extensive information database on these industries.

TradeTech launched its Daily Uranium Spot Price Indicator in March 2011, which is provided to subscribers worldwide. The company’s "Nuclear Market Review" (NMR) is published each Friday evening, and reports the Weekly Uranium Spot Price Indicator, uranium trading activity, industry news, and market data. The monthly edition of the NMR, released on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Uranium Price Indicators and Production Cost Indicator, as well as analysis related to price determinations, supply/demand information, and industry and financial news. TradeTech also publishes "The Nuclear Review," a monthly trade publication dedicated to the international uranium and nuclear energy industry, and a quarterly “Uranium Market Study.” [top]

Uranium Spot Price Climbs on Renewed Market Activity in April
Englewood, CO, April 1, 2025 - Buyers returned to the uranium market in April, after gaining clarity on the exemption of uranium under new US tariffs enacted by US President Donald Trump on April 2.

As a result, industry consultant TradeTech’s monthly uranium spot price, the Exchange Value, climbed to $68.50 per pound U3O8 on April 30, up $4.50 from March 31, as market activity gained momentum throughout April. On May 1, TradeTech’s Daily Uranium Spot Price is up $2.00 to $70.00 per pound U3O8. The daily spot price has remained in the mid-$60 range for several weeks and has not reached the $70 mark for nearly three months.

“In April, end user demand began to emerge, and utilities have continued to come forward with delivery dates for purchased material spread across the near-term, mid-term, and long-term delivery time frames. This encouraged other buyers to enter the market as well,” said TradeTech President Treva Klingbiel.

In the term uranium market, new demand emerged from a number of utilities during April. A portion of this demand calls for delivery of material as early as Q3 2025, with others seeking deliveries spanning multiple years extending beyond 2030. This trend is expected to continue as buyers approach buying commitments with a higher degree of caution due to continuing volatility in the broader economic environment, according to TradeTech.

US Tariff Background
US tariffs of 25 percent on Mexico and Canada went into effect on March 4, however, on March 6, President Donald Trump paused tariffs on good and services compliant with the United States Mexico-Canada Agreement. Notably, Canada is the largest importer of uranium into the USA, according to the US Energy Information Administration. On April 2, President Trump announced reciprocal tariffs on specific nations, however, uranium is included on the tariff exemption list.

Uranium Market Fluctuates Amid Production Concerns and Tariff Decisions
Englewood, CO, April 1, 2025 - While the uranium market has slowed recently as participants assess the potential impact of the USA’s tariff agenda on nuclear fuel imports, activity rebounded today, and TradeTech’s daily spot uranium price rose to US$65.50 per pound uranium oxide (U3O8).

“Uncertainty surrounding trade policy, the ongoing conflict in Ukraine, and jurisdictional concerns have slowed the long-term purchase efforts of utilities that operate nuclear power plants. And, in recent days, news about uranium production delays has added another layer of concern,” said TradeTech President Treva Klingbiel.

Buyers returned to the market on April 1 and completed six transactions, which raised TradeTech’s daily spot price to $65.50 per pound U3O8, up $1.50 per pound U308 from TradeTech’s monthly uranium spot price indicator, the Exchange Value, which was $64.00 per pound U3O8 on March 31.

US tariffs of 25 percent on Mexico and Canada went into effect on March 4, however, on March 6, President Donald Trump paused tariffs on good and services compliant with the United States Mexico-Canada Agreement. Notably, Canada is the largest importer of uranium into the USA, according to the US Energy Information Administration. Trump is expected to make an announcement regarding tariffs, including reciprocal tariffs on specific nations, on April 2.

Technology Sector and Net-Zero Policies Support Long-Term Demand for Uranium
Englewood, CO, January 2, 2025 - The global nuclear fuel market continues to be influenced by major macroeconomic forces led by emerging demand for clean energy to power the technology sector and net-zero carbon emissions initiatives, as well as regional trade policies.

For the uranium market, this new energy demand profile promises continued growth and expanded opportunities to play a larger role in energy security in 2025 and beyond. This notable trend in energy security concerns, combined with investor interest in physical assets, signals incoming capital for nuclear power and nuclear fuel projects. Meanwhile, geopolitical concerns and regional trade policies can create challenges for the mining, utility, and transportation sectors.

“TradeTech expects term uranium demand to emerge and retreat in cycles through 2025, largely on the expectation that government policy developments will be unpredictable. However, the upward momentum for uranium demand generated by global net-zero and AI-development initiatives is expected to underpin renewed appetite to secure future uranium supply in 2025,” said TradeTech President Treva Klingbiel. TradeTech’s Long-Term Uranium Price Indicator was US$82.00 per pound U3O8 on December 31, 2024, compared to $72.00 at the beginning of last year.

In 2024, technology companies including Amazon, Google, and Microsoft signed agreements to power artificial intelligence data centers with new nuclear reactors to ensure clean, reliable baseload power generation. In the USA, plans are advancing to restart nuclear power plants that were retired, including California’s Diablo Canyon, Michigan’s Palisades, and the Three Mile Island in Pennsylvania (renamed the Crane Clean Energy Center), to satisfy new demand from the tech industry.

Several nations have embraced policies that support the extended operation of existing nuclear power facilities and proposals to build new large-scale and small modular reactors in the long term. Others are embarking on feasibility studies to introduce new nuclear power programs.

Project Risk & Higher Operating Budgets Drive Uranium Production Costs Higher
Englewood, CO, September 4, 2024 - TradeTech’s monthly uranium Production Cost Indicator (PCI) increased 0.3 percent (US$0.20) to $58.00 per pound uranium oxide (U3O8) in August—the highest value since the indicator’s inception in April 2020 and up 6.5 percent over the last year.

The August PCI value, which captures TradeTech's proprietary judgment of life-of-mine cost necessary to support new primary uranium production, considers a combination of circumstances affecting the future supply/demand dynamic. “This includes an analysis of recent news concerning newly emerging uranium projects competing in the future supply profile, including higher operating cost estimates and supply chain challenges, as well as a detailed review of existing producers and their potential production plans,” said TradeTech President Treva Klingbiel. "Moreover, as the case for a growing nuclear power demand scenario continues to emerge, market participants are already shifting their focus to forward needs and looking to secure long-term supply commitments into or beyond the mid-2030s," Klingbiel added.

Although the production costs of existing projects are not incorporated into the PCI calculation, it is acknowledged that ore bodies of almost every nature are becoming increasingly complex and costly to exploit. In many cases, many of the sizable, near-surface, high-grade, and geotechnically straightforward deposits are currently being (or have been) mined out.

The timely availability of new primary supply on the mid-to-longer term horizon is becoming increasingly fragile. This is exacerbated by select Keystone Projects, which plan to produce uranium concentrates at potentially competitive costs. These projects, which have the potential to produce large volumes, depend on the successful application of first-of-a-kind technologies and licensing, as well as regulatory approvals and unprecedented levels of financial investment.

This year, several projects are being watched by many as a litmus test to a company’s ability to navigate technical, operational, logistical, and market-related risks that now pervade the forward uranium supply curve. Through the remainder of 2024, the uranium industry anticipates the publication of several more updated economic studies and FEED (Front End Engineering Design) studies.

About TradeTech
TradeTech launched its Daily Uranium Spot Price Indicator in March 2011, which is provided to subscribers worldwide. The company's Nuclear Market Review (NMR) is published each Friday evening, and reports the Weekly Uranium Spot Price Indicator, uranium trading activity, industry news, and market data. The monthly edition of the NMR, released on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Uranium Price Indicators and Production Cost Indicator, as well as analysis related to price determinations, supply/demand information, and industry and financial news. TradeTech also publishes The Nuclear Review, a monthly E-magazine dedicated to the international uranium and nuclear energy industry, and a quarterly Uranium Market Study, which includes near- and long-term forecasts.

TradeTech—and its predecessor companies—has supported the uranium and nuclear fuel cycle industry for more than 50 years and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic, and political factors affecting this industry. TradeTech provides expert market consulting, has relationships with international nuclear fuel buyers and sellers, and maintains an extensive information database on these industries. [top]