Uranium Spot Price: UxC, TradeTech and Spot vs Term

The uranium spot price was US$89.63 per pound of U3O8 at the end of September 2026, against a long-term (term) price of US$96.50, according to Cameco’s published month-end series. In mid-October, a price tracker showed US$89.9 per pound on 15 October 2026. That is about one third below the month-end peak of US$136 in June 2007 in Cameco’s series, and about US$7 below what utilities agree to pay for deliveries years ahead. This page explains who sets the number, why UxC and TradeTech quotes differ by a few dollars, how spot and term prices relate, and what moves them. It ends with a fuel-cost calculator you can fill in with your own contract mix.

Uranium is quoted in US dollars per pound of U3O8, the oxide concentrate that mines sell, often called yellowcake. A pound is 0.4536 kg. For the wider price picture, including conversion and enrichment, see our guide to current uranium prices. This page stays on the spot quote itself.

What the uranium spot price is and who sets it

In regulators’ terms, a spot (cash) commodity is the physical commodity itself, as distinguished from a futures contract. In uranium, spot also means delivery soon, usually within weeks or a few months, as opposed to a term contract that delivers over many years. Uranium does not trade on an open market like gold or copper. As Cameco puts it, buyers and sellers negotiate contracts privately. So the number you see on a website is an indicator: a price reporting firm’s judgment of where a deal could be done, based on bids, offers and recent trades.

Two firms publish the indicators that most of the industry refers to. A third source, Cameco, averages them.

This is why two quotes for the same day can differ. UxC reads the market through the most competitive offers it can see in a set delivery window. TradeTech weighs completed and pending trades and willingness to pay. Neither is a trade-by-trade average. Neither is the price any one utility pays. When a headline says “uranium hit US$100”, check which firm, which day and whether it was a month-end or an intraday reading. For example, TradeTech’s press release of 28 January 2026 was headlined a spot surge to US$100.25, while Cameco’s month-end average for January 2026 was US$94.28.

Where to check the spot price and how often it updates

For a dated, repeatable number, use Cameco’s month-end series. It is open to anyone, covers 1988 onward and gives spot and term side by side. For a weekly view, UxC’s public page shows the Ux U3O8 price with a delay. TradeTech’s site publishes press releases with headline moves, such as its note on 2 October 2026 that its long-term indicator had held at US$97.00 for four consecutive months. Price trackers update daily but often do not say which indicator they follow, so treat them as a rough guide and check the date.

• Month-end average: Cameco, updated each month. Best for charts and for contracts that reference a month-end price.
• Weekly: UxC (delayed on the public page) and TradeTech (each Friday, client report).
• Daily: UxC and TradeTech daily indicators, mainly for subscribers. Trackers such as CarbonCredits show a daily figure with a date.

Contracts that tie to a published price name the source in the contract, for example “the UxC month-end spot price”, because the quotes differ. Before you compare any two numbers, check that they come from the same provider and date.

How the spot price has moved in recent years

Cameco’s month-end averages show four distinct phases. In 2022 spot stayed between US$43.08 (January) and US$58.20 (March). In 2023 it climbed from US$50.48 in March to US$91.00 in December. In 2024 it started at US$100.25 in January and ended at US$72.63. In 2025 it fell to US$64.23 in March, then rose to US$82.63 by September and US$81.55 in December. So far in 2026 the month-end readings have stayed between US$84.18 (May) and US$94.28 (January), and the September reading was US$89.63 (Cameco).

Chart

Uranium spot and long-term price, quarter ends

US$ per lb U3O8, Cameco month-end industry average

The chart plots spot and long-term prices at each quarter end from 2024 to September 2026. Spot fell from US$87.75 in March 2024 to US$64.23 in March 2025, then recovered. The term price stayed in a narrow band, between US$77.50 and US$81.50, over those twelve months. It reached US$96.50 only by August 2026.

Uranium spot price versus term price

Term (long-term) contracts deliver over several years and are the main route by which utilities buy fuel. The World Nuclear Association (WNA) says most trade is through term contracts of 3 to 15 years between producers and utilities, often with prices linked to the spot price at the time of delivery or to a base price that escalates. Spot is the smaller part of the market. WNA also notes that primary market participants (utilities and producers) make up only 30 to 40 percent of spot activity, with traders and financial buyers making up the rest.

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Spot versus long-term price at each September month-end

US$ per lb U3O8, Cameco industry average

TradeTech’s own long-term indicator reached US$97.00 and held there from June to September 2026, which it describes as the highest level in more than 18 years.

The gap between spot and term has changed sign. In September 2023 spot (US$71.58) was above term (US$61.50). By September 2026 term (US$96.50) sat US$6.87 above spot (US$89.63). TradeTech’s president said in the October 2026 release that several utilities are seeking uranium with deliveries from 2027 into the late 2030s. That is TradeTech’s view of its own market. For more on contract prices, see our note on the long-term contract price and Cameco outlook.

The second chart shows the split at each September month-end since 2022. Term was higher in 2022, spot was higher in 2023, the two were within 50 cents in 2024 and 2025, and term pulled ahead in 2026.

What buyers actually pay: US utility data

Most uranium never changes hands at the spot quote. The U.S. Energy Information Administration (EIA) reports that owners of US reactors bought 46.9 million lb U3O8 equivalent in 2025 at a weighted-average price of US$58.46 per lb, up 11 percent from US$52.71 in 2024. Only 13 percent of 2025 deliveries came under spot contracts (average US$76.01 per lb); the other 87 percent came under long-term contracts at US$55.91 per lb. EIA defines a spot contract as one with a single delivery, usually within a year of signing.

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Price paid by US reactor owners: 2025 deliveries, with the 2024 average

Weighted-average US$ per lb U3O8 equivalent

The gap between US$55.91 and the US$80 to US$86 term indicators of 2025 shows how older contracts, signed when prices were far lower, keep average costs below the market. As those contracts expire and are replaced at current prices, the average cost a utility pays should move toward the term indicator. EIA also reports that US commercial uranium inventories rose to 170 million lb at the end of 2025 from 156 million lb a year earlier, a buffer that lets some buyers wait.

What moves the uranium spot price

Spot prices react to small changes in who is buying or selling, because few pounds trade each week. Six drivers matter most.

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Share of world uranium mine output by company, 2024

Per cent of world mine output, top eight of ten companies in WNA’s table

Reactor demand

WNA’s market page says about 440 reactors, with roughly 390 GWe of capacity, need around 80,000 tonnes of U3O8 a year. Fuel demand is steadier than for most metals, because once a plant is built it is cheap to keep running.

Mine supply and who controls it

WNA data show mines produced 60,213 tonnes of uranium (71,006 tonnes U3O8) in 2024, about 90 percent of world demand. Kazakhstan produced 39 percent of that, Canada 24 percent and Namibia 12 percent, and in situ leaching (ISL, where a solution is pumped through the ore underground) made up 55 percent of output. The gap between mine output and demand is filled by inventories and secondary supply. A delay or cut at one large producer can move the spot quote.

Production costs

Costs set a floor over time. Kazatomprom’s 1H2026 results note that a higher sulphuric acid price raised its capital costs and cash costs, because acid is used to prepare ISL wells (Kazatomprom). WNA adds that the price cannot stay below the cost of production for long, nor stay very high for longer than it takes new producers to enter.

Financial buyers holding physical uranium

Funds and companies that buy and hold pounds can lift the spot price because they buy in the same thin market. Yellow Cake plc, for example, reports a holding of 24.37 million lb of U3O8 on its site (checked 16 October 2026). When such holders buy or stop buying, the spot quote can move without any change in reactor use.

Trade rules and tariffs

TradeTech notes that a US ban on Russian-produced low-enriched uranium took effect on 11 August 2024 and is set to run to 31 December 2040. It also reports that spot fell to US$64.50 on 28 February 2025 as buyers waited for clarity on US tariffs. Cameco’s month-end spot for March 2025 was US$64.23, close to the same level.

Month-to-month swings

The Cameco data show moves of US$7 or more in a single month, for example US$94.28 in January 2026 and US$86.95 in February 2026. Month-end figures also hide intramonth peaks, so check the date before you compare.

How the spot price affects seven groups

The groups below are the ones with a direct, documented link to the spot quote.

1. Reactor operators and utilities

Utilities buy fuel through a mix of term and spot contracts, so the spot price matters mainly for the part they leave uncovered. In the US that was 13 percent of 2025 deliveries (EIA). Fuel is a small part of nuclear generating cost compared with the capital cost of the plant, as WNA notes, so fuel is a smaller share of generating cost than the plant itself.

2. Uranium producers

Producers sell a mix of contract and spot pounds. Kazatomprom and Cameco are the two largest in WNA’s 2024 company table, at 21 and 17 percent of world output. Revenue depends on the mix of contract and spot pounds each one sells. See our list of the largest uranium producers and Cameco’s production guidance.

3. Developers and explorers

Whether a project is viable depends on grade, recovery, capital cost and the price it can contract, so the spot quote is only one reference. For a US view, see our ranking of US uranium mining companies by output.

4. Converters, enrichers and fuel makers

Uranium is only the first step. UxC values natural UF6, the gas that goes to enrichment, as the U3O8 price multiplied by 2.61285 plus the conversion price. A higher U3O8 quote therefore feeds directly into the UF6 value.

5. Holders of physical uranium

Companies that hold pounds, such as Yellow Cake, are exposed to the spot quote because the value of their stock is the pounds times the price. Use their own reports for holdings and valuation dates.

6. Governments and regulators

Supply security rules, such as the US ban on Russian-produced low-enriched uranium, change which pounds are available and so shape spot demand.

7. Investors in uranium equities and royalties

Share prices of uranium companies react to the spot and term quotes, but they also reflect costs, financing and project timing. A price series is a data point, not a reason to buy or sell. This page does not give investment advice.

Worked example: what a US$10 spot move costs a buyer

Take a utility that needs 1,000,000 lb of U3O8 a year and covers 85 percent through term contracts at US$80, leaving 15 percent to buy at spot (US$90 in this example). Its blended cost is 0.85 x 80 + 0.15 x 90 = US$81.50 per lb, or US$81.5 million a year. If spot rises by US$10, the blended cost rises by only US$1.50 per lb, because only 150,000 lb is exposed. That is US$1.5 million, not the US$10 million you would get by applying the move to the whole volume. This is why a spot jump hits a buyer with high term cover far less than the headline suggests, and why a buyer with little cover feels it fully.

The calculator below uses your own figures. The prices are examples, so use today’s quotes from your provider.

Higher prices and the case for new exploration

A spot price near US$90 and a term price near US$97 are well above the US$43 to US$58 month-end range of 2022 in Cameco’s series. New supply starts as an exploration target and takes years to reach a resource estimate, a permit and a first sale, so a project is judged on the longer-run outlook more than on one week’s quote. Satellite data can map alteration halos and fault patterns around a target before field work. Farmonaut’s satellite mineral detection service screens a licence area this way. Satellite results are exploration targets, not a resource estimate and not a compliant report.

▶ Explains in plain words how remote sensing measures the ground from a distance, the idea behind satellite screening of an exploration area. · 2:01

For Zimbabwe, where a known deposit at Kanyemba sits in the Zambezi Valley, the video below walks through what is known and what is not.

▶ A short clay-animated explainer on uranium in Africa and the Kanyemba deposit in Zimbabwe’s Zambezi Valley. · 4:27

What to check before using any uranium price

1. Provider and indicator. UxC, TradeTech and Cameco’s average are different series.
2. Date and time. Spot can move several dollars in a month. Use a dated source.
3. Spot or term. Contracts mostly follow term indicators, not the spot quote.
4. Unit. US dollars per pound of U3O8, not per kilogram of uranium and not per pound of UF6. One kilogram of uranium is about 2.6 lb of U3O8.
5. Delivery terms. Quantity, delivery location and origin affect the quote, as UxC’s definitions show.

If you have a licence area or a project and want a satellite screen before you spend on drilling, you can send a quote request or contact us.

Frequently asked questions

What is the uranium spot price right now?

Cameco’s average of the UxC and TradeTech month-end prices was US$89.63 per lb of U3O8 in its 30 September 2026 row, and a tracker showed US$89.9 on 15 October 2026. Always check the date and provider.

What does UxC stand for and what is the UxC spot price?

UxC, LLC is a nuclear fuel market research and price reporting firm. Its Ux U3O8 Price is its spot indicator, based on the most competitive offers it knows of for delivery within three months, with a 2:30 pm Eastern cut-off.

What is TradeTech’s uranium price?

TradeTech is a consultancy based in Englewood, Colorado, that publishes a weekly spot indicator every Friday, a daily indicator and monthly mid-term and long-term indicators. Its judgment draws on trades, bids and offers.

Why is the uranium spot price lower than the long-term price?

Term prices include the cost of securing supply years ahead. In September 2026 Cameco’s series showed spot at US$89.63 and term at US$96.50. In 2023 the order was reversed.

Is uranium traded on an exchange?

Not on an open market in the way gold or copper do. Cameco says buyers and sellers negotiate contracts privately, and the published prices are indicators of where deals could be done.

What unit is the uranium price quoted in?

US dollars per pound of U3O8. One tonne of U3O8 is about 2,204.6 lb. Converting to uranium metal needs the weight ratio of U to U3O8, so use a provider’s conversion table.

Why do different websites show different spot prices?

They follow different indicators, update at different times or round differently. A UxC weekly figure, a TradeTech daily figure and a tracker can differ by a dollar or more on the same day.

How much of the uranium bought by US utilities is bought at spot?

EIA reports 13 percent of 2025 deliveries to US reactor owners came under spot contracts, at a weighted average of US$76.01 per lb, and 87 percent under long-term contracts at US$55.91 per lb.

Who produces the most uranium?

Kazakhstan produced 39 percent of world mine supply in 2024, ahead of Canada (24 percent) and Namibia (12 percent), according to WNA. Kazatomprom was the largest company at 21 percent.

Does the spot price tell me what a mining project is worth?

Not by itself. Project value depends on grade, recovery, costs and the contract price a mine can secure. Use the spot quote as one input and check the term indicator too.

Where can I see past uranium prices?

Cameco’s price page lists month-end spot and long-term averages from 1988, which is the easiest open series for charts.