Uranium prices steady as EIA releases annual market report
The end-of-July spot price for uranium was $86.36 per pound, as reported by Cameco—roughly the same as it has been since February. Analytics firm Trading Economics reported a uranium futures price of $86.60 per pound, a figure that also has been holding steady since early April.
These updates come as the U.S. Energy Information Administration has released its 2025 Uranium Marketing Annual Report, which examines in detail multiple aspects of the U.S. uranium market. Data are derived from answers given in the Uranium Marketing Annual Survey, which collects information on contracts, deliveries (during the past year and projected for the next 10 years), purchased enrichment services, inventories, fuel assembly usage, and market requirements.
This chart from the 2025 Uranium Marketing Annual Report shows the amount of uranium (thousand pounds U3O8e equivalent) purchased by owners and operators of U.S. civilian nuclear power reactors, by selected origin country and delivery year, 2021–2025. (Source: U.S. EIA, form EIA-858, Uranium Marketing Annual Survey, 2021–2025)
Purchases and prices: According to the report, civilian owners and operators of U.S. nuclear power reactors purchased a total of 46.9 million pounds of U3O8e in 2025 from both U.S. and foreign suppliers. (The report expresses triuranium octoxide, or uranium concentrate, as U3O8e, which is the equivalent uranium-component of uranium hexafluoride and enriched uranium.)
The largest supplier was Canada, which was the origin of 32 percent of U.S. uranium deliveries, followed by Kazakhstan (28 percent), Australia (15 percent), Uzbekistan (7 percent), and Namibia (4 percent). U.S. origin uranium claimed a 7 percent share of U.S. uranium deliveries in 2025.
The weighted-average price of uranium purchased in 2025 was $58.46 per pound. A total of 13 percent of the uranium delivered in 2025 was purchased under spot contracts, with a weighted-average price of $76.01 per pound. The other 87 percent was purchased under long-term contracts, with a weighted-average price of $55.91 per pound.
Feed, enrichment, loads: In all, 32 million pounds U3O8e of natural uranium feed were delivered to U.S. and foreign enrichers in 2025, with U.S. enrichment suppliers receiving 37 percent of the feed and foreign enrichment suppliers receiving 63 percent. The average price paid by U.S. owners/operators for 13 million separative work units (SWUs) of uranium enrichment in 2025 was $108.70 per SWU, representing a price increase of 11 percent from 2024.
This chart from the 2025 Uranium Marketing Annual Report shows purchases of enrichment services (thousand separative work units [SWUs]) by owners and operators of U.S. civilian nuclear power reactors, by selected country and year, 2021–2025. (Source: U.S. EIA, form EIA-858, Uranium Marketing Annual Survey, 2021–2025)
The U.S.-origin SWU share was 23 percent, and the foreign-origin SWU share was 77 percent. The bulk of foreign enrichment services were purchased from Russia (26 percent), followed by France (18 percent), the United Kingdom (14 percent), and the Netherlands (8 percent).
Foreign purchases: Foreign purchases of uranium by U.S. owners/operators and suppliers—that is, converters, enrichers, fabricators, producers, brokers, and traders—totaled 30 million pounds U3O8e in 2025, with a weighted-average price of $56.80 per pound. Meanwhile, U.S. suppliers and owners/operators sold 4 million pounds U3O8e to foreign suppliers, at a weighted-average price of $75.05 per pound.
