Owners and operators of US civilian nuclear power reactors paid a weighted-average price of $58.46 per pound of uranium concentrate equivalent for 2025 deliveries, 11 percent above the $52.71 average paid in 2024, according to the Uranium Marketing Annual Report from the US Energy Information Administration.

Purchase volume fell while prices climbed. Total deliveries dropped 16 percent to 46.9 million pounds from 55.9 million pounds in 2024.

Contract structure explains most of the price spread. Long-term contracts covered 87 percent of 2025 deliveries at a weighted-average $55.91 per pound. Spot contracts covered the remaining 13 percent at $76.01 per pound. Operators signed 22 new purchase contracts during the year covering 4 million pounds delivered in 2025 at an average $70.46 per pound.

Enrichment pricing moved in the same direction. Operators bought 13 million separative work units from four sellers at an average $108.70 per SWU, up 11 percent from $97.66 in 2024. They shipped 32 million pounds of natural uranium feed to enrichers, with US suppliers receiving 37 percent and foreign suppliers receiving 63 percent.

Supply stayed concentrated overseas. Canada supplied 32 percent of 2025 deliveries, followed by Kazakhstan at 28 percent and Australia at 15 percent. Uzbekistan accounted for 7 percent and Namibia for 4 percent. US-origin material made up 7 percent of deliveries, down from 8 percent in 2024.

Forward commitments under existing contracts total 174 million pounds for 2026 through 2035. Unfilled market requirements add another 186 million pounds, putting maximum anticipated demand at 360 million pounds over the next decade.

Source: U.S. Energy Information Administration - https://www.eia.gov/uranium/marketing/