Uranium long-term contract prices reached $90 per pound in 2026, the highest level recorded since 2008. Long-term contracts carry more weight than spot in this market because utilities buy fuel on multi-year agreements and the term price reflects what reactor operators are willing to commit to years ahead of delivery.

The spot market followed a different path through the year. Prices passed $101.41 per pound in January after a surge that began in late 2025, then retreated on geopolitical instability. The second quarter opened at $84.19 per pound and traded within an $84 to $87 range across the period.

Supply reduction supplied much of the upward pressure. Kazatomprom, the largest producer globally, cut 2026 production guidance by 10 percent early in the year, removing approximately 5 million pounds from expected supply.

United States demand and supply remain badly matched. Domestic reactors consume roughly 50 million pounds of uranium annually while about 95 percent of that volume arrives as imports. Federal executive orders have targeted a reduction in that dependence, and the Department of Energy has directed contract awards toward domestic enrichment and conversion capacity, including a $900 million award to General Matter.

Data center load growth has added a demand channel that did not exist in prior uranium cycles. AI infrastructure requires continuous baseload power, and utilities have responded with nuclear procurement agreements that extend fuel contracting horizons.

Source: Sprott - https://sprott.com/uranium-watch/