Uranium long-term contract prices reached about 90 dollars per pound in 2026, the highest level since 2008, according to Sprott market analysis. The move reflects a market where utilities are returning to the table after years of thin contracting, competing for supply against a backdrop of constrained production.

Spot prices tracked a volatile path. Uranium jumped 24 percent in January to 101.26 dollars per pound, the highest reading since early 2024, then pulled back into a range between 84 and 87 dollars through the second quarter. The gap between the rising term price and the softer spot price illustrates a market where long-term buyers are pricing in future scarcity.

Three catalysts underpin the strength. The scaling of AI data centers is driving demand for round-the-clock carbon-free baseload power, the largest producers face supply constraints, and government policy is shifting toward nuclear energy. In the United States, a Section 232 determination in January designated uranium a national security asset, opening the door to price floors and support for domestic producers.

Supply discipline reinforced the setup. Kazatomprom cut planned 2026 output by 10 percent, a step Sprott compared to an oil producer trimming volume to balance the market, helping sustain a 17-year high in prices. Paladin Energy restarted its Langer Heinrich mine, adding rare near-term supply growth. Years of under-contracting have left utility coverage gaps that could accelerate procurement and push term prices higher.

Source: Sprott - https://sprott.com/insights/uranium-outlook-2026/