US uranium production is expanding in 2026 as producers respond to a persistent supply deficit and rising demand from nuclear power. In April 2026, Uranium Energy Corp commenced production at its Burke Hollow project, and Ur-Energy officially started uranium mining operations at its Shirley Basin site, both supporting an effort to rebuild domestic output.
Prices have stayed firm even through volatility. Spot uranium recently traded in the 80 to 90 dollar per pound range, with long-term contracts approaching or exceeding 90 dollars per pound. The market saw a turbulent start to 2026, with prices peaking above 101 dollars before geopolitical instability triggered a pullback.
The demand outlook is strong. Uranium demand is projected to rise about 28 percent by 2030 and nearly double by 2040, driven by new reactor construction, life extensions at existing plants, and the deployment of advanced reactor designs. Analysts describe the supply shortfall as a multiyear structural imbalance rather than a temporary gap.
Production is expected to scale significantly. Total output across major producers is forecast to grow from 58.5 million pounds in 2025 to 141.2 million pounds by 2033, a near 2.5 times increase in under a decade. With policy uncertainty fading for utilities, analysts expect improving long-term contracting volumes to support the market through 2026. The startup of new US operations marks a step toward reducing reliance on imported supply.
Source: Investing News Network - https://investingnews.com/uranium-forecast/