Uranium markets held a tight range in mid-2026 even as long-term contract pricing climbed, reflecting a structural gap between rising demand and constrained supply. Spot uranium traded near 85 dollars per pound during the second quarter, holding its range since early April. Long-term term prices moved in the other direction, breaking past 90 dollars in January for the first time since 2008 and reaching about 94 dollars more recently.
The United States remains heavily dependent on imports. The domestic sector is slowly recovering after years of dormancy, but a substantial gap persists between annual US requirements and annual US production, estimated at roughly 46 to 47 million pounds per year. Closing that gap has become a policy priority, with federal steps to rebuild domestic fuel supply chains, expand strategic stockpiles, and accelerate permitting for critical minerals projects.
Domestic producers are responding. Energy Fuels produced 1 million pounds of uranium in 2025 and expects to grow output to between 1.5 million and 2.5 million pounds in 2026. Denison Mines received regulatory approval to begin construction at its Phoenix asset in February 2026, with production expected to start in mid-2028.
Supply uncertainty intensified during the quarter as major producers faced operational challenges. Kazatomprom, the world largest and lowest-cost producer, cut production guidance by 10 percent to support pricing, and earlier disruptions affected output at established operations. The combination of constrained global supply and firm demand continues to underpin the long-term case for higher prices.
Source: Investing News Network -- https://investingnews.com/uranium-forecast/