Data through September 30, 2026. Source: Cameco’s month-end averages of UxC and TradeTech. Nominal US dollars (not adjusted for inflation).
Key moments in uranium price history
- 1988–2003: the long glut. After the 1970s boom, utilities drew on large inventories and, from 1993, on down-blended Russian weapons uranium (the Megatons to Megawatts programme). Spot spent most of these years between $7 and $16, hitting a low of $7.10 in December 2000.
- 2003–2007: the first bubble. Inventories ran down, China and India announced reactor programmes, and the October 2006 flood at Cameco’s Cigar Lake project delayed a major new supply source. Hedge funds piled in and spot reached $136.00 at the end of June 2007 — up from $10.20 at the end of 2002.
- 2008–2010: correction and recovery. Spot fell back to $40–50 during the financial crisis and recovered to $62.25 by December 2010.
- 2011–2016: Fukushima. After the March 2011 accident Japan idled its entire reactor fleet and Germany accelerated its exit. Spot slid from $72.63 (January 2011) to $18.00 in November 2016.
- 2017–2020: production cuts. Cameco suspended McArthur River/Key Lake in 2018 and Kazatomprom curtailed output; COVID-19 shutdowns in 2020 pushed spot to $33.93 in May 2020.
- 2021–2022: funds return. The Sprott Physical Uranium Trust launched in July 2021 and began buying pounds; spot jumped to $45.75 by November 2021. Russia’s invasion of Ukraine took it to $58.20 in March 2022.
- 2023–2024: new cycle high. Supply problems (including the July 2023 coup in Niger and Kazatomprom guidance cuts) and utility contracting lifted spot to $100.25 at the end of January 2024 — the highest month-end since 2007.
- 2024–2025: pullback. Spot drifted down to $64.23 in March 2025 as financial buying paused, while the long-term price held around $80.
- 2025–2026: recovery. Renewed SPUT purchases, Kazatomprom’s planned 2026 output cut and US policy support lifted spot back above $100 intra-month in January 2026 (month-end $94.28). It ended September 2026 at $89.63, while the long-term indicator reached a record $96.50.
Uranium price by year (1988–2026)
| Year | Avg spot | High (month-end) | Low (month-end) | Year-end spot | Year-end long-term |
|---|---|---|---|---|---|
| 2026 (Jan–Sep) | $87.41 | $94.28 Jan | $84.18 May | $89.63 | $96.50 |
| 2025 | $73.54 | $82.63 Sep | $64.23 Mar | $81.55 | $86.50 |
| 2024 | $85.14 | $100.25 Jan | $72.63 Dec | $72.63 | $80.50 |
| 2023 | $62.51 | $91.00 Dec | $50.48 Mar | $91.00 | $68.00 |
| 2022 | $49.81 | $58.20 Mar | $43.08 Jan | $47.68 | $52.00 |
| 2021 | $35.28 | $45.75 Nov | $27.98 Feb | $42.05 | $42.75 |
| 2020 | $29.96 | $33.93 May | $24.63 Jan | $30.20 | $35.00 |
| 2019 | $25.64 | $28.90 Jan | $24.05 May | $24.93 | $32.50 |
| 2018 | $24.59 | $29.10 Nov | $21.00 Apr | $27.75 | $32.00 |
| 2017 | $21.66 | $24.50 Jan | $19.60 May | $22.32 | $30.67 |
| 2016 | $25.64 | $34.70 Jan | $18.00 Nov | $20.25 | $30.00 |
| 2015 | $36.55 | $39.45 Mar | $34.23 Dec | $34.23 | $44.00 |
| 2014 | $33.21 | $39.50 Nov | $28.23 Jun | $35.50 | $49.50 |
| 2013 | $38.17 | $43.88 Jan | $34.50 Aug | $34.50 | $50.00 |
| 2012 | $48.40 | $52.13 Jan | $41.75 Oct | $43.38 | $56.50 |
| 2011 | $56.37 | $72.63 Jan | $49.13 Aug | $51.88 | $62.00 |
| 2010 | $46.84 | $62.25 Dec | $40.75 May | $62.25 | $66.00 |
| 2009 | $46.06 | $51.50 Jun | $42.00 Mar | $44.50 | $61.00 |
| 2008 | $61.71 | $78.00 Jan | $45.00 Oct | $52.50 | $70.00 |
| 2007 | $99.33 | $136.00 Jun | $75.00 Jan | $90.00 | $95.00 |
| 2006 | $49.61 | $72.00 Dec | $37.50 Jan | $72.00 | $72.00 |
| 2005 | $28.67 | $36.38 Dec | $21.10 Jan | $36.38 | $36.13 |
| 2004 | $18.60 | $20.60 Dec | $15.55 Jan | $20.60 | $25.00 |
| 2003 | $11.55 | $14.45 Dec | $10.10 Mar | $14.45 | $15.50 |
| 2002 | $9.88 | $10.20 Dec | $9.70 Jan | $10.20 | $10.75 |
| 2001 | $8.82 | $9.55 Dec | $7.23 Jan | $9.55 | $10.50 |
| 2000 | $8.18 | $9.45 Jan | $7.10 Dec | $7.10 | $9.25 |
| 1999 | $10.23 | $10.85 Mar | $9.60 Dec | $9.60 | $10.00 |
| 1998 | $10.27 | $11.90 Jan | $8.75 Nov | $8.75 | $11.10 |
| 1997 | $12.03 | $14.25 Jan | $10.25 Aug | $12.10 | $12.50 |
| 1996 | $15.59 | $16.55 Jun | $12.95 Jan | $14.70 | $15.00 |
| 1995 | $11.46 | $12.23 Dec | $9.68 Jan | $12.23 | – |
| 1994 | $9.34 | $9.60 Dec | $9.08 Sep | $9.60 | – |
| 1993 | $10.05 | $10.25 Sep | $9.75 Jan | $9.88 | – |
| 1992 | $8.55 | $10.40 Nov | $7.73 May | $9.98 | – |
| 1991 | $8.72 | $9.45 Feb | $7.38 Oct | $8.75 | – |
| 1990 | $9.77 | $11.73 Jul | $8.43 Oct | $9.75 | – |
| 1989 | $9.99 | $11.55 Jan | $9.00 Dec | $9.00 | – |
| 1988 | $14.63 | $16.40 Jan | $11.88 Dec | $11.88 | – |
FAQ
What was the highest uranium price in history?
The highest month-end spot price was $136.00/lb U3O8 in June 2007. Weekly assessments briefly touched about $136–138 that month.
What was the lowest uranium price?
Since 1988 the lowest month-end spot price was $7.10/lb in December 2000. In the post-Fukushima slump it bottomed at $18.00/lb in November 2016.
How much has the uranium price risen since 2016?
From $18.00/lb at the end of November 2016 to $89.63 at the end of September 2026, about 398% higher.
See also: uranium spot price today · uranium in 2025 and the 2026 outlook · price per pound, kg and gram.