Data as of September 30, 2026 (month-end), source: Cameco’s published average of UxC and TradeTech indicators. Updated monthly by hand — for intraday moves use the live SPUT chart below.
What is the uranium spot price?
The uranium spot price is the price, in US dollars per pound of U3O8, for uranium delivered within about 12 months of the deal.
Uranium has no central exchange. Producers, traders, financial funds and utilities agree deals bilaterally or through brokers, and price reporting agencies survey those transactions, bids and offers to publish an assessed price. The best-known reporters are UxC, TradeTech, S&P Global Commodity Insights (Platts) and Numerco. Their daily and weekly prices are paid products; the most widely available free series is the month-end average of UxC and TradeTech that Cameco publishes, which is the data behind our charts.
Last 12 months: spot and long-term price
| Month-end | Spot (US$/lb U3O8) | Spot m/m | Long-term (US$/lb) |
|---|---|---|---|
| September 2026 | $89.63 | -0.1% | $96.50 |
| August 2026 | $89.68 | +3.8% | $96.50 |
| July 2026 | $86.38 | +1.6% | $95.50 |
| June 2026 | $85.00 | +1.0% | $95.50 |
| May 2026 | $84.18 | -2.5% | $94.00 |
| April 2026 | $86.35 | +2.5% | $91.50 |
| March 2026 | $84.25 | -3.1% | $91.50 |
| February 2026 | $86.95 | -7.8% | $90.00 |
| January 2026 | $94.28 | +15.6% | $89.00 |
| December 2025 | $81.55 | +7.6% | $86.50 |
| November 2025 | $75.80 | -5.3% | $86.00 |
| October 2025 | $80.00 | -3.2% | $85.00 |
Spot price vs long-term (term) price
Most uranium is not bought on the spot market. Utilities secure fuel years ahead through long-term contracts with producers, and the long-term price indicator reflects the base price for those deals. The two series often diverge:
- Spot responds to short-term buying — financial funds, traders, producers buying to meet deliveries. It is volatile: it fell from $100.25 (January 2024) to $64.23 (March 2025) and climbed back to $89.63 by September 2026.
- Long-term moves slowly with utility contracting. It rose steadily from $68 at the end of 2023 to $96.50 in September 2026, above the previous record of $95 set in 2007–2008.
- When the long-term price sits above spot, as it has since mid-2024, utilities are paying a premium to lock in future supply, which supports mine development.
How to track the uranium price live
There is no free real-time uranium spot feed, but these sources come close:
- Sprott Physical Uranium Trust (TSX: U.U in US$, U.UN in C$). Sprott publishes a daily NAV based on a composite of UxC, TradeTech, Platts and Numerco spot prices; the trust held 81.7 million lb of U3O8 on October 2, 2026. The share price trades live but can sit at a premium or discount to NAV. Live chart on our homepage.
- COMEX UxC uranium futures (contract code UX, TradingView symbol
COMEX:UX1!). Each contract is 250 lb, cash-settled on UxC’s spot prices. Volume is low and the data cannot be embedded on third-party sites. See uranium futures & TradingView symbols. - Yellow Cake plc (LSE: YCA, OTC: YLLXF), a London-listed company holding physical U3O8, publishes an estimated net asset value per share.
- Price reporters’ free headlines. UxC and TradeTech publish weekly spot indicators on their websites, and Cameco updates its month-end table.
What drives the uranium spot price?
- Financial buying — physical funds (SPUT, Yellow Cake, Kazakhstan’s ANU Energy) remove pounds from a small spot market.
- Supply news — Kazatomprom guidance (it plans to cut 2026 output by about 10% versus its subsoil-use levels), Cameco’s McArthur River/Cigar Lake output, Niger’s SOMAIR dispute.
- Policy — the US ban on Russian enriched uranium imports (waivers end after 2027), US critical-mineral measures, reactor life extensions and new-build programmes.
- Utility demand — contracting cycles, inventory levels and reactor restarts (Japan) or closures.
Read more in uranium supply and demand and the latest uranium market news.
FAQ
Who publishes the uranium spot price?
Independent price reporting agencies: UxC (Ux Consulting), TradeTech, S&P Global Commodity Insights (Platts) and Numerco. Their daily and weekly assessments are subscription products. Cameco republishes the month-end average of UxC and TradeTech for free.
Why does the uranium spot price move so much?
The spot market is thin. A few million pounds of purchases by a fund such as SPUT, a producer covering a shortfall, or a trader can move the price several dollars in days. In January 2026 Sprott buying helped push spot above $100/lb briefly before it settled back to the mid-$80s.
Is the uranium spot price the price utilities pay?
Usually not. Most uranium is delivered under multi-year contracts that use a base price escalated for inflation, a market-related price (often linked to spot or long-term indicators with floors and ceilings), or a mix. The long-term price indicator ($96.50/lb at September 2026 month-end) is a better guide to what new contracts cost.
Can I buy uranium at the spot price?
Individuals cannot buy physical U3O8; it is a licensed nuclear material held at conversion facilities. Retail investors get exposure through funds that own physical uranium (Sprott Physical Uranium Trust, Yellow Cake plc), through futures accounts that trade the COMEX UX contract, or through mining equities and ETFs.
Figures are month-end indicators updated manually; they are not live quotes. Not investment advice.