Uranium Spot Price Chart (U3O8, USD per lb)
LIVEThe uranium spot price is the price of U3O8 (yellowcake) for near-term delivery, quoted in US dollars per pound and assessed by price reporters such as UxC and TradeTech. Spot uranium has no live exchange feed, so the chart below tracks the Global X Uranium ETF (URA) as a live market proxy.
Live uranium market proxy: Global X Uranium ETF (AMEX:URA). Updates during US market hours.
What this uranium chart shows
Uranium is not traded on a public exchange with a live tick-by-tick spot feed the way oil or gold are. The spot price is an assessment published by specialist price reporters, mainly UxC and TradeTech, based on deals and bids and offers for U3O8 in the physical market. Producers such as Cameco republish these indicators on their websites.
Because that assessment cannot be embedded as a live feed, the chart above shows AMEX:URA, the Global X Uranium ETF, which holds shares in uranium miners and nuclear fuel companies. It is a market proxy: it usually moves in the same direction as uranium sentiment, but it also moves with the stock market and with company-specific news, so its percentage changes will not match the spot price.
| Source | What it measures | How close to spot U3O8 |
|---|---|---|
| UxC / TradeTech spot indicator | Assessed price of U3O8 for delivery within about a year | This is the spot price |
| Long-term (term) indicator | Base price in multi-year utility contracts | Different price, moves more slowly |
| Physical uranium funds (e.g. Sprott Physical Uranium Trust, Yellow Cake plc) | Funds that hold U3O8 in storage | Close, but trade at a premium or discount to their holdings |
| Uranium equity ETFs (URA, shown above) | Shares of miners and fuel-cycle companies | Indirect; also driven by equity markets |
Spot vs long-term uranium price
Most uranium for power plants is bought by utilities under long-term contracts lasting several years. Only a minority of volume changes hands in the spot market, so the spot price can jump or fall quickly on a handful of trades, especially when financial buyers are active. The long-term price usually moves more gradually. When you see "uranium price" in news, check whether it means spot or term: the two can differ by a wide margin.
Units: $/lb U3O8 vs $/kgU
The spot price is quoted in US dollars per pound of U3O8 (triuranium octoxide, "yellowcake"). Utilities and fuel-cycle contracts often use kilograms of uranium (kgU) instead. U3O8 is about 84.8% uranium by weight, which gives these conversions:
| Convert | Multiply by | Why |
|---|---|---|
| $/lb U3O8 → $/kgU | × 2.5998 | 1 kgU is contained in 2.5998 lb of U3O8 |
| $/kgU → $/lb U3O8 | ÷ 2.5998 | Reverse of the above |
| lb U3O8 → kg U3O8 | × 0.45359 | Pounds to kilograms |
| 1 tonne of uranium (tU) | = 2,599.8 lb U3O8 | Common unit for mine output and reactor needs |
Worked example (hypothetical price): if spot U3O8 were $60/lb, the price per kilogram of contained uranium would be 60 × 2.5998 ≈ $156/kgU. A 1 million lb purchase at that price would cost $60 million and contain about 384.6 tU (1,000,000 ÷ 2,599.8).
U3O8 is only the first step. It must be converted to uranium hexafluoride (priced in $/kgU), enriched (priced in $/SWU, separative work units) and fabricated into fuel assemblies. Each step has its own market and price.
How to read a uranium price chart
- Identify the series. Is it spot U3O8, the term price, a physical fund or a mining ETF? The chart above is the URA ETF.
- Expect step-like moves in spot data. Price reporters publish assessments at set intervals (weekly and month-end are widely cited), so spot charts look stair-stepped rather than smooth.
- Use a log scale for long history. Spot uranium has ranged from under $10/lb in the early 2000s to well above $100/lb, so a log axis shows percentage moves fairly.
- Read in percent and over years. Reactor build times and utility contracting cycles are long, so the most important uranium trends play out over several years, not days.
Uranium price milestones
- 2006 to 2007: the flooding of Canada's Cigar Lake mine during construction in 2006 helped drive a speculative spike, with spot reaching about $136/lb in mid-2007 before falling back.
- March 2011: the Fukushima Daiichi accident in Japan led to reactor shutdowns and a long bear market.
- Late 2016: spot fell below $20/lb, a multi-year low.
- 2018: Cameco suspended production at its McArthur River mine, one of a series of supply cuts.
- 2021 onward: the Sprott Physical Uranium Trust began buying physical U3O8, tightening the spot market as interest in nuclear power returned.
What moves the uranium spot price
- Reactor demand: new builds (notably in China and India), life extensions and restarts, and government nuclear policy.
- Concentrated supply: Kazakhstan is the largest producer, followed by Canada, Namibia and Australia, so outages or guidance changes at Kazatomprom or Cameco matter a lot.
- Utility contracting cycles: when utilities return to buy large term volumes, both term and spot prices tend to firm.
- Financial buyers: physical funds can absorb spot supply quickly.
- Geopolitics and trade: sanctions and import restrictions affecting Russia, which is a major supplier of conversion and enrichment.
Common mistakes
- Treating a uranium mining ETF chart as the spot price. They are related but not the same.
- Comparing $/lb U3O8 with $/kgU without converting (a factor of about 2.6).
- Assuming the spot price is what utilities pay. Most reactor fuel is bought on term contracts.
Other energy prices on Chart.biz: the crude oil price per barrel (WTI vs Brent), the WTI chart and the Brent chart. For broader markets see stocks and the gold price.
Frequently Asked Questions
What does the uranium spot price chart show?
The uranium spot price is the assessed price of U3O8 for near-term delivery, in US dollars per pound, published by UxC and TradeTech. Because that assessment has no free live feed, the chart on this page shows the Global X Uranium ETF (URA) as a live market proxy.
What is the uranium price in USD?
Uranium is priced in US dollars per pound of U3O8. We do not print a fixed figure because the spot indicator changes every week. The most recent spot and long-term values are published by price reporters UxC and TradeTech and republished by producers such as Cameco.
Is there a live uranium spot price?
Not in the way oil or gold have one. Spot uranium trades over the counter in a small number of deals, so the price is assessed at intervals rather than streamed. Live proxies include uranium mining ETFs such as URA and physical uranium funds, and CME lists UxC uranium futures.
How do I convert $/lb U3O8 to $/kgU?
Multiply the price per pound of U3O8 by 2.5998 to get the price per kilogram of contained uranium. For example, a hypothetical 60 dollars per pound equals about 156 dollars per kgU. Divide by 2.5998 to convert back.
What is U3O8 yellowcake?
U3O8, or triuranium octoxide, is the uranium concentrate produced at mills and often called yellowcake. It is about 84.8 percent uranium by weight and is the form in which uranium is usually bought, sold and priced.
Why is the uranium spot price different from the long-term price?
The spot price reflects a small volume of near-term trades, while the long-term price is set in multi-year contracts between utilities and suppliers. Since most reactor fuel is bought on term contracts, spot can swing more sharply and the two can diverge.