2025 Uranium Marketing Annual Report

Uranium purchases and prices

Owners and operators of U.S. civilian nuclear power reactors (civilian owner/operators, or COOs) purchased a total of 46.9 million pounds U₃O₈e (equivalent^a) of deliveries from U.S. suppliers and foreign suppliers during 2025 at a weighted-average price of $58.46 per pound U₃O₈e. The 2025 total of 46.9 million pounds U₃O₈e was 16% lower than the 2024 total of 55.9 million pounds U₃O₈e. The 2025 weighted-average price U₃O₈e of $58.46 per pound U₃O₈e was 11% higher than the 2024 weighted-average price of $52.71 per pound U₃O₈e (Table 1).

The largest sources of uranium delivered in 2025 were of foreign origin with Canada as the top source at 32% of total deliveries, followed closely by Kazakhstan (28%) and Australia (15%). Uzbekistan-origin material accounted for 7% of total deliveries, and Namibia-origin accounted for 4% of total deliveries. U.S. material accounted for 7% of total deliveries in 2025, down from 8% in 2024 (Table 3).

COOs purchased three material types of uranium for 2025 deliveries from 11 sellers (Table 4 and Table 24). During 2025, 13% of the uranium delivered was purchased under spot contracts at a weighted-average price of $76.01 per pound. The remaining 87% was purchased under long-term contracts at a weighted-average price of $55.91 per pound (Table 7). Spot contracts are contracts with a one-time uranium delivery (usually) for the entire contract, and the delivery typically occurs within one year of contract execution (signed date). Long-term contracts are contracts with one or more uranium deliveries to occur at least a year following the contract execution (signed date) and as such may reflect some agreements of short and medium terms as well as longer term.

New and future uranium contracts

In 2025, COOs signed 22 new purchase contracts with deliveries in 2025 of 4 million pounds U₃O₈e at a weighted-average price of $70.46 per pound (Table 8).

COOs report minimum and maximum quantities of future deliveries under contract to allow for the option of either decreasing or increasing quantities. At the end of 2025, the maximum uranium deliveries for 2026 through 2035 under existing purchase contracts for COOs totaled 174 million pounds U₃O₈e (Table 10). Also at the end of 2025, unfilled uranium market requirements for 2025 through 2035 totaled 186 million pounds U₃O₈e (Table 11). These contracted deliveries and unfilled market requirements combined represent the maximum anticipated market requirements of 360 million pounds U₃O₈e over the next 10 years for COOs.

Uranium feed, enrichment services, uranium loaded

In 2025, COOs delivered 32 million pounds U₃O₈e of natural uranium feed to U.S. and foreign enrichers. U.S. enrichment suppliers received 37% of the feed, and the remaining 63% was delivered to foreign enrichment suppliers (Table 13). Thirteen million separative work units (SWU)^b were purchased under enrichment services contracts from four sellers in 2025 (Table 16, Table 25). The average price paid by the COOs for the 13 million SWU was $108.70 per SWU in 2025, up 11% from the $97.66 per SWU paid in 2024. In 2025, the U.S.-origin SWU share was 23%, and the foreign-origin SWU accounted for the remaining 77%. Foreign-origin SWU included 26% from Russia, 18% from France, 14% from the United Kingdom, and 8% from the Netherlands (Table 16).

Uranium in fuel assemblies loaded into U.S. civilian nuclear power reactors during 2025 contained 40.9 million pounds U₃O₈e, which is 15% less than the 48.1 million pounds loaded in 2024 (Table 18).

Uranium foreign purchases/sales and inventories

U.S. suppliers (brokers, converters, enrichers, fabricators, producers, and traders) and COOs purchase uranium each year from foreign suppliers. Together, foreign purchases totaled 30 million pounds U₃O₈e in 2025, and the weighted-average price was $56.80 per pound U₃O₈e (Table 19). U.S. suppliers and COOs also sold uranium to foreign suppliers. Together, foreign sales totaled 4 million pounds U₃O₈e in 2025, and the weighted-average price was $75.05 per pound U₃O₈e (Table 21).

Year-end commercial uranium inventories represent ownership of uranium in different stages of the nuclear fuel cycle (in-process for conversion, enrichment, or fabrication) at domestic or foreign nuclear fuel facilities. Total U.S. commercial inventories (including inventories owned by COOs, U.S. brokers, converters, enrichers, fabricators, producers, and traders) were 170 million pounds U₃O₈e at the end of 2025, a 9% increase from the 156 million pounds at the end of 2024. Commercial uranium inventories owned at the end of 2025 by COOs totaled 118 million pounds U₃O₈e, 3% higher than the 115 million pounds in inventories held at the end of 2024. Uranium inventories owned by U.S. suppliers (converters, enrichers, fabricators, producers, brokers, and traders) totaled 51 million pounds U₃O₈e at the end of 2025, up 27% from 2024 year-end levels (Table 22).