Uranium Spot Price
Track U₃O₈ (uranium oxide) spot market prices and historical trends
Spot price updates daily · Methodology last reviewed July 2026
Uranium Spot Price
Historical Spot Price
Long-term Contract Price & Spot−Term Spread
Most uranium trades under long-term contracts, not on the spot market — the term price and its spread to spot are the real signal.
Long-term price
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unavailable
Spot price
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unavailable
Term premium (term − spot)
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Source: Cameco (UxC/TradeTech). Cameco publishes month-end industry-average prices calculated from UxC and TradeTech. A positive spread means the term price sits above spot (the usual state); negative means spot has spiked above contract levels.
Methodology
Uranium does not trade on a public exchange. The benchmark "spot price" is an over-the-counter assessment published by subscription-only specialist price-reporting firms from confirmed broker transactions, and is available only to their subscribers.
Our headline spot is a real, published U₃O₈ price from an independent, near-real-time on-chain spot feed. It is an actual published price, not a proxy.
As an independent cross-check — and the first fallback used when the live feed is unavailable — we also back out an implied spot from a publicly-traded physical uranium trust that holds only physical U₃O₈. Because each unit represents a fixed quantity of uranium, an implied spot can be derived from the trust's units and reported net asset value:
Estimated spot = trust unit price × factor
factor = (NAV per unit ÷ pounds of U₃O₈ per unit) ÷ trust unit market price — recomputed each day from the trust's published NAV and holdings.
Note that the NAV-implied estimate treats the trust's entire NAV as uranium: cash and other net assets (typically a low single-digit percentage of NAV) are not netted out, because the trust does not publish intraday NAV components. The estimate can therefore differ slightly from the trust's own reported figures.
The full fallback chain for the headline spot, in order: (1) the live on-chain feed; (2) the trust NAV-implied estimate via third-party quote providers; (3) an official public monthly U₃O₈ reference series — a monthly figure that is always shown with its observation month and real observation date, never as today's price; (4) the most recent banked observation from our own price archive, served with its original date and marked stale; and finally (5) an explicit "unavailable" state. Simulated prices and undisclosed equity/ETF-correlation estimates are never shown. Every figure on this page is labeled with its provenance — real, estimated, or modeled — so the basis of each number is explicit.
The historical series — the Yellowcake Composite. Retail tools shouldn't make you juggle three price lines, so the chart above shows one: wherever a live published print exists, the composite is that print. Before the live-feed era it is our own derived daily estimate back to July 2007, with an open method: a weighted blend of a specialist daily spot indication and a physical-uranium-trust-implied price, with its trailing 20-day median premium/discount removed and rounded to a $0.05 grid. Third-party inputs are used only as model inputs under their terms and never republished raw. Validated against the live feed over a 121-day 2026 overlap: mean gap −$0.01, standard deviation $0.85. Blend-era points are labeled estimated; live-era points are real.
New to this? Read how the uranium spot price is set for a plain-English explainer, or see our full data methodology.
Headline spot
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Independent published feed
Trust NAV-implied spot
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live
Headline vs NAV-implied
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Trust premium/discount to NAV: --
Sources: headline spot from an independent live on-chain feed. If it is unavailable, the fallbacks are — in order — the trust NAV-implied estimate (labeled estimated), an official public monthly reference series (shown with its observation month), and the most recent banked observation (marked stale); if none is available the price is shown as unavailable. Historical charts show ONE series — the Yellowcake Composite: wherever a live published print exists, the composite IS that print (real); from July 2007 until the live-feed era it is our published blend estimate (estimated, above); before 2007 the ALL range uses an official public monthly series (back to 1992). Windows reaching before 2007 render monthly throughout so chart points stay evenly spaced. The chart footer names the series actually plotted, independent of the headline spot's source badge.
The Futures page shows a modeled, illustrative curve — not exchange settlement data — and is labeled accordingly.
About Uranium Pricing
Uranium spot prices represent the cost of purchasing uranium oxide (U₃O₈) for immediate delivery. The spot market is relatively small compared to long-term contracts, which account for most uranium transactions.
Key price drivers include:
- Nuclear reactor demand and new plant construction
- Mine production and supply disruptions
- Government policies and nuclear energy adoption
- Inventory levels at utilities and traders
- Currency exchange rates (USD-based market)
For where the price could head, see our uranium price outlook for 2026–2027 and the supply & demand gap.
Price Benchmarks
*Price needed to incentivize new mine development. The 2007 peak and 2016 low are approximate industry-reported levels shown for context, not live data; the 10-year average appears when enough loaded history covers it (select the ALL range).
The weekly uranium brief
Spot moves, SPUT flows, filings, and contract news — the data, once a week. Plus a free daily CSV of our uranium equity screener snapshot.
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Cite this page
Using our data in an article or report? Please credit Yellowcake Analytics with a link.
Yellowcake Analytics. "Uranium Spot Price (U₃O₈)." Yellowcake Analytics, 2026, https://www.yellowcakeanalytics.com/spot-price.
<a href="https://www.yellowcakeanalytics.com/spot-price">Uranium Spot Price (U₃O₈)</a> — Yellowcake Analytics (www.yellowcakeanalytics.com)
Frequently Asked Questions
What is the uranium spot price today?
The current U₃O₈ (uranium oxide) spot price is shown live at the top of this page. Because uranium does not trade on a public exchange, the spot price is an over-the-counter assessment — our headline figure is an independent, published on-chain price feed, cross-checked against a physical-uranium-trust NAV-implied estimate.
How is the uranium spot price determined?
Most uranium changes hands through long-term contracts between miners and utilities, so the spot market is thin. Subscription-only specialist price reporters assess a spot value from confirmed broker transactions for their subscribers. Our live figure comes from an independent, published on-chain feed, with a physical-uranium-trust NAV-implied spot as an independent cross-check and fallback. Full detail is in the methodology section below.
Where can I track live uranium prices?
On this page — the U₃O₈ spot price and an interactive historical chart update daily. The chart shows one series, the Yellowcake Composite: the live published print wherever it exists, our own blend estimate daily back to July 2007, and an official public monthly reference series before that on the ALL range. For context we also show static benchmarks: the approximate industry-reported 2007 peak and 2016 low, a 10-year average computed from the loaded closes when enough history is on screen, and the incentive price needed to bring on new mine supply.