Grid Growth Pushes Long-Term Uranium Prices to $97 Per Pound

Written by Paul Wiseman for IIR News Intelligence (Sugar Land, Texas)

Summary

The price of uranium oxide (U3O8) June through September was $13 higher than on September 30, 2025.

Uranium Rising

Historic grid growth has pushed expansion in all forms of power generation in recent years, and nuclear is no exception. The latter has created new demand and thus higher long-term prices for uranium oxide (U3O8), feedstock for nuclear fuel, in the last four months. That information comes from uranium industry pricing firm TradeTech.

At $97 per pound, prices were higher than they have been in 18 years, and 13% higher than in September of 2025.

"The main reason for the increase in price is surging electricity demand," said Industrial Info Resources VP of Research Metals and Minerals Joe Govreau. "The need for secure and clean energy supply is also driving demand for new nuclear power and uranium is the key beneficiary of that growth."

Industrial Info Resources is tracking 101 uranium mining projects in the U.S. with a total investment value (TIV) of $8.62 billion. The project count is up by eight since July, signifying the sector's continued growth.

Nuclear power growth includes both restarts of retired plants and additions involving newer nuclear technologies including small modular reactors (SMRs).

Will High Prices Affect Electricity Costs or Plant Planning?

As fuel accounts for only 1-2% of nuclear power plant costs, higher uranium costs are not expected to noticeably affect grid pricing or the planning/completion of new reactor construction.

Production Growth Has a Long Way to Go

Uranium prices have risen in spite of an increase in domestic mining. For more information, see July 15, 2026, article - U.S. Domestic Uranium Mining Grows to Supply Energy Security and the SMR Future.

The U.S. Energy Information Administration (EIA) said that 2025's triuranium octoxide (U3O8), or uranium concentrate, at 2.1 million pounds, was more than triple that of 2024's total. U3O8 is the precursor to a multi-step process that leads to low-enriched uranium (LEU) and other end-use uranium levels.

While that sounds significant, even at the higher amounts the U.S. accounts for only about 1% of world uranium mining, and it imports 99% of what it uses, according to 2023 EIA figures. Most imports come from three nations: Canada, Australia and Kazakhstan.

Nuclear Power Demand Also on Upswing

Industrial Info Resources has reported that nuclear power, especially from SMRs, has suddenly become an "all-hands-on-deck" situation. Data-center growth is certainly a key, but so is the rising adoption of EVs and the electrification of industry. For more on that, see July 24, 2026, article - Nuclear Resurgence Spurs Permitting, Supply Chain Issues.

Industrial Info Resources is tracking 54 SMR capital-spending projects in the U.S., with a total investment value (TIV) of nearly $160 billion. Industrial Info Resources offers more information on these developments in its Global Market Intelligence (GMI) Power Project Database, where readers can find details--including construction schedules, investment values and necessary equipment--in a detailed list of project reports."

Mining, then Refining

Energy security being a high priority, the U.S. has invested heavily in both mining and in processing, both of which must be done domestically to secure the supply. The EIA stated that 2025's U.S. in-situ recovery (ISR) capacity was 13.3 million pounds, accounting for just over a third of the 32 million pounds it uses each year. That was actually a slight decrease from the 14.1 million pounds capacity of 2024.

That number could be headed back up, as five ISR plants were on standby as of the end of 2025 with a combined annual production capacity of 8.8 million pounds U3O8.

More, More, More

With the twin issues of rising demand and the domestic sourcing of energy supplies in order reduce international uncertainty, many see the future for all phases of the nuclear industry, from ore to electrons, as having significant growth potential.

By the Numbers

• $97: Average price per pound of uranium oxide June-September, the highest in 18 years.
• 101: Number of new uranium mining projects Industrial Info Resources is tracking, as the industry ramps up to meet demand growth

Key Takeaways

• Rising demand growth from data centers, electric vehicles and other sources has pushed utilities to look at all sources of power, including a reunion with nuclear.
• The latter has spurred demand for uranium faster than the U.S. mining sector can supply, resulting in the highest uranium market prices in 18 years.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).