Global Price of Uranium

Uranium: Price, by month
MonthPrice,
in USD per pound
Feb 2481.32
Jan 2480.36
Dec 2370.06
Nov 2362.29
Oct 2357.6
Sep 2353.2
Aug 2346.38
Jul 2345.25
Jun 2345.7
May 2343.46
Apr 2341.76
Mar 2340.74
Feb 2341.31
Jan 2340.06
Dec 2239.18
Nov 2240.95
Oct 2241.3
Sep 2240.95
Aug 2239.8
Jul 2238.94
Jun 2240.33
May 2240.89
Apr 2248.7
Mar 2245.51
Feb 2235.83
Jan 2236.87
Dec 2136.13
Nov 2131.1
Oct 2138.48
Sep 2145.08
Aug 2132.15
Jul 2132.34
Jun 2132.14
May 2130.26
Apr 2129.75
Mar 2128.33
Feb 2128.66
Jan 2129.86
Dec 2029.77
Nov 2029.49
Oct 2029.64
Sep 2029.98
Aug 2031.38
Jul 2032.36
Jun 2033.09
May 2033.51
Apr 2029.96
Mar 2024.66
Feb 2024.69
Jan 2024.64
  • Region: Worldwide
  • Time period: Jan 2020 to Feb 2024
  • Published: Mar 2024

Data Analysis and Insights

Updated: Apr 13, 2024 | Published by: Statistico | About Us | Data sources

Sharp Increase in Uranium Price from 2021 to 2024

Uranium prices have experienced a significant increase, rising from $24.64 per pound in January 2020 to $81.32 per pound in February 2024. This growth reflects a remarkable escalation of more than 230% over four years, indicating robust demand and possible constraints in supply.

Yearly Peak Price Trends

The peak uranium price each year showcases a notable upward trend, from $33.51 per pound in May 2020 to $81.32 per pound in February 2024. Such consistent annual increases highlight the escalating valuation of uranium in global markets.

Impact of 2023 on Uranium Prices

The year 2023 marked a pivotal point for uranium prices, with a jump from $45.25 per pound in July to $70.06 per pound by December, illustrating a significant 55% increase within just five months. This surge underscores a critical period of growth driven by factors likely including geopolitical tensions, supply disruptions, or increased demand in nuclear energy sectors.

Historic Low to Rapid Recovery

Uranium prices reached a historic low of $24.66 per pound in March 2020 but saw a rapid recovery, more than tripling to $81.32 per pound by February 2024. The swift turnaround in prices highlights the volatile nature of the uranium market and its sensitivity to global energy trends and policies.

Consistent Year-on-Year Price Increase

Comparing year-on-year figures, uranium prices have consistently increased from $29.86 per pound in January 2021 to $81.32 per pound in February 2024. This consistent rise over three years signals a strong and growing demand for uranium, potentially driven by the expansion of nuclear energy as a clean energy source.

Acceleration in Price Growth Rate

The rate of price increase for uranium has accelerated significantly in recent times, with a stark contrast seen in the growth from $40.06 per pound in January 2023 to $81.32 per pound in February 2024. This acceleration within a year underscores the intensifying demand and potential supply challenges in the uranium sector.

Frequently Asked Questions

The peak uranium price showcased an upward trend, rising from $33.51 per pound in May 2020 to $81.32 per pound in February 2024.

Terms and Definitions

Uranium is a chemical element found in the Earth's crust. It is known for its radioactive properties, making it a crucial component in the production of nuclear energy, both for civilian purposes, such as power generation, and military applications, including the creation of nuclear weapons.

The spot market is where commodities or securities are bought and sold for immediate delivery. In the context of uranium, the spot market price refers to the current price of uranium for immediate delivery. It is often subjected to rapid fluctuations based on short-term changes in supply and demand.

The long-term contract price refers to the price agreed upon for the delivery of uranium over a specified period - often years - in the future. These contracts provide price stability for both the buyer and the seller, cushioning them from short-term market volatility.

Uranium enrichment is a process that increases the concentration of the uranium-235 isotope in uranium. This is important because uranium-235 is the isotope that can sustain a nuclear chain reaction.

Nuclear energy is the energy in the nucleus, or core, of an atom. Atoms are tiny units that make up all matter in the universe. Energy is what holds the nucleus together, and there is a huge amount of power in an atom's dense nucleus. In nuclear power stations, this energy is released as heat and used to generate electricity.
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