Benchmark launches uranium price assessments

Benchmark Mineral Intelligence is pleased to announce the launch of its Uranium Price Assessments, bringing price transparency to the market for uranium oxide concentrate (U3O8), commonly known as yellowcake.

Yellowcake is the feedstock that is converted into uranium fuel for nuclear reactors. Demand for uranium is rising as governments and technology companies turn to nuclear power. Approximately 430 nuclear reactors operate worldwide today, and Benchmark expects global uranium demand to grow by around a third, from about 74 ktU in 2026 to 98 ktU in 2035.

The market is already tight: in 2026, mined (primary) supply is set to fall around 4,200 tU short of demand, and Benchmark expects that deficit to widen through the next decade.

According to Benchmark’s Uranium Service, Kazakhstan, Canada and Namibia produced around 70% of global mined output in 2025. New mines take 10+ years to build, and secondary supply, which has historically filled the gap, is set to decline. With most yellowcake traded privately, buyers have few reliable reference points in a tight market.

“For years, inventories and secondary supply have cushioned the uranium market. That cushion is thinning, and the market increasingly depends on new mines being built, yet most material still trades in private contracts with little visibility on price,” said Tony Alderson, Research Manager at Benchmark. “Our assessments give producers, utilities, and traders a clear reference point for both spot and contract prices.”

What are Benchmark’s latest uranium prices?

Benchmark assessed U3O8 Spot, DDP North America at $89.50/lb and U3O8 Contract (long-term), DDP North America at $96.00/lb. Contract prices are at a record nominal high, above the 2007 peak, and sit around $6.50/lb above spot. Both have held broadly steady over the past month.

What frequency will Benchmark publish its uranium prices?

Benchmark will publish its uranium prices monthly, on the last Thursday of each month. Through direct engagement with active market participants, Benchmark analysts track and assess transacted prices to give a representative view of market activity. The following grades will be published:

Uranium; U3O8 Spot; DDP North America; USD; lb
Uranium; U3O8 Contract (long-term); DDP North America; USD; lb

The new assessments are built on the same market leading methodologies that underpin Benchmark’s wider critical minerals prices, helping market participants manage price risk in a historically opaque market.

To learn more about Benchmark’s uranium prices, fill out the form below and one of the team will be in touch.