How to Read EIA's Uranium Marketing Annual Report — Purchases, Prices, Origins and Inventories

As of 7 November 2026, 01:10 KST (retrieved by this page at that time); latest edition on the U.S. Energy Information Administration (EIA) page: the 2025 Uranium Marketing Annual Report, covering deliveries and contracts in 2025, released July 29, 2026 and re-released August 13, 2026 with a revision notice. The web page header, beside the release date, shows Next Release Date: July 2027, without a day; the header of the Table 11 PDF shows Next Release Date: June 2027. Primary source: https://www.eia.gov/uranium/marketing/^[1][2]

Comparison basis: quantities and prices are as stated by EIA, rounded as printed; the percent changes are EIA's rounded figures, and the bracketed values are this page's checks from the rounded levels. Quantities are in pounds of U₃O₈e (uranium oxide equivalent), and enrichment is in separative work units (SWU), so the two cannot be added.^[1]

In three lines

1. EIA's Uranium Marketing Annual Report covers uranium bought, enriched, loaded and held by companies that own or run U.S. civilian nuclear power reactors and by U.S. suppliers.
2. In 2025 these reactor companies bought 46.9 million pounds U₃O₈e at a weighted-average $58.46 a pound, 16% less uranium than in 2024 at an 11% higher price.
3. Canada (32%) and Kazakhstan (28%) were the largest origins of 2025 deliveries; U.S.-origin material was 7%.^[1]

Pounds of U₃O₈e. EIA's footnote: "U₃O₈e is triuranium octoxide (or uranium concentrate) and the equivalent uranium-component of uranium hexafluoride (UF6) and enriched uranium." Uranium bought in different forms is therefore expressed in one oxide-equivalent unit.^[1]

SWU. "Separative work unit (SWU): The standard measure of enrichment services." In 2025 the reactor companies bought 13 million SWU at an average $108.70 per SWU; SWU prices are not prices of uranium itself.^[1]

Spot vs long-term contracts. "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." In 2025, 13% of deliveries were under spot contracts at $76.01 a pound and 87% under long-term contracts at $55.91.^[1]

Who is covered. The purchase, enrichment and loading figures are for companies that own or run U.S. civilian nuclear power reactors; foreign purchases and sales and the inventory figures also include U.S. suppliers (brokers, converters, enrichers, fabricators, producers and traders). EIA's full report states: "Data in this report are based on information reported on Form EIA-858, Uranium Marketing Annual Survey." "Form EIA-858 survey collects data on contracts, deliveries (during the report year and projected for the next 10 years), enrichment services purchased, inventories, use in fuel assemblies, feed deliveries to enrichers (during the report year and projected for the next 10 years), and unfilled market requirements for the next 10 years." Response rates are not given in the cited pages [1]-[4].^[1][3]

Average price vs contract mix. The 2025 average of $58.46 a pound combines spot purchases at $76.01 and long-term purchases at $55.91. Weighting these by the rounded 13% and 87% shares gives about $58.52 (this page's calculation), consistent with EIA's average given the rounding of the shares. Table 7 shows that $76.01 is the spot price for uranium concentrate (U₃O₈) only; the spot price for all material types is $75.83 on 5,998 thousand pounds, and with long-term purchases at $55.91 on 40,854 thousand pounds this reproduces the $58.46 average (this page's check). A higher spot price does not mean most uranium was bought at spot prices.^[1][3]

Years behind the 360. "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." EIA's text and the title of Table 11 give the unfilled requirements as 2025 through 2035, but the table's December 31, 2025 columns show no entry for 2025 (printed as -) and values for 2026 to 2035, cumulating to 186,278 thousand pounds. Table 12 adds the contracted maximum (174,095) and the unfilled requirements (186,278) to 360,373 thousand pounds and is titled 2026–2035. The actual year range of both parts is therefore 2026–2035; the 2025–2035 wording in the text and Table 11 title does not match the table contents.^[1][3][4]

Inventories by owner. "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." Table 22 gives 118,256 thousand pounds for the reactor companies and 51,730 thousand for U.S. suppliers, adding to the total of 169,986 thousand (about 170 million). EIA's text gives the supplier figure as 51 million pounds; 51,730 thousand rounds to 52 million, so the text figure does not match the table, as printed by EIA. Table 22 marks the 2025 inventories as preliminary (P) and notes that final 2024 inventory data were reported in the 2025 survey.^[1][3]

Origin shares. The named origins (Canada 32%, Kazakhstan 28%, Australia 15%, Uzbekistan 7%, Namibia 4%) plus U.S. material (7%) add to 93% (this page's sum), so subtracting the shares shown leaves about 7%. In Table 3 these origins total 43,901 of 46,871 thousand pounds (this page's sum), leaving about 6.34%; Table 3 lists other origins, but some values are withheld (W), so their full allocation cannot be confirmed. Similarly, the four named sources of foreign-origin SWU (Russia 26%, France 18%, United Kingdom 14%, Netherlands 8%) do not cover all of the 77% foreign share.^[1][3]

Bought vs loaded. "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 delivered in a year and uranium loaded into reactors in that year are different flows, so the 46.9 and 40.9 million pounds should not be read as one quantity.^[1]

Re-release. EIA's revision notice dated August 13, 2026 lists changes to the 2025 report: units added to two table headings, updated figures, more sellers in Tables 24 and 25, and "Table 2 values in the full report were updated." The figures on this page are those on EIA's page at retrieval, after that re-release.^[2]

Next edition. The web page header shows Next Release Date: July 2027, while the header of the Table 11 PDF shows Next Release Date: June 2027 (with Release Date: July 2026); neither gives a day, so the exact date is not established by these sources.^[1][4]