US nuclear reactor operators bought less U3O8, held more inventory in 2025: EIA

US utilities bought less U3O8 and held more inventory in 2025 than in 2024, according to the US Energy Information Administration's annual uranium market report.

Owners and operators of US civilian nuclear power reactors purchased a total of 46.9 million pounds of U3O8 equivalent in deliveries during 2025, the EIA said in its report released July 29.

That is 16% less than the 55.9 million lb U3O8 bought in 2024 and 10% below the 2023 total of 51.6 million lb U3O8e, the report said. The variation is due to several factors, including the operating length of a reactor.

"No real surprises" came from the report, a uranium market source said Aug. 4. Uranium prices were not impacted, because they were "already baked into the market," the source said.

The price assessed by Platts, part of S&P Global Energy, was little changed following the report's release, remaining in a narrow range of $86/lb to $86.50/lb between July 29 and Aug. 4.

On Aug. 5, Platts assessed spot U3O8 price was $86.25/lb for current-month delivery.

According to the report, Canada was the largest source of uranium purchased by US fuel buyers in 2025, accounting for 32% of all deliveries, followed by Kazakhstan at 28%, Australia at 15% and Uzbekistan at 7%.

Namibian material accounted for 4% of total deliveries in 2025, down from 8% in 2024, and US material accounted for 7%, down from 8% in 2024.

Similarly, in 2024, Canada was the largest source at 36%, followed by Kazakhstan at 24%, Australia with 24% and Uzbekistan at 9%. Namibian and Russian U3O8 each accounted for 4%.

The EIA said that 13% of the uranium delivered to US reactor owners and operators in 2025 was purchased under spot contracts, and the remaining 87% was purchased under long-term contracts.

Also, 22 new purchase contracts were signed, with deliveries in 2025 totaling 4 million lb U3O8e. This compares to 21 new purchase contracts signed in 2024, totaling 3 million lb U3O8e, according to the report.

Enrichment

Commercial U3O8e inventories totaled almost 170 million lb at the end of 2025, the most inventory held in the US since 2003.

Of that, US reactor owners and operators held 118.3 million lb U3O8e, up 3% from 115 million lb in 2024 and 7% higher than 110 million lb in 2023.

In addition to reactor owners and operators, US holders of uranium inventories included producers, converters, enrichers, fabricators, brokers and traders, the EIA said. These nuclear fuel sector participants held 51 million lb U3O8e at the end of 2025, up 27% from 2024 year-end levels.

According to the report, at the end of 2025, the maximum uranium deliveries for 2026 through 2035 under existing purchase contracts for reactor owners and operators totaled 174 million lb U3O8e.

And through the end of 2025, unfilled uranium market requirements for 2025 through 2035 totaled 186 million lb U3O8e.

"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 reactors, the EIA said.

Reactor operators purchased 12.7 million separative work units in 2025, compared with 15.2 million SWU in 2024, the EIA said. SWUsrefers to separative work units, a standard unit of measure for uranium enrichment.

They paid a weighted-average price of $108.70/SWU in 2025, compared with $97.66/SWU in 2024 and $106.97/SWU in 2023.

Of the 12.7 million SWU, operators purchased 2.9 million SWU from US enrichers and 9.8 million SWU from foreign enrichers, the report said.

Data on the amount of uranium conversion services purchased by reactor owners and operators in 2025 was withheld from the report.