Uranium: Overview
Power, submarines, medical isotopes and weapons
What this tab covers What the commodity is used for, why, in what volumes and with what alternatives, and its chain from mine or field to end user. Also the latest price moves, top recent news, three things to know, and buttons into each tab.Key uses
| Use | Share | Annual volume | Why this commodity | Alternatives |
|---|---|---|---|---|
| Light-water power reactors (PWR and BWR) using enriched fuel | n/a | most of about 67,000 tU of reactor demand in 2024basis | Uranium-235 fission releases huge energy from little fuel, so reactors run for long periods between refuellings and fuel is a small share of generating cost. Light-water reactors dominate the world fleet in the US, France, China, Korea and Russia and need uranium enriched in U-235 before use. World Nuclear Association, World Uranium Mining Production (2024 data) | Natural gas, coal and hydro for firm power Wind and solar with storage Recycled plutonium as MOX fuel, and reprocessed uranium |
| Pressurised heavy-water reactors (CANDU and Indian PHWRs) using natural uranium | n/a | n/a basis | Heavy water slows neutrons so well that natural uranium can be used without enrichment. This let Canada and India build reactors without access to enrichment plants. Most of India's 54.7 TWh of nuclear power in 2024 (Energy Institute) came from PHWRs run by NPCIL. Energy Institute Statistical Review 2025 (nuclear generation) | Enriched-uranium light-water reactors Thorium-based fuel (planned third stage of India's programme) |
| Naval propulsion (submarines, aircraft carriers, icebreakers) | n/a | n/a basis | A compact reactor lets a submarine stay submerged for months and a carrier sail for decades without refuelling. Fuel is usually highly enriched and comes from government stocks rather than the commercial market. | Diesel-electric and air-independent propulsion for submarines Conventional fuel for surface ships |
| Research reactors and medical and industrial isotopes | n/a | n/a basis | Research reactors irradiate uranium targets to make molybdenum-99, the parent of technetium-99m used in medical imaging, and supply neutrons for materials testing. | Accelerator and cyclotron routes for some isotopes |
| Depleted uranium (enrichment tails) in counterweights, shielding and armour | n/a | n/a basis | Depleted uranium is very dense and cheap because it is a waste product of enrichment, so it serves as aircraft counterweights, radiation shielding and armour-piercing projectiles. USGS MCS 2026, Tungsten (substitutes) | Tungsten and tungsten alloys Lead (radiation shielding) |
From mine to user
- Exploration Identified recoverable resources are nearly 8 million tU, 28% in Australia, 14% in Kazakhstan and 10% in Canada; exploration and development spending was about $840 million in 2023 (Red Book 2024, via ANS).
- Mining World mine output was 60,213 tU in 2024; in situ leaching gave 55%, conventional underground and open-pit mines 40% and by-product recovery 5% (WNA).
- Milling to yellowcake Ore or leach solution is processed into uranium oxide concentrate (U3O8, yellowcake); 2024 output was 71,006 t U3O8 (WNA). This is the form traded and priced in $/lb.
- Conversion U3O8 is purified and converted to uranium hexafluoride (UF6), a gas at modest temperature, for enrichment. Only a handful of plants exist, in Canada, France, the US, Russia and China.
- Enrichment Centrifuges raise the U-235 share for light-water reactor fuel, measured in separative work units (SWU). PHWRs in India and Canada skip this step. US law banned imports of Russian enriched uranium from 2024, with waivers.
- Fuel fabrication Enriched UF6 is converted to uranium dioxide powder, pressed into pellets and loaded into fuel assemblies designed for each reactor type.
- Power generation Reactors generated 2,818 TWh in 2024, led by the US (823 TWh), China (451 TWh) and France (381 TWh); India generated 55 TWh (Energy Institute 2025).
- Spent fuel Used fuel is stored in pools and dry casks, or reprocessed to recover uranium and plutonium, as in France, Russia and India.
Price movement snapshot 2026-10-25
No public daily or monthly benchmark price for this commodity in the datasets used.
World production 71k tonnes, 2024 Largest producer Kazakhstan 38.41% of worldThree things to know
- Spot uranium rose from under $7 a pound in late 1973 to over $40 by mid-1976, as a producer cartel withheld supply (Radetzki & Wårell).
- The Energy Institute's spot uranium price nearly tripled, from $30.46 a pound in 2020 to $86.24 in 2024.
- Congo's Shinkolobwe ore held nearly 70% uranium, against about 0.01% elsewhere, and supplied the Hiroshima bomb (Conway).
Top recent news snapshot 2026-10-25, last 30 days
- Iran determined to keep uranium amid increased war odds, flurry of meetingsAl Jazeera · 2026-10-21
- The status of Iran's uranium enrichment programmeReuters · 2026-10-08
- Uranium supply constraints may challenge global nuclear expansion plansBusinessLine · 2026-10-18
- In 1975, Kodak began operating a uranium-based research device beneath its Rochester laboratory; 31 yearsThe Times of India · 2026-10-19
- Iran’s enriched uranium re-emerges as point of contention in US talksAl Jazeera · 2026-10-21