Process · KZ CA AU NE FR US
Uranium conversion and enrichment
Turning mined uranium into the fuel a reactor can burn. Few states do this, and they do not do it quickly.
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01Key numbers
Price · WorldEnrichment (SWU) spot price indicatorSource: Centrus Energy 10-Q Q2 2026 (SEC) (30 Jun 2026)SourcedCentrus Energy 10-Q Q2 2026 (SEC) · 30 Jun 2026Open the source → USD/SWU30 Jun 2026200 (31 Mar 2026) → 200 (30 Jun 2026).How this is computedThe latest value in a series minus the value before it, divided by the earlier value, same series and unit.200 (31 Mar 2026) → 200 (30 Jun 2026).Method →Code → vs 31 Mar 2026 · flat
Enrichment (SWU) spot price indicator, USD/SWU, Apr 2009 to 30 Jun 2026. Every value is listed in the table below. 0100200300163 USD/SWUApr 2009Centrus Energy 10-Q Q2 2026 (SEC) ↗34 USD/SWUAug 2018Centrus Energy 10-Q Q2 2026 (SEC) ↗166 USD/SWU31 Mar 2024Centrus Energy 10-Q Q1 2024 (SEC) ↗176 USD/SWU30 Jun 2024Centrus Energy 10-Q Q2 2024 (SEC) ↗180 USD/SWU30 Sep 2024Centrus Energy 10-Q Q3 2024 (SEC) ↗195 USD/SWU31 Dec 2024Centrus Energy 10-K 2024 (SEC) ↗190 USD/SWU31 Mar 2025Centrus Energy 10-Q Q1 2025 (SEC) ↗190 USD/SWU30 Jun 2025Centrus Energy 10-Q Q2 2025 (SEC) ↗220 USD/SWU30 Sep 2025Centrus Energy 10-Q Q3 2025 (SEC) ↗200 USD/SWU31 Dec 2025Centrus Energy 10-Q Q1 2026 (SEC) ↗200 USD/SWU31 Mar 2026Centrus Energy 10-Q Q1 2026 (SEC) ↗200 USD/SWU30 Jun 2026Centrus Energy 10-Q Q2 2026 (SEC) ↗Period Value Source 30 Jun 2026 Source: Centrus Energy 10-Q Q2 2026 (SEC) (2026-08-06)SourcedCentrus Energy 10-Q Q2 2026 (SEC) · 2026-08-06Open the source → USD/SWU Centrus Energy 10-Q Q2 2026 (SEC) ↗ primary As of June 30, 2026, spot prices remained steady at $200 per SWU.
Centrus citing published spot price indicators31 Mar 2026 Source: Centrus Energy 10-Q Q1 2026 (SEC) (2026-05-06)SourcedCentrus Energy 10-Q Q1 2026 (SEC) · 2026-05-06Open the source → USD/SWU Centrus Energy 10-Q Q1 2026 (SEC) ↗ primary As of March 31, 2026, spot prices remained steady at $200 per SWU.
Centrus citing published spot price indicators31 Dec 2025 Source: Centrus Energy 10-Q Q1 2026 (SEC) (2026-05-06)SourcedCentrus Energy 10-Q Q1 2026 (SEC) · 2026-05-06Open the source → USD/SWU Centrus Energy 10-Q Q1 2026 (SEC) ↗ primary This was followed by a period of price increases, reaching $200 per SWU by December 31, 2025, which surpassed the previous historic high.
Centrus citing published spot price indicators; Q3 2025 $220 vs later "reaching $200 by Dec 31, 2025" as stated30 Sep 2025 Source: Centrus Energy 10-Q Q3 2025 (SEC) (2025-11-06)SourcedCentrus Energy 10-Q Q3 2025 (SEC) · 2025-11-06Open the source → USD/SWU Centrus Energy 10-Q Q3 2025 (SEC) ↗ primary As of September 30, 2025, spot prices were $220 per SWU.
Centrus citing published spot price indicators30 Jun 2025 Source: Centrus Energy 10-Q Q2 2025 (SEC) (2025-08-06)SourcedCentrus Energy 10-Q Q2 2025 (SEC) · 2025-08-06Open the source → USD/SWU Centrus Energy 10-Q Q2 2025 (SEC) ↗ primary As of June 30, 2025, spot prices were $190 per SWU.
Centrus citing published spot price indicators31 Mar 2025 Source: Centrus Energy 10-Q Q1 2025 (SEC) (2025-05-08)SourcedCentrus Energy 10-Q Q1 2025 (SEC) · 2025-05-08Open the source → USD/SWU Centrus Energy 10-Q Q1 2025 (SEC) ↗ primary As of March 31, 2025, spot prices were $190 per SWU.
Centrus citing published spot price indicatorsRead from the sources Read from the source by an agent; quote matched mechanically against the fetched page; not yet reviewed by a person, 2026-09-24. Each value links the page it came from and quotes the sentence that carries it.
Price · North AmericaUF6 conversion spot price (quarter-end, TradeTech/UxC avg)Source: Cameco 2026 Q2 MD&A (30 Jun 2026)SourcedCameco 2026 Q2 MD&A · 30 Jun 2026Open the source → USD/kgU30 Jun 202662.5 (31 Mar 2026) → 64.5 (30 Jun 2026).How this is computedThe latest value in a series minus the value before it, divided by the earlier value, same series and unit.62.5 (31 Mar 2026) → 64.5 (30 Jun 2026).Method →Code → vs 31 Mar 2026 · tightens
UF6 conversion spot price (quarter-end, TradeTech/UxC avg), USD/kgU, 30 Jun 2024 to 30 Jun 2026. Every value is listed in the table below. 608010060 USD/kgU30 Jun 2024Cameco 2024 Q2 MD&A ↗72 USD/kgU30 Sep 2024Cameco 2024 Q3 MD&A ↗97 USD/kgU31 Dec 2024Cameco 2024 annual MD&A ↗81 USD/kgU31 Mar 2025Cameco 2025 Q1 MD&A ↗69 USD/kgU30 Jun 2025Cameco 2025 Q2 MD&A ↗63.5 USD/kgU30 Sep 2025Cameco 2025 Q3 MD&A ↗62.5 USD/kgU31 Mar 2026Cameco 2026 Q1 MD&A ↗64.5 USD/kgU30 Jun 2026Cameco 2026 Q2 MD&A ↗Period Value Source 30 Jun 2026 Source: Cameco 2026 Q2 MD&A (2026-07-30)SourcedCameco 2026 Q2 MD&A · 2026-07-30Open the source → USD/kgU Cameco 2026 Q2 MD&A ↗ primary At the end of the second quarter, the average reported spot price for conversion was US$64.50 per kilogram uranium (kgU) as UF6, up US$2.00 from the previous quarter.
Cameco average of UxC and TradeTech reported prices; 2025-12-31 value omitted (only derivable by subtraction)31 Mar 2026 Source: Cameco 2026 Q1 MD&A (2026-05-04)SourcedCameco 2026 Q1 MD&A · 2026-05-04Open the source → USD/kgU Cameco 2026 Q1 MD&A ↗ primary At the end of the first quarter, the average reported spot price for conversion was US$62.50 per kgU as UF6, up US$1.00 from the previous quarter.
Cameco average of UxC and TradeTech reported prices; 2025-12-31 value omitted (only derivable by subtraction)30 Sep 2025 Source: Cameco 2025 Q3 MD&A (2025-11-04)SourcedCameco 2025 Q3 MD&A · 2025-11-04Open the source → USD/kgU Cameco 2025 Q3 MD&A ↗ primary At the end of the third quarter, the average reported spot price for conversion was $63.50 (US) per kilogram uranium (kgU) as UF6, down $5.50 (US) from the previous quarter.
Cameco average of UxC and TradeTech reported prices; 2025-12-31 value omitted (only derivable by subtraction)30 Jun 2025 Source: Cameco 2025 Q2 MD&A (2025-07-30)SourcedCameco 2025 Q2 MD&A · 2025-07-30Open the source → USD/kgU Cameco 2025 Q2 MD&A ↗ primary At the end of the second quarter, the average reported spot price for conversion was $69.00 (US) per kilogram uranium (kgU) as UF6, down $12.00 (US) from the previous quarter.
Cameco average of UxC and TradeTech reported prices; 2025-12-31 value omitted (only derivable by subtraction)31 Mar 2025 Source: Cameco 2025 Q1 MD&A (2025-04-30)SourcedCameco 2025 Q1 MD&A · 2025-04-30Open the source → USD/kgU Cameco 2025 Q1 MD&A ↗ primary the end of the first quarter, the average reported spot price for conversion was $81.00 (US) per kilogram uranium (kgU) as UF6, down $16.00 (US) from the previous quarter.
Cameco average of UxC and TradeTech reported prices; 2025-12-31 value omitted (only derivable by subtraction)31 Dec 2024 Source: Cameco 2024 annual MD&A (2025-02-20)SourcedCameco 2024 annual MD&A · 2025-02-20Open the source → USD/kgU Cameco 2024 annual MD&A ↗ primary At the end of 2024, the average reported spot price for North American delivery reached a record high of $97.00 (US) per kilogram uranium as UF6 (US/kgU as UF6), up $51.00 (US) from the end of 2023.
Cameco average of UxC and TradeTech reported prices; 2025-12-31 value omitted (only derivable by subtraction)Read from the sources Read from the source by an agent; quote matched mechanically against the fetched page; not yet reviewed by a person, 2026-09-24. Each value links the page it came from and quotes the sentence that carries it.
Price · WorldU3O8 spot price, month-end (UxC/TradeTech avg)Source: Cameco, Uranium Price page (Aug 2026)SourcedCameco, Uranium Price page · Aug 2026Open the source → USD/lb U3O8Aug 202685 (Jun 2026) → 89.68 (Aug 2026).How this is computedThe latest value in a series minus the value before it, divided by the earlier value, same series and unit.85 (Jun 2026) → 89.68 (Aug 2026).Method →Code → vs Jun 2026 · tightens
U3O8 spot price, month-end (UxC/TradeTech avg), USD/lb U3O8, Mar 2024 to Aug 2026. Every value is listed in the table below. 6070809087.75 USD/lb U3O8Mar 2024Cameco, Uranium Price page ↗84.25 USD/lb U3O8Jun 2024Cameco, Uranium Price page ↗82 USD/lb U3O8Sep 2024Cameco, Uranium Price page ↗72.63 USD/lb U3O8Dec 2024Cameco, Uranium Price page ↗64.23 USD/lb U3O8Mar 2025Cameco, Uranium Price page ↗78.5 USD/lb U3O8Jun 2025Cameco, Uranium Price page ↗82.63 USD/lb U3O8Sep 2025Cameco, Uranium Price page ↗81.55 USD/lb U3O8Dec 2025Cameco, Uranium Price page ↗84.25 USD/lb U3O8Mar 2026Cameco, Uranium Price page ↗85 USD/lb U3O8Jun 2026Cameco, Uranium Price page ↗89.68 USD/lb U3O8Aug 2026Cameco, Uranium Price page ↗Period Value Source Aug 2026 Source: Cameco, Uranium Price page (2026-09-24)SourcedCameco, Uranium Price page · 2026-09-24Open the source → USD/lb U3O8 Cameco, Uranium Price page ↗ primary 2026/08/31 89.68
Upstream feed to conversion, not a conversion/SWU price. Quote is the date/spot-price pair from the page data table (first number after the date is spot, second is long-term). Unit not printed on the page; Cameco MD&As state these prices in US$ per pound U3O8. published = date fetched.Jun 2026 Source: Cameco, Uranium Price page (2026-09-24)SourcedCameco, Uranium Price page · 2026-09-24Open the source → USD/lb U3O8 Cameco, Uranium Price page ↗ primary 2026/06/30 85.00
Upstream feed to conversion, not a conversion/SWU price. Quote is the date/spot-price pair from the page data table (first number after the date is spot, second is long-term). Unit not printed on the page; Cameco MD&As state these prices in US$ per pound U3O8. published = date fetched.Mar 2026 Source: Cameco, Uranium Price page (2026-09-24)SourcedCameco, Uranium Price page · 2026-09-24Open the source → USD/lb U3O8 Cameco, Uranium Price page ↗ primary 2026/03/31 84.25
Upstream feed to conversion, not a conversion/SWU price. Quote is the date/spot-price pair from the page data table (first number after the date is spot, second is long-term). Unit not printed on the page; Cameco MD&As state these prices in US$ per pound U3O8. published = date fetched.Dec 2025 Source: Cameco, Uranium Price page (2026-09-24)SourcedCameco, Uranium Price page · 2026-09-24Open the source → USD/lb U3O8 Cameco, Uranium Price page ↗ primary 2025/12/31 81.55
Upstream feed to conversion, not a conversion/SWU price. Quote is the date/spot-price pair from the page data table (first number after the date is spot, second is long-term). Unit not printed on the page; Cameco MD&As state these prices in US$ per pound U3O8. published = date fetched.Sep 2025 Source: Cameco, Uranium Price page (2026-09-24)SourcedCameco, Uranium Price page · 2026-09-24Open the source → USD/lb U3O8 Cameco, Uranium Price page ↗ primary 2025/09/30 82.63
Upstream feed to conversion, not a conversion/SWU price. Quote is the date/spot-price pair from the page data table (first number after the date is spot, second is long-term). Unit not printed on the page; Cameco MD&As state these prices in US$ per pound U3O8. published = date fetched.Jun 2025 Source: Cameco, Uranium Price page (2026-09-24)SourcedCameco, Uranium Price page · 2026-09-24Open the source → USD/lb U3O8 Cameco, Uranium Price page ↗ primary 2025/06/30 78.50
Upstream feed to conversion, not a conversion/SWU price. Quote is the date/spot-price pair from the page data table (first number after the date is spot, second is long-term). Unit not printed on the page; Cameco MD&As state these prices in US$ per pound U3O8. published = date fetched.Read from the sources Read from the source by an agent; quote matched mechanically against the fetched page; not yet reviewed by a person, 2026-09-24. Each value links the page it came from and quotes the sentence that carries it.
Price · North AmericaUF6 conversion long-term price (quarter-end, TradeTech/UxC avg)Source: Cameco 2026 Q2 MD&A (30 Jun 2026)SourcedCameco 2026 Q2 MD&A · 30 Jun 2026Open the source → USD/kgU30 Jun 202655.25 (31 Mar 2026) → 55.5 (30 Jun 2026).How this is computedThe latest value in a series minus the value before it, divided by the earlier value, same series and unit.55.25 (31 Mar 2026) → 55.5 (30 Jun 2026).Method →Code → vs 31 Mar 2026 · flat
UF6 conversion long-term price (quarter-end, TradeTech/UxC avg), USD/kgU, 30 Jun 2024 to 30 Jun 2026. Every value is listed in the table below. 3040506038 USD/kgU30 Jun 2024Cameco 2024 Q2 MD&A ↗43.25 USD/kgU30 Sep 2024Cameco 2024 Q3 MD&A ↗50 USD/kgU31 Dec 2024Cameco 2024 annual MD&A ↗49.75 USD/kgU31 Mar 2025Cameco 2025 Q1 MD&A ↗50.5 USD/kgU30 Jun 2025Cameco 2025 Q2 MD&A ↗52.25 USD/kgU30 Sep 2025Cameco 2025 Q3 MD&A ↗53.63 USD/kgU31 Dec 2025Cameco 2025 annual MD&A ↗55.25 USD/kgU31 Mar 2026Cameco 2026 Q1 MD&A ↗55.5 USD/kgU30 Jun 2026Cameco 2026 Q2 MD&A ↗Period Value Source 30 Jun 2026 Source: Cameco 2026 Q2 MD&A (2026-07-30)SourcedCameco 2026 Q2 MD&A · 2026-07-30Open the source → USD/kgU Cameco 2026 Q2 MD&A ↗ primary The average long-term UF6 conversion price for North America finished the quarter at US$55.50 per kgU as UF6, up US$0.25 per kgU from the previous quarter.
2024-Q2..2025-Q1 quotes say "North America and Europe"31 Mar 2026 Source: Cameco 2026 Q1 MD&A (2026-05-04)SourcedCameco 2026 Q1 MD&A · 2026-05-04Open the source → USD/kgU Cameco 2026 Q1 MD&A ↗ primary The average long-term UF6 conversion price for North America finished the quarter at US$55.25 per kgU as UF6, up US$1.62 from the previous quarter.
2024-Q2..2025-Q1 quotes say "North America and Europe"31 Dec 2025 Source: Cameco 2025 annual MD&A (2026-02-13)SourcedCameco 2025 annual MD&A · 2026-02-13Open the source → USD/kgU Cameco 2025 annual MD&A ↗ primary Long term UF6 conversion prices for North American delivery strengthened notably in 2025, reaching a record high of US$53.63 (per kgU as UF6) by year end
2024-Q2..2025-Q1 quotes say "North America and Europe"30 Sep 2025 Source: Cameco 2025 Q3 MD&A (2025-11-04)SourcedCameco 2025 Q3 MD&A · 2025-11-04Open the source → USD/kgU Cameco 2025 Q3 MD&A ↗ primary The average long-term UF6 conversion price for North America finished the quarter at $52.25 (US) per kgU as UF6, up $1.75 (US) from the previous quarter.
2024-Q2..2025-Q1 quotes say "North America and Europe"30 Jun 2025 Source: Cameco 2025 Q2 MD&A (2025-07-30)SourcedCameco 2025 Q2 MD&A · 2025-07-30Open the source → USD/kgU Cameco 2025 Q2 MD&A ↗ primary The average long-term UF6 conversion price for North America finished the quarter at $50.50 (US) per kgU as UF6, an increase of $0.50 (US) from the previous quarter.
2024-Q2..2025-Q1 quotes say "North America and Europe"31 Mar 2025 Source: Cameco 2025 Q1 MD&A (2025-04-30)SourcedCameco 2025 Q1 MD&A · 2025-04-30Open the source → USD/kgU Cameco 2025 Q1 MD&A ↗ primary The average long-term UF6 conversion prices for North America and Europe finished the quarter at $49.75 (US) per kgU as UF6, remaining unchanged from the previous quarter.
2024-Q2..2025-Q1 quotes say "North America and Europe"Read from the sources Read from the source by an agent; quote matched mechanically against the fetched page; not yet reviewed by a person, 2026-09-24. Each value links the page it came from and quotes the sentence that carries it.
Price · North AmericaUF6 conversion spot price, annual averageSource: Cameco 2025 annual MD&A (2025)SourcedCameco 2025 annual MD&A · 2025Open the source → USD/kgU2025
Period Value Source 2025 Source: Cameco 2025 annual MD&A (2026-02-13)SourcedCameco 2025 annual MD&A · 2026-02-13Open the source → USD/kgU Cameco 2025 annual MD&A ↗ primary In 2025, the reported North American spot price for UF6 ranged from a month end price of US$92.00 to a low of US$61.50 (per kgU as UF6), averaging US$70.79 for the year, which was US$2.50 or 4%, higher than the 2024 annual average.
Read from the sources Read from the source by an agent; quote matched mechanically against the fetched page; not yet reviewed by a person, 2026-09-24. Each value links the page it came from and quotes the sentence that carries it.
Every series on every bottleneck — filter, compare and download.
02Why it holds things up
Fission fuel is mined, converted and enriched by a handful of states. A reactor without that chain is a building.
Part of the process · Energy, which takes years to loosen once somebody decides to.
03Severity
How this is computedSum of four judged scores, each 0–3: concentration + substitution + lead time + inelasticity.Method →Code → / 12
Few converters and enrichers. A reactor announcement is not a fuel-cycle announcement.
04Rules that govern it
No rule has been researched for this one yet.
Policy coverage is being built jurisdiction by jurisdiction.
05What would remove it
No candidate relief has been written up for this one yet.
06Science pipeline
judged, with a citation claimed, no citationNumber: papers, preprints and grants the feeds collected — unreviewed
- Burnup-dependent nuclear safeguards and security assessment of HALEU-Fueled sodium-cooled fast reactors
This study presents a burnup- and cooling-time-dependent assessment of safeguards- and security-relevant characteristics of spent fuel from high-assay low-enriched uranium (HALEU)-fueled sodium-cooled fast reactors (SFRs). A physics-based framework is adopted to evaluate spent…
Brookhaven National Laboratory
Fundamental research · No laboratory or pilot wording.From OpenAlex · not yet reviewedDOI
- Reducing Media of the Zhiluo Formation in the Saitai Area, Ordos Basin, and Their Roles in Uranium Mineralization
Uranium mineralization in the Zhiluo Formation of the Saitai area preferentially occurs in carbonaceous debris- and pyrite-rich sandstones. This study characterizes ore fluid and reducing medium controls on uranium enrichment and uranium mineral genesis using core observations…
Hefei University of TechnologyChina Geological SurveyChinese Academy of Geological SciencesLanzhou UniversityJiangxi College of Applied Technology
Fundamental research · No laboratory or pilot wording.From OpenAlex · not yet reviewedDOI
- Geochemical Characteristics of Sandstone-Type Uranium Deposits and Their Significance for Uranium Mineralization in Daqing Placanticline, Northern Songliao Basin
To reveal the uranium enrichment mechanism in the Daqing Placanticline area, northern Songliao Basin, this study collected a total of 41 samples of three geological types, namely uranium ore, uranium-mineralized sandstone and host rock from the Upper Cretaceous Sifangtai…
Fundamental research · No laboratory or pilot wording.From OpenAlex · not yet reviewedDOI
- Performance analysis of 240Pu-enhanced QUADRISO fuel in prismatic Very High Temperature Reactors
This study presents a neutronic assessment of thorium–uranium fuel systems incorporating 240 Pu burnable absorber layers for a Very High-Temperature Reactor (VHTR). The main issue addressed is the excessive beginning-of-cycle (BOC) reactivity associated with thorium-based fuels…
Ministry of EducationUniversité Ibn-TofailImam Mohammad ibn Saud Islamic UniversityTaif UniversityHigher Technological Institute
Fundamental research · No laboratory or pilot wording.From OpenAlex · not yet reviewedDOIPDF
- Comparison of MURR high-assay low-enriched uranium fuel element and design demonstration element irradiation thermo-mechanical analysis predictions
A high-assay low-enriched uranium (HALEU) fuel element design for the University of Missouri Research Reactor (MURR) has been completed to convert from highly enriched uranium (HEU) to a very high-density U-10Mo monolithic fuel. Irradiation performance of this fuel element as a…
Argonne National LaboratoryIdaho National LaboratoryUniversity of Missouri
Fundamental research · No laboratory or pilot wording.From OpenAlex · not yet reviewedDOI
07What has happened
Nothing recorded about this one yet.
Events are added when a source is read and accepted by hand.
Discussion
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