The uranium market moved through 2025 with less drama than the previous year, but the quieter tone masked a sector still tightening beneath the surface. After 2024’s surge to two-decade highs, in 2025, U3O8 prices traded in a narrower US$20 range in 2025, slipping to a low of US$63.71 in March before climbing back toward the mid-US$80s by late September. In December, spot prices had settled near US$75, a level that has acted as a floor since late summer. Despite the muted price action, uranium’s underlying drivers strengthened. Long-term demand projections, renewed government backing for nuclear power and rising concerns over supply security all helped support the market. Investor appetite also played a defining role. Continued buying from the Sprott Physical Uranium Trust (SPUT) (TSX:U.U,OTCQX:SRUUF) and retail investors added steady pressure to the spot market, absorbing millions of pounds of material and lifting prices above where utility demand alone would…
