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Home News Markets

North American Uranium Market Stalls Amid Tariff Uncertainty and Utility Hesitation

by Team Lumida
March 31, 2025
in Markets
Reading Time: 4 mins read
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Photo by PAVAN JAMDAR on Unsplash

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Key Takeaways:

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  • U.S. nuclear power companies are significantly reducing uranium purchases due to impending tariffs, with utility purchases dropping by half as they await clarity on President Trump’s 10% levy on Canadian energy exports.
  • The U.S. relies on Canada for over 25% of its uranium supply, making the sector particularly vulnerable to tariff-related disruptions.
  • Despite the current market turmoil, utilities are well-supplied for 2025 and most of 2026 due to long-term contracts, but uncertainty is causing hesitation in signing new agreements.
  • The uranium market has seen a notable decline, with a key ETF for uranium miners down 14% this year, and futures prices falling approximately 40% from their 2024 peak.

What Happened?

The North American uranium market is experiencing a significant slowdown as U.S. nuclear power companies react to President Trump’s tariff threats. With the imposition of a 10% tariff on Canadian energy exports approaching, utility purchases of uranium have halved, according to data from pricing firm TradeTech.

Utilities, which typically rely on long-term contracts for uranium supply, are currently hesitant to make new purchases, opting instead to wait and see how the tariff situation unfolds. This uncertainty is particularly concerning for the U.S. nuclear sector, which sources more than a quarter of its uranium from Canada.

Despite the current market conditions, Cameco Corp., North America’s largest uranium producer, has indicated that there is no immediate risk of fuel shortages for U.S. reactors, as utilities are adequately supplied for the near term. However, the ongoing uncertainty is complicating decision-making for utility executives, who are trying to balance expansion plans with fluctuating electricity demand.


Why It Matters?

The uranium market’s paralysis highlights the broader implications of trade policies on critical energy sectors. With the U.S. being the largest uranium buyer globally, any disruptions in supply chains can have significant repercussions for energy production and pricing.

The hesitance of utilities to sign new contracts could lead to future supply challenges, especially as some utilities are expected to need additional uranium as soon as 2027 or 2028. The current situation underscores the importance of stable trade relations and clear policies for the energy sector’s long-term planning and investment.


What’s Next?

As the tariff announcement approaches, market participants will be closely monitoring developments and any potential changes in U.S.-Canada trade relations. The outcome of these tariffs could reshape the uranium supply landscape and influence future pricing and availability.

Utilities may need to adapt their strategies to secure uranium access while managing costs, especially if tariffs are implemented. The ongoing uncertainty may also prompt further discussions among industry stakeholders about the need for more stable and predictable trade policies to support the nuclear energy sector.

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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018