Weekly Nuclear and Uranium Market Roundup
1/4/26
SEQH CAPITAL RESEARCH
NUCLEAR AND URANIUM ROUNDUP
RESEARCH DESK
4 January, 2026
Our report outlines a bullish start to 2026 for the uranium and nuclear sector, driven by tight supply-demand fundamentals, strong price action in uranium and related equities, and supportive policy and project news globally.
Market backdrop and price action
Uranium spot prices ended 2025 at about 81.70 per pound, up roughly 27.7% from the March low, reflecting a widening supply-demand imbalance.
Long-term contract prices reached about 87.00 per pound and continue to trade at a premium to spot, signaling utilities’ willingness to lock in higher prices to secure future fuel supply.
The first trading day of 2026 saw a continuation of this momentum, reinforcing the thesisthat nuclear and uranium remain in a structural bull market.
Uranium equities and ETFs
Uranium-focused ETFs opened 2026 with strong gains: Sprott Uranium Miners ETF (URNM) rose about 10.13% and Global X Uranium ETF (URA) gained about 7.79% on January 2.
Individual uranium miners rallied broadly, with Energy Fuels (UUUU) up about 14.72%, Denison Mines (DNN) up 13.91%, and Uranium Energy Corp (UEC) up 12.24%, alongside high-single-digit to low-double-digit moves in peers like Cameco (CCJ), NexGen (NXE), and others.
Fuel cycle and supply chain developments
Urenco USA produced its first batch of uranium enriched to 8.5% U‑235, an important milestone for advanced reactor fuels.
Wyoming awarded 100 million to BWX Technologies (BWXT) to build a TRISO fuel fabrication facility, aiming to support advanced reactors and reduce reliance on foreign fuel.
Centrus Energy commenced commercial-scale production of Low-Enriched Uranium (LEU) in Ohio, marking progress toward re-establishing domestic enrichment capacity in the United States.
New nuclear projects and global buildout
Duke Energy filed an early site permit for a new nuclear plant at a retiring coal site in North Carolina, structured to be technology-neutral and compatible with small modular reactors (SMRs).
Internationally, Russia connected the first unit of the Kursk II plant (adding about 240 MW), while China completed the first phase of what is described as the world’s largest nuclear power base centered on the Hualong One reactor design.
The global pipeline of reactors under construction, planned, and proposed remains robust, supporting long-term uranium demand.
FULL REPORT AND OUTLOOK PDF ATTACHED BELOW:
