Impacted by broad uncertainty, geopolitical risks and trade tensions, spot U308 prices fell 13.26 percent during Q1 2025, starting the session at US$74.74 per pound, and contracting to US$64.83 by March 31.

As factors outside the uranium market forced the spot price consolidation, the long term price remained steady holding at the US$80.00 level, a potential indicator of the market’s long term growth forecast.

Despite positive long term fundamentals propelling U308 spot prices to nearly two decade highs in 2024, the market has been unable to find continued support in 2025.

Much of the uncertainty has been introduced from the on and off and on again tariffs implemented by the Trump administration, which infused the already opaque uranium market with even more ambiguity.

As volatility rattles investors, US utility companies have also been impacted by the threat of first a 25 percent and then 10 percent tariff on uranium imports from Canada.

“There's a lot of speculation,” Per Jander, director of nuclear fuel at WMC, told the Investing News Network (INN) in a March interview. “I think the new administration is unpredictable, and I think that is by design, and (they are) obviously doing a very good job at that. But again, it has ripple effects for players in the market.”