The uranium market in the US is facing a slowdown as nuclear power companies hold off on purchases and delay new contracts following President Donald Trump’s tariff threats, reported Bloomberg.
The US, the world’s largest uranium buyer with 94 nuclear reactors, sources 95% of its nuclear fuel from abroad.
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The country’s nuclear power sector, which depends on Canada for more than a quarter of its uranium supply, is particularly vulnerable to the proposed tariffs.
The looming 10% levy on Canadian energy exports including uranium has led to a 50% drop in US utility purchases, according to TradeTech data.
The uncertainty over the scope and duration of the levies, which are set to commence on 2 April, has deterred buyers of the reactor fuel and is causing market dislocation as nuclear operators may soon deplete their inventories.
Sprott Asset Management CEO John Ciampaglia said: “In the absence of any clarity, and with the rules constantly changing – tariffs on today, tariffs off tomorrow – it has just created this complete paralysis. There are just too many ‘what-if’ scenarios the market is trying to digest at once.”
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By GlobalDataEntergy nuclear fuels supply manager Karen Radosevich said: “Utilities are waiting to see what this all means before they take action.”
The company, which operates four reactors across Arkansas, Mississippi, and Louisiana, is among those affected by the market turmoil.
However, Entergy has been proactive in securing Canadian uranium and began accelerating deliveries after Trump announced a delay in the tariff implementation, revealed Radosevich.
The start of the year has been notably subdued in terms of contracts, with nuclear fuel market information company UxC’s president, Jonathan Hinze, stating: “Utilities are currently relatively inactive on the contracting front.”
Despite the current market conditions, US reactors are not in immediate danger of a fuel shortage, the report stated.
Cameco CFO Grant Isaac assured that utilities have adequate supplies for this year and most of 2026.
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