How the Uranium Market Really Works & Why It’s Still Bullish | Per Jander

Apr 14, 2026

Per Jander, director of nuclear fuel and investor services at WMC and uranium market specialist, walks through the uranium fuel cycle and why the market moves slowly. He explains who is buying and how term contracts work. He discusses rising demand from France, Japan, China and India and why new mines may not meet needs by 2030.

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ANECDOTE

Per's Monaco Conference Is A Homecoming

Per mentions hosting the industry's first big conference in his hometown Monaco after moving there a year ago.
He describes it as ironic since Monaco is the tiniest place he's lived but now hosts the large annual industry gathering.

ADVICE

Consider Uranium's Downside Is Muted In Current Market

Expect limited near-term downside because physical uranium and term prices have held up despite geopolitical shocks.
Per points to stability through the Middle East turmoil and higher term prices as reasons to be cautiously positive for 2026.

INSIGHT

Uranium Market Moves Like A Slow Turning Tanker

Uranium market has huge inertia because fuel must be converted, enriched, and manufactured, creating a 3–4 year lead time between purchase and reactor use.
Per Jander compares the market to a slow-turning oil tanker: fundamentals point upward but prices move slowly due to long fuel-cycle timelines.

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Per Jander, director of nuclear fuel and investor services at WMC, joins Trey Reik for a deep dive into how the uranium market works from the inside. Per walks through the full fuel cycle, explains why uranium's unique inertia makes it unlike any other commodity, and breaks down who is buying, where it's stored, and how term contracts with built-in floor and ceiling prices actually function. He covers the demand wave building across France, Japan, China, and India, and why the world's biggest potential mine still may not be enough by 2030. Per also reveals what happened behind the scenes when Sprott's January buying spree briefly pushed spot prices above $100, and explains why fuel costs are so small that demand destruction is essentially off the table.

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Chapters:

0:46 - The Biggest Uranium Conference of the Year Lands in Per’s Monaco

2:02 - Is Uranium Destined for the Headlines in 2026?

3:53 - The Purest Supply-Demand Story in All of Commodities

7:59 - France Bets Big: 52 Reactors Get a New Lease on Life

14:13 - Japan's Nuclear Comeback After Fukushima

16:40 - China's Race to Become the World's Largest Nuclear Operator

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