Uranium as it is reported and traded — triuranium octoxide, the concentrate known as yellowcake.
Triuranium octoxide, the concentrated form of uranium ore (yellowcake) produced at uranium mills. U3O8 is the standard commodity traded for nuclear fuel production. Uranium prices are denominated in dollars per pound U3O8 and fluctuate based on nuclear energy demand.
Uranium grades span orders of magnitude, from around 0.1% in conventional deposits to well above 15% in the Athabasca Basin. Comparing a uranium grade to anything outside its own deposit style is meaningless.
Most uranium sells on long-term contracts to utilities rather than at spot, so the spot price is a poor guide to what a producer actually receives.