SMU flat-rolled market survey results now available

Key points and takeaways

We go over the big highlights of the survey in Final Thoughts. Here are some other key points that we think are worth your time. (And, again, our premium subscribers can follow along with the latest results here.)

Steel Buyers’ Sentiment remains strong despite some fluctuations, with buyers maintaining a positive outlook for the first half of the year. Lead times, which surged due to tariff-related buying, are now stabilizing, with slight declines seen in hot-rolled, cold-rolled, and galvanized products.

Despite a modest improvement in negotiation rates from early March lows, steel mills continue to hold firm on pricing, particularly for hot-rolled steel, leaving buyers with limited bargaining power.

Market dynamics present both upward and downward pressures on pricing. While most buyers expect prices to peak in mid-to-late Q2, nearly a third of service centers have reported releasing less steel than a year ago – potentially indicating weakening demand.

Uncertainty around the long-term impact of tariff policies is also creating market hesitation. However, price support could come from continued price increases by service centers and stable inventory levels among manufacturers, with a notable portion even reducing stock.

Has the early tariff threat bump run its course, and is uncertainty starting to settle in?

There’s a lot more to unpack in the survey. Be sure to check out Final Thoughts for some of the comments and key reactions directly from our sources.