Market Data

SMU Survey: Pricing power abruptly shifts to steel buyers
Written by Brett Linton
June 26, 2025
The majority of steel buyers responding to our latest market survey say domestic mills are more willing to talk price on sheet and plate products than they were earlier this month.
Sheet negotiation rates rebounded across the board compared to early/mid-June, while our plate negotiation rate hit a full 100%.
Every two weeks, SMU polls steel buyers asking if domestic mills are negotiable on prices for new spot orders. This week, 83% of respondents said mills were willing to talk price to secure an order, up 24 percentage points from our previous survey (Figure 1).
Recall that mills held the pricing power back in February and March as tariff headlines pushed the market higher. That power shifted back to buyers across April and May, when negotiation rates rose to multi-month highs. In early June, another round of tariff headlines again resulted in a firmer pricing stance from mills, but the balance has shifted back toward buyers over the last two weeks.

Negotiation rates by product
Negotiation rates rebounded for all four sheet products we track, rising to some of the highest rates we’ve seen this year. Plate rates continued to rise, hitting a 19-month high this week (Figure 2). Current rates are as follows:
- Hot rolled: 84% of buyers said mills are negotiable on price, up 25 percentage points from two weeks ago. For comparison, the highest rate seen this year was 94% in late May.
- Cold rolled: 72%, up 30 points.
- Galvanized: 83%, up 19 points.
- Galvalume: 87%, up 26 points.
- Plate: 100%, up eight points to the highest rate since November 2023.

Steel buyer remarks:
“Negotiable on large [sheet] inquiries.”
“We are having some mills call and fish for [plate] tons.”
“Some are [negotiable on hot rolled].”
“Not yet [on hot rolled], but they need orders.”
Note: SMU surveys active steel buyers every other week to gauge their steel suppliers’ willingness to negotiate new order prices. The results reflect current steel demand and changing spot pricing trends. Visit our website to see an interactive history of our steel mill negotiations data.
Brett Linton
Read more from Brett LintonLatest in Market Data
AISI: Raw steel mill output stabilizes
Domestic mill production inched higher last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Prior to the start of this month, raw output had remained historically strong since June.
Steel market chatter this week
What's on steel buyers' minds this week? We asked about market prices, demand, inventories, tariffs, imports, and other evolving market trends. Read on for buyers' comments in their own words...
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members.
SMU Survey: Current Sentiment sinks to lowest level since May 2020
SMU’s Steel Buyers’ Sentiment Indices both fell this week, with Current Steel Buyers’ Sentiment notching the lowest reading since May 2020.
Busheling and shredded tags drop, widening HRC vs. prime scrap spread
US scrap prices fell on busheling and shredded in October, while HMS remained flat, market sources told SMU.
