Features

SMU Survey: Mills remain flexible on pricing, buyers say
Written by Brett Linton
August 21, 2025
The majority of steel buyers responding to our market survey this week continue to say that mills are negotiable on new spot order prices. Negotiation rates have remained high since May.
SMU polls thousands of buyers every other week on whether domestic mills are negotiable on new spot order pricing. This week, nearly nine in 10 respondents (88%) said mills were willing to talk price to secure an order. This rate is below both our previous survey (93%) and the record-high seen in mid-July (95%), but still holds strong by historical standards. (Figure 1).

Negotiation rates strong on sheet and plate
Negotiation rates were strongest for hot-rolled and coated products, but remain high across the board (Figure 2). Current rates are:
- Hot rolled: 96% of buyers said mills were negotiable, down four percentage points from two weeks ago (which was a three-and-a-half-year high).
- Cold rolled: 78%, down 10 points to an eight-week low.
- Galvanized: 95%, up seven points to a nine-month high.
- Galvalume: 92%, up one point.
- Plate: 80%, down 20 points after holding at 100% for four consecutive surveys.

Buyer remarks:
“Negotiable on galvanized for large quantities.”
“I’m reading that some mills are offering [hot-rolled] pricing below the CRU price.”
“Some are willing to negotiate [on hot rolled]. Some are busy and not willing to reduce their price.”
“We aren’t bringing in anything mill-direct right now (as SSCs are all cheap!), but all of the mills who call us are hungry [on hot rolled].”
“Not [negotiable on plate] unless you cough up the words ‘large tonnage.’”
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.
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Final Thoughts
Below are some other issues that should be on your radar. Because while prices have been steady, a lot is going on when it comes to news that could impact them.
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...
Join SMU and AMU for a Community Chat with Wiley on Trump, Trade, and Tariffs
Want to know the latest on Trump, tariffs, and trade policy - and the impact on both steel and aluminum? Then join SMU, AMU, and leading law firm Wiley for a Community Chat on Thursday, Nov. 13, at 11 am ET.
