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SMU Survey: Mills remain flexible on pricing, buyers say

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.

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.