Features

SMU Survey: Mills slightly less negotiable on spot pricing
Written by Brett Linton
September 18, 2025
Sheet and plate buyers say mills remain open to negotiating spot prices this week, though less so than in recent weeks, according to SMU’s latest market survey.
Every other week, SMU polls thousands of buyers asking if domestic mills are negotiable on new spot order pricing. This week, 81% of respondents said mills were willing to talk price to secure an order. This is down 13 points from our previous survey and the lowest rate seen since June (Figure 1).
Earlier this year, mills briefly held pricing power in February and March when tariff headlines pushed prices higher. That leverage shifted back to buyers in April and May and has mostly stayed there since. The only notable exception was in mid-June, when renewed tariff headlines briefly allowed mills to adopt a slightly firmer pricing stance.

Negotiation rates ease across the board
All five of the products we track saw lower negotiation rates this week, though sheet products remain more negotiable than plate (Figure 2). Current rates are:
- Hot rolled: 92% of buyers said mills are negotiable on price, down three points from two weeks ago.
- Cold rolled: 82%, down nine points from early September’s 10-month high.
- Galvanized: 77%, down 23 points, previously at a 10-month high.
- Galvalume: 82%, down 10 points.
- Plate: 63%, down 23 points to a four-month low.

Buyer remarks:
“Negotiable on hot rolled, just depends on how much you are buying and from who.”
“Coated products continue to have the widest range of pricing offers depending on the mill and buyer, some newer lines are much more aggressive on prices than traditional integrated mill lines.”
“Not negotiable on galvanized, pricing is starting to go up.”
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
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