Analysis

SMU Survey: Steel Buyers' Sentiment Indices increase

Written by Ethan Bernard

October 31, 2025

SMU’s Steel Buyers’ Sentiment Indices both rose this week, with Current Sentiment rebounding 14 points.

It marks the first instance in which both indices have increased simultaneously since the beginning of September.

Every two weeks, SMU polls thousands of steel industry executives, asking them to rate their companies’ chances of success today and three to six months down the road. Their responses are used to calculate our Current and Future Steel Buyers’ Sentiment Indices, metrics we have tracked since 2009.

Current Sentiment 

The Current Sentiment Index jumped to +40 from +26 two weeks earlier. (Figure 1). This is the highest reading since it stood at +42 in late May.

Future Sentiment

Future Sentiment inched up three points to +53 this week (Figure 2). For a reading higher than this, we have to go back to early July when it was +58.

What respondents are saying:

“Margins on the service center side have been under compression, making it hard; everyone fighting for orders currently. Need demand to improve.”

“Some uncertainties still exist.”

“Still plenty of unknowns. We think coil pricing will be much lower in three to six months, too.”

“We have product lines that are historically recession-proof.”

“We have great things on the horizon.”

Our Sentiment Indices can be analyzed on a three-month moving average (3MMA) basis to smooth out short-term swings.

The Current Sentiment 3MMA rose to +32.82 from +32.09 at the last market check (Figure 3, left).

And the Future Sentiment 3MMA ticked up to +51.66 vs. +51.13 previously (Figure 3, right).

About the SMU Steel Buyers’ Sentiment Index

The SMU Steel Buyers’ Sentiment Index measures the attitude of buyers and sellers of flat-rolled steel products in North America. It is a proprietary product developed by Steel Market Update for the North American steel industry. Tracking steel buyers’ sentiment is helpful in predicting their future behavior. View our methodology here. If you would like to participate in our survey, please contact us at info@steelmarketupdate.com.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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