Market Data
November 6, 2025
Steel market chatter this week
Written by Brett Linton
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.
We are sharing a selection of the comments we received below, in each buyer’s own words.
Before diving in, we asked our internal AI tool to analyze the responses we collected and highlight four key themes. Here’s what it found:
- Most expect prices to rise, citing tariffs, lean service-center stocks, and weaker imports.
- Demand is mostly stable with slight improvement, though some softness persists.
- Inventories are moving slower year over year; service centers remain lean.
- Tariff impacts are mixed; imports are less attractive; reshoring signs are tentative.
Want to share your thoughts? Contact david@steelmarketupdate.com to be included in our market questionnaires.
How do you expect prices to trend over the next three months?
“We expect higher prices due to supply constraints. Service centers have run inventories too lean.”
“Trending up, as inventories start to deplete creating demand.”
“Starting to go up, headwinds are picking up on pricing.”
“I expect prices to rise slightly because I see a little pick-up in demand and all the tariffs that are currently supporting prices.”
“Prices will rise by $75-100/ton min.”
“They will move up by 5-10% due to tariffs slowing supply.”
“If the trend of lower imports due to S232 continues and no exceptions will be negotiated for Canada and/or Mexico, then very much up.”
“Prices will continue to increase slowly.”
“Should trend up.”
“Plate will be stable to up.”
“Flat to slightly upward.”
“Likely stable or up.”
“Mills are trying to increase prices, but volume is stagnant.”
“No change, the market is showing no signs of change.”
“Flat, low demand.”
“Stable.”
Is demand improving, declining or stable?
“Demand remains stable but I’m expecting a slight pick-up due to the increases.”
“Yes, for two months in a row, I’ve noticed a pick-up. I think the slightly upward trending CRU index and the recent increases from NLMK and Nucor have caused a few folks to buy to beat the price increases.”
“Steadily increasing plate demand and activity.”
“Demand is soft but expected to increase.”
“Stable, seeing a small spike recently, but mostly flat with normal seasonality.”
“Stable currently as capacity is being cut back and tariff impacts.”
“Stable. Fear, uncertainty, no clarity.”
“Stable but extremely low.”
“Stable to declining.”
“Declining in my market.”
Is inventory moving faster or slower than this time last year?
“Moving slower; smaller jobs coming in.”
“Slower due to weaker demand.”
“Plate is down a little but not much.”
“Despite some good news lately, I still think we’re behind last year’s pace.”
“Steady but anemic.”
“Stable, smaller inventory.”
“Roughly the same.”
“Q3 volumes were up 5-8% for three of our flat-rolled product categories.”
Are President Trump’s tariff policies helping your business?
Most buyers responding to this question (58%) said their businesses are not benefiting from tariffs. The remainder was evenly split: 21% reported the tariffs are helping their business, and 21% were unsure how the policies will impact them. Comments included:
“Now more so than earlier in his presidency, the tariff policies MIGHT be helping our business.”
“50% tariff is hurting everyone except domestic steel mills.”
“Demand is not high, we are simply bouncing off the bottom but we likely won’t see a massive run up.”
“Tariffs are making costs higher.”
“No, but not hurting it either.”
“No, just a general feeling of the unknown.”
Are you seeing evidence of manufacturing reshoring to the US because of Trump’s tariffs?
The largest share of respondents (38%) say they are not seeing any signs of reshoring. The remaining respondents are split evenly: 31% say it is too early to tell, and 31% say they have seen some evidence. Comments included:
“Just rhetoric, nothing will truly happen. We don’t have the workforce or structure to make things cheap enough here. It will raise prices and hurt everyone.”
“First conversations this week where customers informed us of actual reshoring.”
“Yes, but only very minor instances.”
“Demand is up domestically due to tariffs.”
“Just a little bit.”
Are imports more attractive than domestic material?
“No. Tariffs have made sure of that. Are you happy now?”
“Imports lack price advantage and longer lead times make them less attractive.”
“No, pricing is much cheaper domestically.”
“No tariffs are limiting imports.”
“Plate imports are not attractive due to prices and lead times. Non-M&M USA requirements are a major obstacle for us.”
“I’ve heard that imports are relatively unheard of currently in the USA.”
“Only on light-gauge steel 0.012”.”
“Yes, imports are more attractive.”
What’s something that’s going on in the market that nobody is talking about?
“Lean service center inventories.”
“Should anything be done to limit the domestic sheet mill overcapacity?”
“Service center industry likely still needs consolidation, far too many small service centers given muted demand. This is the path to service centers not racing to the bottom of the market to fight over orders.”
“There are renegades going rogue and dumping foreign steel and tubing into the marketplace.”
“How additional carbon tax increases are affecting demand and pricing.”
