Market Data
November 13, 2025
SMU Survey: Buyers say mills less willing to negotiate prices
Written by Brett Linton
Just over half of the steel buyers who responded to our market survey this week reported domestic mills are willing to talk price on new spot orders. Mills have begun to hold a firmer stance on prices over our last two surveys.
SMU polls hundreds of service center and manufacturer buyers every other week to see if domestic mills are negotiable on new spot order prices. This week, 55% of respondents said mills were willing to talk price to secure an order. This is down 16 points from our late October survey and the lowest rate measured since April (Figure 1).
Mills briefly held pricing power back in February and March when tariff headlines pushed prices higher. That leverage shifted back to buyers across April and May and had mostly remained there through mid-October.
Negotiation rates ease across the board
Of the five products we track, all saw lower negotiation rates this week. Coated products remain more negotiable than other products (Figure 2). Current rates are:
- Hot rolled: 56% of buyers said mills are negotiable on price, down 11 points from late October and the lowest since April.
- Cold rolled: 45%, down 19 points and the lowest since June.
- Galvanized: 62%, down 23 points and the lowest since April.
- Galvalume: 67%, down 20 points and the lowest since June.
- Plate: 43%, down 24 points and the lowest since April.
Buyer remarks:
“[Negotiable on hot rolled] depending on mill and volume, but downside is much lower than prior weeks.”
“Still some mills looking for [hot-rolled] volume.”
“Tons talk [hot rolled].”
“I believe they will close December [galvanized] this week or early next week. Will fill open December order production with January contract orders.”
“Mills not negotiating galvanized today.”
“Holding firm on plate, only guaranteeing 24 hours on quotes.”
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. Premium members can view an interactive history of our steel mill negotiations data on our website.
