SMU Survey: Current, Future Sentiment Indices log increases

SMU’s Current Steel Buyers’ Sentiment Index improved this week as Future Sentiment inched up as well, according to our most recent survey data.

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 recovered to +47 from +37 two weeks prior. (see Figure 1). Note that the highest reading in 2025 was in February at +66. Since then, the index has failed to crack +50 since mid-March.

Future Sentiment

Future Sentiment ticked up three points to +57 this week (see Figure 2). The index has stayed in a narrow band between +50-57 since August.

What respondents are saying:

“Conservative and watching demand closely.”

“My division is in MX, doesn’t look good. Reduced foreign investment and manufacturing relocalization are the main factors for demand reduction.”

“Restrictions on imported steel and aluminum.”

“We’re seeing some very competitive prices out there, but we don’t seem willing to go so low.”

“I just have to believe that eventually reshoring and/or normalcy will return, and we’ll see business conditions pick up.”

Sentiment trends

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

The Current Sentiment 3MMA increased to +37.15 from +34.33 at the previous market check (Figure 3, left).

And the Future Sentiment 3MMA rose to +52.91 vs. +52.10 in the same comparison (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 smu@crugroup.com.

Steel Buyers Sentiment

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.