Analysis
January 9, 2026
SMU Survey: Current Buyers' Sentiment jumps, Future Sentiment slips
Written by Ethan Bernard
The Current SMU Steel Buyers’ Sentiment Index has rebounded from our previous market check in December. However, Future Buyers’ Sentiment has edged down, according to our latest survey data.
Every other week, SMU polls steel industry executives asking how they rate their companies’ chances of success in today’s market, as well as 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 2008.
Current Sentiment
The Current Sentiment Index now stands at +52, up 14 points this week from +38 on Dec. 10 (Figure 1). This level of optimism has not been seen since the index had a reading of +56 in mid-March of last year.
Future Sentiment
Meanwhile, Future Sentiment slipped three points to +61 (Figure 2). Despite the slight drop from the prior check, it’s still among the strongest reading we’ve seen over the past year. You’d have to go back to Q1 2025 to find readings consistently in the +60s.
What respondents are saying:
“Rising prices and limited supply are going to improve margins.”
“All looks good save big market disruption.”
“Too much uncertainty economically and politically.”
“Market feels stuck in the mud still.”
“Watching the demand curve closely.”
Sentiment trends
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 +40.17 vs. +37.13 previously (Figure 3, left). The Future Sentiment 3MMA increased to +56.58 from +55.26 (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.
