SMU Survey: Few buyers report mills are negotiable on sheet and plate prices

Just over a third of the steel buyers who responded to our market survey this week reported domestic mills are willing to talk price to secure new spot orders. Mills began to hold a firmer stance on prices back in late 2024 and tightened their grip further at the start of the year.

SMU polls hundreds of service center and manufacturer buyers every other week asking if domestic mills are negotiable on new spot order prices. This week, 34% of respondents said mills were willing to talk price to secure an order. This is up six points from our early January survey, which was the lowest rate measured in over nine months (Figure 1).

Negotiation rates slightly higher on plate

Of the five products we track, four saw improving negotiation rates this week, minor rebounds from the multi-month lows seen at the start of the year. Buyers report mills are slightly more negotiable on plate products than sheet (Figure 2). Current rates are:

Hot rolled: 32% of buyers said mills are negotiable on price, down seven points from early January and the lowest since April 2025.
Cold rolled: 29%, recovering 16 points from the 10-month low recorded two weeks prior.
Galvanized: 38%, up three points from the previous nine-month low.
Galvalume: 35%, up 17 points from the two-year low seen in early January.
Plate: 44%, up 15 points from two weeks prior, but on the low side compared recent months.

Buyer remarks:

“Tonnage dependent [on hot rolled]. However, mills don’t want to lose their grip on elevated prices.”

“Many are not willing to entertain new [hot rolled] orders right now – only servicing contract tons in January and February but expect to have tons available in March.”

“Not seeing much negotiation on spot [hot rolled] currently.”

“Seems like there is room to negotiate for bigger [galvanized] orders.”

“[Negotiable on Galvalume] with large inquiries.

“Not negotiable [on plate] in Canada, slow start up with EAF at Algoma.”

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.

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.