Market Data
February 5, 2026
SMU Survey: Buyers have little negotiation room, mills hold firm on prices
Written by Brett Linton
One third of the steel buyers responding to our market survey this week reported domestic mills are negotiable on new spot order pricing. Mills began to hold a firmer stance on prices towards the end of last year, tightening their grip in early January, and holding it since.
Every other week, SMU polls over a thousand service center and manufacturer buyers asking if domestic mills are negotiable on new spot order prices. This week, 33% of respondents said mills were willing to talk price to secure an order (Figure 1). This is almost identical to our mid-January survey and five points higher than the nine-month low seen in early January.
Negotiation room higher on coated and plate
Of the five products we track, three saw lower negotiation rates this week and two moved higher. Buyers report mills are slightly more negotiable on coated and plate products than sheet (Figure 2). Current rates are:
- Hot rolled: 24% of buyers said mills are negotiable on price, down eight points from mid-January. This is the lowest rate recorded since April 2025.
- Cold rolled: 20%, down nine points. This is just seven points higher than the 10-month low recorded in early January.
- Galvanized: 50%, up 12 points to the highest rate recorded so far this year.
- Galvalume: 45%, up 10 points and the highest rate seen since last November.
- Plate: 38%, down six points from two weeks prior and the second-lowest rate witnessed since last April.
Buyer remarks:
“Negotiate [on hot rolled]? No. Willing to hold off on pushing new increases? Yes.”
“Not really [negotiable on plate], no.”
“Not many mills have spot [hot rolled] available through February.”
“The mills are all still toeing the line [on hot rolled]. We’ve heard maybe some loosening of that (maybe due to import fears?) but we haven’t seen it yet.”
“Sort of [negotiable on cold rolled], depends on the mill and if further processed/painted.”
“Maybe big buyers can get a little discount [on hot rolled], but it is minimal compared to historical.”
“Slightly negotiable on galvanized and plate.”
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.
