SMU Survey: Mills continue to hold firm on prices, most buyers say

Just one of every four steel buyers who responded to our market survey this week said domestic mills are negotiable on new spot order pricing. Since late 2025, mills have begun to hold a firmer stance on prices, tightening their grip at the start of this year and holding on since.

Every two weeks, SMU polls over a thousand service center and manufacturer buyers asking if domestic mills are negotiable on new spot order prices. This week, 28% of respondents said mills were willing to talk price to secure an order (Figure 1). This is five points lower than our prior survey, now tied with the nine-month low recorded in early January.

Some products more negotiable than others

Of the five products we track, three saw lower negotiation rates this week, one was unchanged, and one moved higher. Buyers report mills are slightly more negotiable on galvanized and plate products than others (Figure 2). Current rates are:

Hot rolled: 23% of buyers said mills are negotiable on price. This is down one percentage point from early-February and now the lowest rate recorded since April 2025.
Cold rolled: unchanged at 20%, just seven points higher than the 10-month low witnessed in early January.
Galvanized: down 10 points to 40%, previously at the highest rate recorded this year.
Galvalume: down 18 points to 27%, falling from a three-month high.
Plate: up 12 points to a six-week high of 50%, recovering from a 10-month low.

Buyer remarks:

“Just not enough [hot-rolled] availability to negotiate.”

“More [galvanized] available, so more willingness to negotiate.”

“Depends on [cold rolled and galvanized] volume, grade, gauge and width.”

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.