Market Data
February 26, 2026
Steel market chatter this week
Written by Brett Linton
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.
We are sharing a selection of the comments we received below, in each buyer’s own words.
Before diving in, we combed through all of the responses collected and found these key takeaways:
- Many buyers expect prices will continue to climb higher, but a fair share believe the market could stabilize in the coming months or possibly see a correction.
- Demand is reported to be stable for most, though some commented it is propped up by data centers.
- Inventory movement remains mixed, with a slight majority saying it is similar to this time last year rather than faster or slower.
- Many say the attractiveness of imports is improving, a notable trend seen in recent months.
Want to share your thoughts? Contact david@steelmarketupdate.com to be included in our market questionnaires.
How do you expect prices to trend over the next three months?
“Slow and steady climbs.”
“Upward for the next 30-45 days due to tight capacity and extended lead times.”
“Up, supply is tight.”
“Upward gently on revived demand.”
“Rise for the next couple of months.”
“Continue to slightly increase until possibly April, or until they hit $1,000/st.”
“Still rising slowly, but not necessarily for the next three months.”
“Although the courts upheld the tariffs I still see a slow upward movement.”
“Should begin to level off.”
“Maybe a bit up but mostly flat. With all the TaTu (tariff turmoil) decisions are hard to make.”
“We strongly believe that we’re peaking. Imports are looking better and better, and overall demand (excluding data centers and the border wall) remains bleak. We think there is going to be a correction.”
“I feel pricing is going to level off and begin declining because there is plenty of supply to meet demand that is just okay.”
“They are going to drop because of the tariff reductions.”
Is demand improving, declining or stable?
“Stable, demand is there because availability is limited.”
“Stable, but at lower than accustomed levels.”
“Stable.”
“Demand is still down in automotive but the new data centers are the only reason the mills are not seeing a huge drop.”
“Demand is pretty weak unless you’re touching data centers.”
“Improving, pent up.”
Is inventory moving faster or slower than this time last year?
“Inventory is moving at about the same pace, which isn’t saying much.”
“Just about the same.”
“About the same.”
“A bit slower…”
“Slower, most domestic mills are very late to due dates.”
“Much slower, jobs are smaller.”
“Inventory is moving a little faster, but 2025 was a very low bar to get over this year.”
“Faster due to demand.”
Are President Trump’s tariff policies helping your business?
Nearly two-thirds of buyers responding to this question (62%) feel their businesses are not benefiting from tariffs. Of the remainder, 29% are unsure how the policies will impact their business, and only 9% believe that the tariffs are helping. Comments included:
“They hurt on the buy side, help on the sell side.”
“Yes, Section 232 still remains valid for the domestic steel markets.”
“Yes, see movie Idocracy when he put water on the crops instead of Brawndo.”
“Who the heck knows. Obviously Friday’s news creates more uncertainty, but Section 232 ain’t going anywhere.”
“No, creating hesitation and caution.”
“No, just not the same situation as his first term.”
Are you seeing evidence of manufacturing reshoring to the US because of Trump’s tariffs?
Half of respondents (50%) said they are not seeing any signs of reshoring, while 40% answered it is too early to tell. Just 10% said they have seen some evidence. Comments included:
“No, moving parts out because steel prices in Europe and China are dropping.”
“Too early to say. We hear of electronic companies moving production back to USA.”
What’s something that’s going on in the market that nobody is talking about?
“Domestic mills are very late. Without imports they cannot keep up with demand.”
“Automotive demand still being somewhat poor and what that means for 2026.”
“The impact of the Mexico unrest is causing delays.”
“How uninformed people are being inundated with propaganda on economic policy.”
“Only one bidder left for AHMSA, apparently.”
