Canada
March 5, 2026
SMU Survey: Buyers continue to report mills holding firm on price
Written by Brett Linton
Most steel buyers responding to our market survey this week said domestic mills remain unwilling to negotiate lower prices for new spot orders.
Every other week, SMU polls service center and manufacturer buyers asking if domestic mills are negotiable on new spot order prices. This week, just 23% of respondents said mills were willing to talk price to secure an order (Figure 1). That is five points lower than our prior survey and marks the lowest rate recorded since April 2025.
Recall that mills began to hold a firmer stance on prices last November and tightened their grip further at the start of 2026.
Coated products slightly more negotiable than others
Of the five products we track, two saw lower negotiation rates this week, one held steady, and two moved higher (Figure 2). Current rates are:
- Hot rolled: 13% of buyers said mills are negotiable on price. This is down 10 percentage points from mid-February and now the lowest rate recorded over the past year.
- Cold rolled: unchanged at 20%, holding seven points above the 10-month low set in early January.
- Galvanized: up six points to 46%, the most negotiable of our five products.
- Galvalume: up four points to 31%.
- Plate: down 30 points to 20%, now the lowest measure seen in almost three years.
Buyer remarks:
“Not on hot rolled, mills are pushing price increases through.”
“There is just not enough [hot rolled] available to negotiate.”
“Not [negotiable on plate] in Canada, though Algoma is doing well on plate these days.”
“[Not negotiable on plate] due to tariffs and quotas domestic mills are pushing increases.”
“Not much hot rolled, galvanized, or Galvalume availability.”
“Negotiable. Right now I would say [hot-rolled] spot number is just a starting point.”
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.
