Market Data
March 6, 2026
SMU Survey: Buyers' Sentiment Indices inch higher as market remains optimistic
Written by Brett Linton
Steel buyers remain optimistic about both current and future business prospects, according to the latest SMU market survey data.
The Current Steel Buyers’ Sentiment Index rose five points this week and is now tied for its strongest reading in almost a year. Meanwhile our Future Buyers’ Sentiment Index increased two points.
Both indices, however, are lower then they were this time last year, when a frenzy of tariff news pushed prices sharply higher.
Every other week, SMU polls of steel industry executives and asks how they rate their companies’ chances of success today as well as three to six months down the road. Responses are used to calculate our Current and Future Steel Buyers’ Sentiment Indices, metrics tracked since our 2008 inception.
Current Sentiment
After holding steady in mid-February, the Current Sentiment Index rose to +58 this week, matching the mid-January multi-month high (Figure 1). Sentiment has recovered 32 points from the October 2025 low of +26. This time last year, Sentiment was slightly higher at +62, which was also the last time it was higher than it is today.
Future Sentiment
Future Sentiment inched up two points to +56 after previously falling to the lowest reading of 2026 (Figure 2). Future Sentiment remains on the low side compared to figures seen so far this year (as well as what we saw in the first quarter of last year). But it is higher than most of the readings from April through November 2025. One year ago Future Sentiment was marginally stronger at +60.
What respondents are saying:
“[Good outlook], we like the domestic focus, it brings more steel into our facility.”
“Hot demand + late mill orders = great for us.”
“[Fair outlook], we are still fighting uncertainty, that will continue.”
“[Fair outlook], demand is no longer driving this market.”
“[Good future outlook], we have inventory ready to ship, when the market turns.”
“[Good future outlook], we have a lot of lower cost inventory… but so do others.”
“[Fair future outlook], margin compression will be an issue. Mill prices are outpacing the street.”
“[Fair future outlook], if we can take advantage of the upward price and demand markets.”
Sentiment trends
To better highlight trends, Sentiment indices can be analyzed on a three-month moving average (3MMA) basis to smooth out short-term swings.
The Current Sentiment 3MMA reached a 10-month high of +52.12 this week, the ninth consecutive survey it has increased (Figure 3, left). Compare this to the five-year low of +32.09 recorded last October.
After increasing to a 10-month high in mid-February, the Future Sentiment 3MMA marginally declined this week to +59.77 (Figure 3, right). For reference, this index dipped to a near-five-year low of +50.11 last June.
About the SMU Steel Buyers’ Sentiment Index
The SMU Steel Buyers’ Sentiment Index measures the attitude of buyers and sellers of flat-rolled steel products in North America. It is a proprietary product developed by Steel Market Update for the North American steel industry. Tracking steel buyers’ sentiment is helpful in predicting their future behavior. View our methodology here. If you would like to participate in our survey, please contact us at smu@crugroup.com.
