SMU Survey: Mills hold their grip on prices, buyers say

The majority of sheet and plate buyers responding to our market survey this week continue to report that mills are not willing to negotiate on new order spot prices. Recall that price flexibility began to fade late last year and mills tightened their grip in almost every survey since. The latest data suggests mill negotiability is at one of the lowest rates measured in over a year.

Every other week, SMU polls over a thousand service center and manufacturer buyers asking if mills are negotiable on new spot order pricing. Just 19% of this week’s respondents said mills were willing to talk price to secure an order (Figure 1). This is eight points lower than our previous survey and marks the lowest negotiability rate recorded since early March 2025.

Negotiability low across all products

Four of the five products we track saw shrinking negotiation rates this week, while one inched up (Figure 2). Current rates are:

Hot rolled: just 10% of buyers said mills are negotiable on price, the lowest rate recorded in 13 months. This is down 11 percentage points from our prior survey.
Cold rolled: down 13 points to 14%, the second-lowest rate seen so far this year.
Galvanized: down three points to 33%. This is the most negotiable of our five products, but marks the lowest reading in almost a year.
Galvalume: down 11 points to 30%, in line with rates recorded since the start of the year.
Plate: up four points to 17%, previously at a near three-year low.

Buyer remarks:

“Not negotiable on hot rolled.”

“Energy costs and logistics costs have put pressure on overall pricing.”

“I don’t see the demand to justify current pricing. Something needs to give.”

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.