Distributors/Service Centers
April 17, 2026
SMU Survey: Buyers’ Sentiment Indices remain strongly bullish
Written by Brett Linton
SMU’s Steel Buyers’ Sentiment Indices increased again this week to high levels not seen in over a year. These proprietary measures indicate that steel buyers remain highly optimistic about their businesses’ chances for current and future success.
The Current Steel Buyers’ Sentiment Index jumped to the highest rate recorded in almost two and a half years. The Future Buyers’ Sentiment Index also increased, rising to the strongest level seen in over a year.
Every other week, SMU polls thousands of steel industry executives on how they rate their companies’ chances of success today and 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
Current Sentiment increased 10 points from our prior survey to +70 this week, now the strongest it has been since November 2023 (Figure 1). Sentiment has increased 18 points since the start of the year and is up 44 points from the five-year low of +26 set last October. This time last year it was significantly lower at +42.
Future Sentiment
Future Sentiment rose three points from our early April survey to +67, the highest rate seen since February 2025 (Figure 2). This measure has improved six points since the beginning of the year and is 21 points higher than the near-three-year low of +46 recorded last May. One year ago, Future Sentiment was 15 points lower at +52.
What respondents are saying:
“[Good outlook] margins are protected, for now. The future depends on the back end of the coming plateau.”
“[Excellent outlook] unless we run out of steel.”
“[Good outlook] if the mills can get us the steel we ordered on time.”
“[Good outlook] especially if coil pricing starts to head lower!”
“[Good outlook] only because we have finished goods ready to ship when the market turns.”
“[Fair outlook] we need imported steel.”
“[Fair outlook] limited competitive supply options will restrict our performance.”
“[Poor outlook] I don’t see a good outcome to the war, which will weigh on everything else.”
Trends
To better highlight trends, Sentiment can be analyzed on a three-month moving average (3MMA) basis to smooth out short-term fluctuations.
The Current Sentiment 3MMA increased for the 12th consecutive survey this week to +58.78, the highest it has been since April 2024 (Figure 3, left). For reference, this measure fell to a five-year low of +32.09 last October.
The Future Sentiment 3MMA increased for the second survey in a row to +60.16, rising to a one-year high (Figure 3, right). This measure is strong in comparison to the past year but is on the low side historically. Compare this to the near-five-year low of +50.11 recorded 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.
