Market Data
May 1, 2026
Sheet market sources: demand remains stable as prices inch higher
Written by Kristen DiLandro
Domestic sheet market participants found business conditions to be consistent over the last week.
As mill prices continue to increase, end market demand remains stable. But some customers continue to question the dynamics pushing prices higher.
When it’s feasible, some sources said they compensate for mill price increases by cutting costs elsewhere to remain competitive.
Market Commentary
One Midwestern service center operator with decades of experience said today’s competitive landscape is unique. He contends that cutting into margins and changing operational procedures has become the new norm for privately owned, smaller outfits like his. These changes allow him to compete in an environment where demand from his customers is steady though subdued – and where prices continue to rise.
“Times are ‘ok.’ Saying anything else would be fabrication. It’s steady. It’s not bad. But our buyers say we’re not working hard enough for them to give them better prices,” he said.
“Our lead times are less than what you guys are seeing. They have come down recently,” he added.
SMU’s latest data indicates sheet lead times have stabilized at high levels. But there is wide variation among individual mills – with some catching up to orders while others remain significantly behind.
A West Coast source said the “new normal” looks like steady, consistent business.
“Fuel surcharges and transportation expenses are outliers right now. Our inventory levels are good. We continue to replace the inventory we sell out of. We don’t stock at the levels we might have in the past. Now we run leaner, but we’re ‘glass half full’ over here,” he stated.
One mill source echoed the sentiments of the other sheet market participants, confirming the market is solid. “The hot-rolled market continues to be in a good place. We continue selling spot HR,” he said.
Prices
SMU’s price assessment for hot-rolled coil stands at $1,070/st on average, a 31% increase compared to the equivalent week of 2025. Then, the average transaction price was $815/st. We will next update prices on Tuesday afternoon.
