Market Data
May 1, 2026
SMU Survey: Buyer Sentiment Indices remain in optimistic territory
Written by Brett Linton
SMU’s Steel Buyers’ Sentiment Indices moved in different directions this week but remain strong by historical standards, according to steel executives responding to our latest market survey. These proprietary metrics indicate that steel buyers are highly optimistic about their businesses’ chances of success today and in the near future.
The Current Steel Buyers’ Sentiment Index increased to the highest rate recorded in nearly three years. Meanwhile, the Future Buyers’ Sentiment Index eased following the one-year high set in mid-April.
SMU polls steel industry executives every other week asking how they rate their companies’ chances of success today, as well as three to six months down the road. The responses are used to calculate our Current and Future Steel Buyers’ Sentiment Indices, metrics we have tracked since 2008.
Current Sentiment
Current Sentiment inched up three points from our mid-April survey to +73 this week, the strongest it has been since May 2023 (Figure 1). Sentiment has increased 21 points from the start of the year and is now up 47 points from the five-year low of +26 seen last October. This time last year it was significantly lower at +49.
Future Sentiment
Future Sentiment slipped seven points from our prior survey to +60, shifting from a one-year high to a two-month low (Figure 2). This is one point lower than the first reading of 2026, but 14 points above a nearly three-year low of +46 recorded last May. One year ago, Future Sentiment was marginally lower at +54.
This is the second consecutive survey in which Current Sentiment has been greater than Future Sentiment. The opposite is usually the case. But we did see similar situations in March-May 2023, January-February 2024, and February-March 2025 – all periods when sheet prices peaked and then moved lower.
What respondents are saying:
“[Excellent current outlook, fair future outlook] prices are trending up, demand is steady. Hopefully we don’t see a crash in the future. … Too many geopolitical issues to know.”
“[Good current outlook] if the steel mills can get us the steel we ordered on time.”
“[Fair current outlook, good future outlook] outside of sheet products, we are competitive. We will be able to complete more customer orders as our inventory position improves. Right now, we are a little late due to mill orders shipping late.”
“[Fair current and future outlook] we remain conservative but may give up some surge demand. We will watch the market closely.”
“[Fair current and future outlook] we need imported steel.”
Sentiment trends
To smooth out short-term fluctuations and better highlight trends, Sentiment can be analyzed on a three-month moving average (3MMA) basis.
The Current Sentiment 3MMA increased for the 13th survey in a row to +61.98, the highest measure seen since February 2024 (Figure 3, left). For reference, last October this index fell to a five-year low of +32.09.
The Future Sentiment 3MMA increased for the third consecutive survey to a one-year high of +60.38 (Figure 3, right). This measure is strong in comparison to last year. We hit a nearly five-year low of +50.11 in June 2025. That said, Future Sentiment remains low compared to other recent years.
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.
