Analysis
May 6, 2026
Survey says steel imports are enticing, but still not many takers
Written by Laura Miller
Steel traders continue to report strong interest from North American buyers, with their import orders ticking higher, according to our latest survey results. Many manufacturers and service centers, however, report they have not yet taken the bait.
SMU’s May 1 flat-rolled steel buyers’ survey results showed 80% of traders reported foreign products are attractive to US buyers (slide 55 below). While down from 89% in the previous survey, the figure still points to strong interest.
There’s “more interest than two months ago,” according to one trader responding to our survey.
Other respondents’ answers to the question suggest attractiveness depends not only on the eyes of the beholder but also on the product type. Imports are attractive “selectively,” said one respondent. “Very special niche,” said another. A West Coast-based trader said it varies, citing hot-rolled coil and some coated products as more competitive than others.
Our survey results concur with the traders’ remarks. Breaking it down by product, we can see growing interest in HR coil, with 75% of traders in the latest survey saying they can offer pricing to attract US buyers (slide 56). That’s up from 56% in the previous survey.
The attractiveness of galvanized sheet and plate imports is also increasing. Our latest survey shows 100% of traders reporting they can offer attractive galvanized and plate offers, up from 67% and 27%, respectively (slide 57).
Regarding the attractiveness of coated imports, one trader said very light gauges are appealing, while another signaled that prepainted and Galvalume are most appealing.
At the same time, fewer traders reported being able to offer attractive cold-rolled coil import prices. The latest survey shows 50% of traders can offer competitive CR pricing (slide 56), down from 57% in the previous survey.
The percentage of trading companies reporting seeing an increase in orders from North American buyers declined by nine percentage points from our previous survey, but remains elevated at 80% (slide 54).
“Slight increase as domestic pricing increases; they’re tied together,” commented one trader.
“Higher prices bring more opportunities,” said another. However, they noted that prices are also increasing in other markets due to more trade barriers worldwide.
Another trader said orders are increasing, noting buyers are “cautious buying, but buying as needed as demand improves.”
At the same time, only around half of manufacturers (58%) and service centers (42%) said their foreign steel suppliers are quoting competitive prices for new orders with future delivery (slide 50). Compared with our previous survey, fewer manufacturers found competitive import offers (58% vs. 78% previously), while the percentage of service centers saying the same rose from 35% to 42%.
“Getting more reasonable again as the domestic mills run up higher,” commented one service center participant.
While most manufacturers and service centers still report not actually buying any foreign steel for future delivery, those who are buying rose in our latest survey from 19% and 22% to 31% and 23%, respectively (slide 49).
Editor’s note: The full results of the latest SMU Flat-Rolled Steel Buyers Survey are available to premium subscribers on the SMU website.
