Market Data
May 7, 2026
Steel market chatter this week
Written by Brett Linton
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.
We are sharing a selection of the comments we received below, in each buyer’s own words.
Before diving in, we read through each of the responses collected and found these key takeaways:
- Most buyers expect prices to keep rising in the short term, with some expecting a summer peak.
- Demand is mixed, with some reporting improvements and others saying it is stable.
- Most respondents say their inventories are moving faster than or similar to year-ago levels.
- The majority say Trump’s tariff policies are not benefiting their businesses, while views on reshoring remain mixed.
Want to share your thoughts? Contact david.schollaert@crugroup.com to be included in future market questionnaires.
How do you expect prices to trend over the next three months?
“We think pricing will keep heading higher in the near term and won’t peak until early summer. Crazy we’re still going higher.”
“I feel prices will continue to rise into June and early in the third quarter begin a slow decline. Low inventory levels will prevent a fast decline.”
“Upward, unless the war in Iran ends.”
“Still going up modestly. People buy steel when they think prices are going up.”
“Continue to increase.”
“Increasing, demand is improving.”
“Plate prices will continue to inch up over the next 90 days for several reasons.”
“Upward, but peaking in a couple of months.”
“In three months, prices will stabilize due to stable demand, and inventory levels will be moving upward.”
“Decline starting in June.”
Is demand improving, declining or stable?
“Plate demand is improving each week as spring arrives and summer approaches.”
“Don’t look now, but demand is actually improving. Yikes.”
“Stable to increasing.”
“Stable, but we aren’t hitting our forecasted sales.”
“Stable. Overall demand is lower due to the geopolitical situation.”
“Still sluggish.”
Is inventory moving faster or slower than this time last year?
“Faster due to domestic prices increasing.”
“Plate inventory is moving faster as projects are getting done.”
“Same to slightly faster.”
“Inventory is moving the same, volumes-wise, but we’re holding less for sure.”
“About the same.”
“A little slower, which we are attributing to the weather.”
Are President Trump’s tariff policies helping your business?
Half of the buyers who responded to this question (50%) feel their businesses are not benefiting from tariffs, and most of the remainder (38%) said they were unsure of the impact. Just 12% say the tariffs are helping. Comments included:
“They continue to create chaos and noise. I’d like less of both, please.”
“Too much inconsistency.”
“Quotas and tariffs are driving up steel pricing.”
Are you seeing evidence of manufacturing reshoring to the US because of Trump’s tariffs?
Nearly half of respondents (44%) reported not seeing any signs of reshoring, while 31% reported seeing some evidence. The remainder (25%) said it is too early to tell. Comments included:
“Still seeing reshoring opportunities.”
Are imports more attractive than domestic material?
“Imports are definitely there, especially pricing-wise. The question is purely based on lead times.”
“Yes, due to price increases domestically.”
“They only make sense in certain situations.”
“Only on 0.012” painted material.”
“Plate imports are not currently attractive for us at this time due to pricing and lead times.”
“Not attractive due to most customers requiring domestic steel.”
What’s something that’s going on in the market that nobody is talking about?
“The West Coast region is a mess. … And imports have yet to reappear.”
“Lack of truck and rail transportation. Material is ready at the mills to ship but there is not enough equipment to ship it. It’s becoming a big problem.”
“Pig iron availability.”
“War with Iran is starting to affect everyday purchases.”
