Market Data
May 14, 2026
SMU Survey: Buyers report mills are holding a grip on prices
Written by Brett Linton
Four of every five buyers responding to our latest market survey report that mills are not negotiable on new order spot prices, a recurring theme seen over the past four months. This week we saw low negotiation rates across all products, with coated products slightly more negotiable than others.
Every other week, SMU polls over a thousand service center and manufacturer buyers asking if mills are negotiable on new spot-order pricing. This week, 20% of respondents said mills were willing to talk price to secure an order (Figure 1). This is down two points from our previous survey and marks the second-lowest rate recorded in the past year.
Negotiability remains low for all products
Three of the five products we track saw slightly increased negotiation rates this week, while two declined (Figure 2). Current rates are:
- Hot rolled: 14% of buyers said mills are negotiable on price, down six percentage points from our prior survey.
- Cold rolled: down eight points to 10%, the lowest negotiation rate measured in 14 months.
- Galvanized: up four points to 33%, recovering from a one-year low.
- Galvalume: up two points to 33%.
- Plate: up six points to 17%, previously at a three-year low.
Buyer remarks:
“Not really seeing much [hot rolled] availability, leading to little negotiations to be had.”
“[Not negotiable on hot rolled] Mills hold the cards right now with tight supply.”
“[Negotiable on hot rolled] on large orders.”
“Bigger [galvanized] buyers seem to have room to negotiate.”
Note: SMU surveys active steel buyers every other week to gauge their steel suppliers’ willingness to negotiate new order prices. The results reflect current steel demand and changing spot pricing trends. Premium members can view an interactive history of our steel mill negotiations data on our website.
