Market Data
May 21, 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 compiled these key takeaways:
- The majority of buyers believe prices will keep rising in the short term, some expect the market could peak in June or July.
- Most respondents say demand is stable to improving, an improvement compared to March and April.
- Inventories are mixed, with a slight majority saying turns are faster than they were this time last year.
- Most continue to say that Trump’s tariff policies are not benefiting their businesses and that they have seen no evidence of manufacturing reshoring.
Want to share your thoughts? Contact david@steelmarketupdate.com to be included in our market questionnaires.
How do you expect prices to trend over the next three months?
“We are shockingly enough still not to the top of the mountain. I think we keep heading higher, and then maybe crest in a month (or around the 4th of July holiday). Wild stuff.”
“Prices will continue upward momentum. Not enough supply.”
“Up, up, and away.”
“Prices will continue to escalate. Too many variables to believe they will decrease.”
“Up, global uncertainty.”
“Plate prices will increase.”
“Upward, unless this war comes to an end.”
“Up, though I do not know why, demand is very unstable.”
“Trend up slower.”
“Slightly higher for at least another month or so.”
“Up slightly, then down slightly.”
“Demand is stable and supply is increasing, so pricing will peak in June.”
“Start to flatten out [in three months].”
“Flat to lower, just nothing there to light the fuse.”
Is demand improving, declining or stable?
“Spot demand is strong. Service centers and OEMs are scrambling for tons.”
“On the West Coast we are finally seeing demand pick-up. That is obviously scary considering where the market/pricing is already at.”
“Demand is strong and increasing, especially related to data centers.”
“Plate demand is improving.”
“Moderately increasing.”
“We’re just holding steady at this time.”
“Stable.”
“Stable due to slower orders in the market.”
Is inventory moving faster or slower than this time last year?
“Much faster due to weak inventories amid an uptick in demand (and weak import volumes).”
“Faster. Not sure. I think the economy is better than the drive-by media wants you to think.”
“Plate inventory is moving faster.”
“About the same.”
“Inventory is moving about the same, if not a smidge faster. First time we’ve said that all year.”
“Same due to demand being slower.”
“Very slow in first quarter, improving in second quarter.”
“Slower.”
Are President Trump’s tariff policies helping your business?
Most buyers responding to this question (53%) feel their businesses are not benefiting from tariffs. Of the remainder, 27% are unsure how the policies will impact their business, and 20% believe that the tariffs are helping. Comments included:
“No, they are raising costs and prices, which are being passed on to consumers.”
“No, they are making prices increase due to tariffs and quotas.”
“No, I still believe the macro ‘noise’ has been bad for business.”
“I’m not sure, probably not.”
Are you seeing evidence of manufacturing reshoring to the US because of Trump’s tariffs?
Three-fourths of respondents reported they are not seeing any signs of reshoring (44%) or that it is too early to tell (31%). Just 25% answered they have seen some evidence. Comments included:
“No, the headlines of course remain, but the PNW and West Coast manufacturers haven’t gotten any true help.”
“Yes, plate mills increasing due to tariffs.”
“No, mostly all talk.”
Are imports more attractive than domestic material?
“Imports are definitely attractive and I believe all the big players have made their offshore plays.”
“Yes, imports continue to be priced more economically.”
“They are attractive due to domestic prices increasing.”
“Imports are more attractive, but still hard to conclude due to future uncertainty on price topping out.”
“Price is attractive but lead times are not. Still not seeing anything out of Canada.”
“Plate imports are currently not attractive.”
“Domestic only, imports are not worth the hassle.”
What’s something that’s going on in the market that nobody is talking about?
“Could we see any more major SSC mergers – like in the top 15? We think there are still several more moves to be played.”
“United Steel Workers contracts expiring after domestic mills announce what should be excellent Q2 earnings. Any work stoppage will cripple an already tight supply market.”
“Scrap market in Turkey.”
“It’s not all that bad! :)”
