Analysis
May 28, 2026
SMU Survey: Mills maintain grip on sheet and plate prices
Written by Brett Linton
The majority of steel buyers who responded to our market survey this week reported that mills remain firm on new order spot prices. This is a continuation of the trend seen since January. This week, negotiation rates remained low across all products, though coated and plate products were slightly more negotiable than hot rolled and cold rolled.
Every two weeks, SMU polls over 1,000 service center and manufacturer buyers to see whether mills are willing to negotiate on new spot-order pricing. This week, 21% of respondents said mills were willing to talk price to secure an order (Figure 1). This is up by one percentage point from our previous survey, but it is one of the lower rates seen over the past year.
Negotiability low for all products
Three of the five products we track saw slightly higher negotiation rates this week, while two declined (Figure 2). Current rates are:
- Hot rolled: 13% of buyers said mills are negotiable on price, down one percentage point from our prior survey. This rate is just three percentage points above the 13-month low set in early April.
- Cold rolled: up three points to 13%, recovering from a 14-month low.
- Galvanized: up three points to 36%, a ten-week high.
- Galvalume: down nine points to 24%, the lowest on record since early January.
- Plate: up 16 points to a three-month high of 33%, further recovering from the three-year low set one month prior.
Buyer remarks
“We are being held to contract min. volumes [on hot rolled] and on allocation for spot (a fraction of what we average).”
“[Not negotiable on galvanized] We were limited on tons at this number… which is amazing.”
“No [galvanized] negotiation. We are on allocation.”
“Depending on mill and size of the [galvanized] buy, some room to negotiate.”
“Per our metal fab suppliers, mills are not negotiating [on hot rolled].”
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.
