Analysis
June 11, 2026
SMU Survey: Mills slightly more willing to negotiate spot prices
Written by Brett Linton
Mills are generally holding firm on new-order spot prices, according to the majority of buyers responding to our steel market survey this week. This week we saw continued low negotiation rates across all products, with cold rolled and plate the least negotiable and galvanized the most.
Every other week, SMU polls over 1,000 service center and manufacturer buyers to see whether mills are willing to negotiate new spot-order prices. This week, 26% of respondents said mills were willing to talk price to secure an order (Figure 1). This is up five points from our previous survey and the strongest rate recorded since March. Although up this week, mill negotiability remains low by historical standards.
Negotiability low for all products
Four of the five products we track saw slightly higher negotiation rates this week, while one declined (Figure 2). Current rates are:
- Hot rolled: 25% of buyers said mills are negotiable on price, up 12 percentage points from our prior survey. This rate is the strongest recorded since January.
- Cold rolled: up seven points to an eight-week high of 20%.
- Galvanized: up seven points to 43%, a three-month high and the most negotiable of all products we track.
- Galvalume: up five points to 29%, the third-lowest rate seen this year.
- Plate: down 15 points to 18%, slipping from a three-month high to one of the lower measures recorded in the past three years.
Buyer remarks:
“With little [hot rolled] available, we are not seeing any room to negotiate.”
“[Specific US mill] issue is creating huge supply crunch for Galvalume.”
“Maybe [negotiable on galvanized] in some areas, but less than previous weeks.”
“[Negotiable on hot rolled] on 5,000-ton-plus orders.”
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.
