Analysis
June 12, 2026
SMU Survey: Sentiment Indices show buyers remain optimistic
Written by Brett Linton
SMU’s Steel Buyers’ Sentiment Indices remained strongly optimistic this week, based on inputs collected from steel executives in our latest market survey. Both Indices indicate that buyers are confident in their companies’ prospects in the current market, as well as in the coming months.
The Current Steel Buyers’ Sentiment Index increased this week and is within reach of a multi-year high. Meanwhile, the Future Buyers’ Sentiment Index ticked up to the highest reading in a year and a half.
Every other week, SMU polls thousands of steel industry executives asking them to rate their companies’ chances of success both today and three to six months in the future. These responses are used to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.
Current Sentiment nears three-year high
Current Sentiment rebounded seven points to +71 this week, just two points beneath the three-year high recorded in late April (Figure 1). Sentiment has recovered 19 points since the start of this year and is substantially higher than the five-year low of +26 set last October. One year ago, it stood at just +30.
Future Sentiment strongest since late 2024
Future Sentiment rose two points from our prior survey to +69, the highest reading since December 2024 (Figure 2). This reading is eight points higher than the first reading of 2026 and 20 points higher than it was one year ago. Recall that just over a year ago, we saw Future Sentiment fall to a near-three-year low of +46 in May.
What respondents are saying:
“[Excellent current outlook and future outlooks] We seem to be doing very well. [Future] margins will shrink as our inventory costs go up, but we always do relatively well.”
“[Excellent current and future outlooks] We’ve been managing our inventory well.”
“[Good current outlook] If the mills can get us the steel we ordered on time.”
“[Good current outlook] It’s too hard to get anything on the spot market. We are relying on contracts.”
“[Fair future outlook] As long as prices don’t plummet.”
“[Fair current and future outlooks] Depends on supply options.”
“[Fair current and future outlooks] Still some uncertainties to contend with.”
Sentiment trends
SMU’s Sentiment Indices can be analyzed on a three-month moving average (3MMA) basis to smooth out short-term noise and better highlight trends.
The Current Sentiment 3MMA increased for the 16th survey in a row to +67.81, a three-year high (Figure 3, left). The Future Sentiment 3MMA increased for the sixth consecutive survey to a 15-month high of +65.76 (Figure 3, right).
About the SMU Steel Buyers’ Sentiment Index
The SMU Steel Buyers’ Sentiment Index measures the attitude of buyers and sellers of flat-rolled steel products in North America. It is a proprietary product developed by Steel Market Update for the North American steel industry. Tracking steel buyers’ sentiment is helpful in predicting their future behavior. View our methodology here. If you would like to be included in our market surveys, please contact us at smu@crugroup.com.
