Market Data
June 25, 2026
SMU Survey: Mill negotiability falls to multi-year low
Written by Brett Linton
Most steel buyers responding to our market survey this week report mills remain firm on new order spot prices. The percentage of buyers reporting mills as negotiable fell to the lowest rate witnessed since September 2021. Negotiation rates remain at or near historic lows across most sheet and plate products.
Every two weeks, SMU surveys an array of service center and manufacturer buyers asking if mills are negotiable on new spot-order prices. This week, 12% of respondents said mills were willing to talk price to secure an order (Figure 1). This is down 14 points from our early June survey, which had marked the strongest reading since March. Overall, mill negotiability has remained historically low since late last year.
Limited negotiability across all products
Four of the five products we track saw lower negotiation rates this week, while one was unchanged (Figure 2). Current rates are:
- Hot rolled: 11% of buyers said mills are negotiable on price. This is down 14 percentage points from our prior survey, just one point above the one-year low set in early April.
- Cold rolled: holding at an eight-week high of 20%.
- Galvanized: down 30 points to 13%, shifting from a three-month high to a four-year low.
- Galvalume: down 19 points to 10%, also a four-year low.
- Plate: down eight points to a three-year low of 10%.
Buyer remarks:
“Anyone saying they can negotiate price right now should take the blinders off and realize that you are the one that always has a cushion added to the price by the mill so that they can allow you to walk out a winner.”
“No [hot rolled] spot tons to negotiate.”
“Minimal [hot rolled] available, so nothing to negotiate, take it or leave it.”
“Galvanized prices have moved up as availability on spot has become more limited.”
“I feel that mills have the upper hand [on plate] due to quota levels.”
“Quotas are affecting availability and pushing up domestic plate and pipe pricing.”
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.
