Market Data
June 26, 2026
SMU Survey: Steel Buyers’ Sentiment Indices stay optimistic
Written by Brett Linton
SMU’s Steel Buyers’ Sentiment Indices remained in very optimistic territory this week, according to responses from steel executives in our latest market survey. Both indices continue to indicate that buyers are confident in their companies’ prospects today, as well as in the coming months.
The Current Steel Buyers’ Sentiment Index marginally eased this week but remains within reach of a multi-year high. Meanwhile, the Future Buyers’ Sentiment Index remained at the highest reading seen in a year and a half.
Every other week, SMU polls 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, metrics tracked since our 2008 inception.
Current Sentiment
Current Sentiment fell by six points this week to +65 (Figure 1). This is right in line with readings seen over the past two months. It’s also only eight points below the three-year high of +73 set in late April. Sentiment has recovered 13 points since the beginning of the year. This time last year it was significantly lower at +38.
Future Sentiment
Future Sentiment held steady at a one-and-a-half-year high of +69 (Figure 2). This is eight points above the first reading of 2026 and 16 points higher than it was one year ago.
What respondents are saying:
“[Excellent current outlook and good future outlook] If you have inventory now, it seems hard not to make a good profit. We always seem to manage well, and I see the strength of this market continuing 3-6 months from now.”
“[Good current and future outlooks] We’d be really killing it if steel wasn’t $1,200/ton. Sheesh. I don’t expect demand to fall back [in 3-6 months], and I’ve got my fingers crossed that steel pricing retreats in late ’26.”
“[Good current and future outlooks] If the steel mills can get us the steel we ordered on time.”
“[Good current and future outlooks] Unless we run out of steel.”
“[Good current outlook and fair future outlook] The challenge is offering a fixed price in a rising market. We’ve guessed wrong many times. My concern is contract negotiations for 2027. Don’t get too greedy on contracts.”
“[Fair current and future outlooks] Margins are getting squeezed. We must be able to pass cost increases through and are uncertain if that will be possible.”
“[Fair current outlook and good future outlook] Demand remains generally healthy, particularly in flat-rolled products, and our market position remains strong. We maintain positive expectations for the next three to six months, particularly due to the public infrastructure projects that have been announced in Mexico. If these projects move forward as expected, they could generate additional steel demand and provide support for overall market activity.”
“[Fair current and future outlooks] Trade restrictions. Will they stay or change? Uncertainty makes some worried.”
Sentiment trends
To better highlight trends, Sentiment can be analyzed on a three-month moving average (3MMA) basis to dampen short-term noise.
From this perspective, both Sentiment Indices are at highs not seen in over a year. The Current Sentiment 3MMA increased for the 17th survey in a row to a three-year high of +68.61 (Figure 3, left). The Future Sentiment 3MMA increased for the seventh-consecutive survey to a 16-month high of +66.59 (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.
