Analysis
June 30, 2026
SMU Survey: Foreign steel interest rises in pockets
Written by Laura Miller
North American steel buyers are navigating a market where demand is firming, but import activity remains cautious. Buyers reported mixed import activity in SMU’s June 26 Flat-Rolled Steel Survey. Most respondents, if they are purchasing foreign tons at all, are doing so selectively.
Just over half (53%) of manufacturers and 40% of service centers reported they are placing new offshore orders (Slide 50 below). A month ago, in our May 29 survey, just 29% of both segments reported purchasing new foreign orders. One manufacturer said they have “only one order in at the moment,” while another noted they are buying, “but not that much.” A service center added that they remain an offshore buyer, but said, “There is not enough offshore coming to move the needle.”
Demand from North American customers continues to edge higher, with two-thirds of surveyed trading companies reporting increased orders (Slide 55). This is, in part, due to limited domestic supply. They described the trend as uneven but improving. One trader noted prices are “somehow… competitive.” Still, another flagged decreases tied to “market pricing breaking budgets.”
Foreign products remain attractive, but only selectively. Only 67% of responding traders said offshore steel appeals to US buyers vs. 100% a month ago. Traders cited advantages “on some products,” “very selectively,” and in “specialty steel.” Others stressed inconsistency, noting some foreign offers match domestic pricing and that mills remain full, leaving buyers “in the middle” with limited options.
Competitive pricing is not the main driver. Half of service centers (Slide 53) and three-quarters of manufacturers (Slide 52) said foreign suppliers are quoting competitive numbers. But respondents emphasized availability over price. One service center said it is “less about pricing being favorable and more about getting steel.”
Most traders said they can offer competitive pricing right now for plate (100%), coated sheet (86%), and cold rolled (83%). Just over half (57%) reported being able to offer attractive pricing on hot-rolled sheet.
Buyers remain divided with their views on President Trump’s tariff policies. Roughly a third of total respondents said tariffs help businesses by reducing foreign competition, basically flat from last month. Nearly half (47%) said tariffs hurt, up from 36% a month ago. One trader described tariffs as a “hindrance,” though they noted they are still moving steel. Another complained tariffs have “taken away the import coated business.”
