Market Data
July 9, 2026
SMU Survey: Buyers continue to report limited mill negotiability
Written by Brett Linton
The majority of steel buyers we polled this week reported mills are holding firm on new order spot prices, a trend that has mostly been in place since the start of the year. Just two weeks ago, we saw mill negotiability fall to the lowest rate recorded in almost five years. That rate marginally recovered this week but remains historically weak, and most negotiation rates by product remain at or near historic lows.
SMU surveys an array of service center and manufacturer buyers every other week asking whether mills are negotiable on new spot-order prices. In our latest survey, 18% of respondents said mills were willing to talk price to secure an order (Figure 1). This is up six points from our late June survey, which marked the lowest reading since September 2021.
Negotiability highest on hot rolled products, lowest on plate
Three of the five products we track saw higher negotiation rates this week, while two declined (Figure 2). Current rates are:
- Hot rolled: 30% of buyers said mills are negotiable on price, up 19 percentage points from our prior survey. This is the highest rate recorded since January.
- Cold rolled: down nine points to 11%, just one point above the 14-month low seen in May.
- Galvanized: up five points to 18%, marginally recovering from the four-year low set in late June.
- Galvalume: up four points to 14%, a modest rebound from the four-year low seen two weeks prior.
- Plate: down two points to a three-year low of 8%.
Buyer comments:
“[Not negotiable on hot rolled] hard to tell with no real offers out there. I believe it will be August end before we hear any availability.”
“Very little [hot rolled] available, leading to no negotiation.”
“[Not negotiable on hot rolled] but starting in early August they will be.”
“Little room to negotiate [on galvanized] depending on mill and tons being bought.”
“[Not negotiable on plate] due to tariff and quota demands.”
“[Negotiable on cold rolled] because their Q2 demand is slightly down.”
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.
