SMU Survey: Buyers continue to report limited mill negotiability

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.

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.