Distributors/Service Centers
July 24, 2026
SMU Survey: Steel Buyers’ Sentiment Indices remain strong
Written by Brett Linton
SMU’s Steel Buyers’ Sentiment Indices remained strongly optimistic this week, based on responses collected from steel executives in our latest market survey. Both measures have been historically strong for several months, indicating that buyers remain confident in their companies’ prospects today and in the near future.
Every two weeks, SMU polls an array of steel industry executives asking them to rate their companies’ chances of success today, as well as three to six months down the road. These responses are used to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.
Current Sentiment
Current Sentiment increased one point to +65 this week, in line with the historically strong readings seen in recent months (Figure 1). It is just eight points below the three-year high of +73 seen in April. One year ago, Current Sentiment was significantly lower at +32.
Future Sentiment
Future Sentiment eased six points from the 18-month high set two weeks prior, registering +65 this week (Figure 2). Despite this decrease, the Index has trended upward since March, only declining in two other surveys since then. This time last year Future Sentiment was marginally lower at +49.
What respondents are saying:
“[Excellent current outlook and good future outlook] It seems that we might have a little more steel in inventory than others now, and we’re getting our price for it or we don’t accept the deal. We continue to manage inventory well and seem to get to the right price to get our share of the sales.”
“[Excellent current and future outlooks] Lots of demand.”
“[Excellent future outlook] We are a service center, ‘service’ being the key word. We will always be successful as long as we continue to provide good service.”
“[Good current outlook] Still busy.”
“[Fair current outlook and good future outlook] Strong plate demand continues to offset the challenging conditions in the long products market. We expect demand and pricing to stabilize in both flat and long products, improving overall market conditions.”
“[Good current outlook and fair future outlook] It will depend on how quickly prices fall.”
“[Fair current and future outlooks] Uncertainty on trade restrictions.”
“[Poor current and future outlooks] Import business is impeded by the 50% duties and the shipping problems caused by the Iran war.”
Sentiment trends
To better highlight trends, Sentiment Indices can be analyzed on a three-month moving average (3MMA) basis to smooth short-term variations. Both 3MMA Sentiment Indices are at or near some of the highest levels recorded in over a year.
After increasing for 17 consecutive surveys to reach a three-year high of +68.61, the Current Sentiment 3MMA eased in our past two surveys, falling to +66.50 this week (Figure 3, left). The Future Sentiment 3MMA rose for the ninth consecutive survey to a 17-month high of +68.09 (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.
