Analysis
July 27, 2026
SMU Survey: More buyers return to foreign steel as competitiveness improves
Written by Laura Miller
With domestic steel prices continuing to rise, foreign steel is gaining traction with US buyers, according to SMU’s most recent Flat-Rolled Steel Survey. Most manufacturers and service centers now report competitive import pricing, and more are placing new foreign orders. Trading companies also see stronger demand, with all respondents saying offshore material is currently attractive to US buyers.
Import pricing
Most manufacturers (90%) report foreign suppliers are quoting competitive prices. That’s up from 75% in the prior survey and from 55% at this time last year (Slide 52 below). Service centers show a similar shift: 78% say pricing is competitive, up from 65% previously and just 18% last year (Slide 53). One service center buyer noted that imports are competitive “but not too cheap,” as foreign mills are cognizant of the need to avoid attracting the attention of aggressive US trade policies.
Buying activity is rising. A majority (57%) of manufacturers are now placing new foreign orders, up from 47% previously and 31% last year. Service centers match that 57%, up from 43% previously and just 17% last year (Slide 50). One service center said they’re buying imports because they believe domestic mills will hold contract customers to minimum tons through the end of the year.
Trader sentiment
Trading companies are seeing stronger demand, with 70% reporting increased orders from North American buyers. While that’s down from a full 100% two weeks earlier, at this time last year, 100% of traders were seeing a decrease in orders. All traders said foreign products are attractive to US buyers, up from 67% previously and just 20% last year. One trading respondent noted, “Customers are actively seeking alternative supply options,” as did another, who commented, “Demand is steady and strong.”
Pricing remains workable across all products. Three-quarters of traders said they can offer attractive pricing for hot-rolled coil (down from 80%). Most traders (88%) can offer attractive cold-rolled coil pricing (down from 100%), while two-thirds can offer attractive pricing for coated products (down from 75%). All traders responding to the survey said foreign plate pricing is attractive, consistent with our previous survey. This compares to last year’s results when just 20% of traders said sheet pricing was attractive and 100% said plate pricing was unattractive.
Tariff views
Views on President Trump’s tariff policies are steady from our last survey (Slide 12). A third of total respondents say the policies are helping their business, unchanged from two weeks earlier. One service center noted they are helping because “low-cost imports are not present in the market.” Many comments pointed to domestic mills benefiting the most. Just under half of respondents (45%) say they are not helping, citing inflation and reduced competition. One manufacturer said they cause “noise, confusion, and chaos.” About 21% are still unsure about the tariff policies. At this time last year, just 8% said the policies were helping, while 49% said they were not.
Premium subscribers can access the full survey results here.
