SMU Survey: Current Sentiment rises as Future Sentiment dips

SMU’s Current Steel Buyers’ Sentiment Index inched up this week while the Future Sentiment Index edged down, according to our latest market survey.

Every two weeks, SMU polls thousands of steel-industry executives, asking them to rate their companies’ chances of success today and also three to six months down the road. Their responses are used to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.

Current Sentiment

The Current Sentiment Index rose three points from the previous survey to +71 this week (Figure 1). While it started the year at +52, the index has remained at +60 or above since mid-April.

Future Sentiment

Our Future Sentiment Index slipped by one point to +68 this week (Figure 2). So far in 2026, it has stayed at +60 or above since the end of April.

What respondents are saying:

“We’re on a very strong trajectory and getting our price as there seems to be fewer options than usual.”

“Strong demand for flat products and signs of recovery in long products support a positive outlook.”

“Hopefully, we’ve been buying right. We are in the right markets.”

“Well positioned despite competitive pressure.”

“We always seem to navigate the various markets well.”

“We expect demand to remain healthy through the end of 2026, supporting a positive outlook for the coming months.”

“In five months, things should be significantly better with contract resets/increases.”

Sentiment trends

To better highlight trends, Sentiment Indices can be analyzed on a three-month moving average (3MMA) basis to smooth short-term variations.

The Current Sentiment 3MMA was flat at +67.69 this week (Figure 3, left). Meanwhile, the Future Sentiment 3MMA dipped to +68.45 from +68.52 (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.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.