Analysis
September 9, 2026
Steel market chatter this week
Written by Ethan Bernard
This week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.
We are sharing a selection of the comments we received below, in each buyer’s own words.
Before diving in, we read through each of the responses collected and found a few key takeaways:
- Many buyers expect the steel price rally to continue in the near term.
- Demand is broadly stable to improving, with data-center construction and supply constraints providing support, but higher prices in the fourth quarter could curb this.
- Tariffs have tightened domestic supply and lifted inventory values, but buyers remain divided on their overall impact as imports offer price relief at the cost of longer lead times and greater risk.
Want to share your thoughts? Contact david.schollaert@crugroup.com to be included in our market questionnaires.
How do you expect prices to trend over the next three months?
“We expect plate prices to trend up. Availability is still tight and demand is still better year over year.”
“I feel that we will see prices continue trending up until we hit a point that demand slows or tariffs are reduced to get more import supply.”
“This rally still has some legs left. I feel like we can all see the end coming, but we’re not there yet. At least not until more imports arrive.”
“Pricing will peak in September due to price increases making demand slow.”
“I expect prices to be stable. Mills could potentially look for more, but seems like they are trying to keep the prices in the $1200-1250 range.”
Is demand improving, declining, or stable?
“Stable month over month, but better year over year.”
“Improving-shortage of supply.”
“Stable, it’s been a steady year but below our plans.”
“Demand seems stable, but looking ahead I do think The Wall and data centers will be less of a story in ’27 and ’28.”
“Stable but higher pricing will slow demand in Q4.”
“Improving due to data center buildout.”
Are President Trump’s tariff policies helping your business?
Of respondents, 43% said the current administration’s tariffs were helping business, 21% thought they were not, and the remainder were unsure. Comments included:
“They caused the drop-off in supply that has created issues getting steel. Domestic mills aren’t capable of supplying enough steel for our domestic demands.”
“Tariffs on our neighbors and allies make NO sense. Just bad for business.”
“Pushing steel pricing up and affecting our margin.”
“Inventory values have increased and inventories are on the lower end.”
“Helping on the sell side/hurting on the buy side.”
“To the detriment of the overall economy.”
“This will not be a soft landing.”
Are imports more attractive than domestic material?
“Slightly better to even with domestic material.”
“Not attractive because most of our customers require domestic products.”
“For sure! And everyone we know either has them onsite now or en route. That tells us that this rally is nearing the final stages. Maybe early-to-mid ’27 and this thing reverses?”
“Always more attractive… good quality, good pricing.”
“Due to tariffs and quotas, pricing is better but availability has more risk.”
“Imports are more attractive on a pricing and availability standpoint, but the lead time and distance is not appealing.”
“Attractive, domestic tons unavailable.”
“Yes, but they are limited and very long and risky lead times.”
What’s something that’s going on in the market that nobody is talking about?
“Rebuilding the war machine.”
“Coke availability to demand required.”
“Will next calendar year start out even more constrained than the current environment with mills looking to reduce contract participation to try and reduce their backlog?”
