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    November 3, 2026

    Sheet prices surge as '26 market squeeze spills into '27

    Written by David Schollaert & Michael Cowden

    Sheet prices soared this week as market participants increasingly predict that the strong market characterizing 2026 will stretch well into 2027.

    And with extremely limited spot availability, mills that have spot tons to sell are charging a significant premium, they said.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

    Read more from David Schollaert

    Michael Cowden

    Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

    Read more from Michael Cowden

    Latest in Plate

    galvalume steel coil

    SMU Survey: Mill willingness to negotiate price at lowest levels since 2021

    The majority of steel buyers responding to our latest market survey reported that mills continue to hold a firm grip on prices. The share of buyers reporting that mills were negotiable fell this week to the lowest rate seen in over five years. Every two weeks, SMU surveys service center and manufacturer buyers asking if mills are negotiable on new spot sheet and plate orders. In this week’s survey, just 3% of respondents said mills were willing to talk price to secure an order (Figure 1). This is down 11 percentage points from our mid-October survey.

    SMU flat-rolled market survey results now available

    The results of the latest Steel Market Update (SMU) flat-rolled market survey are now available on our website to all premium members. After logging in, look under the Data tab for Market Reports, and there you will find the Flat-Rolled Survey Results section. Previous survey results are also available on that page. If you need help accessing these results, or if your company would like to have your voice heard in our future surveys, contact smu@crugroup.com.

    Mill lead times climb to new highs, buyers expect little relief

    Lead times for sheet and plate products continued to lengthen amid historically tight supply, according to the latest SMU steel market survey data. Average lead times now extend into January 2027, with some mills quoting availability well into February. Lead times for all sheet products except Galvalume stand at their highest point since the post-Covid demand snapback in 2021. Plate lead times exceed their 2021 peak, setting a record in our data series, which dates to 2018. (We started collecting sheet lead times earlier, in 2011.)

    SSAB Americas sees strong US demand despite Q3 maintenance

    SSAB Americas delivered slightly lower shipments and operating results in the third quarter of 2026 due to a planned maintenance outage. Still, the company saw strong demand in key US end markets, specifically in heavy industrial segments. The Swedish steelmaker’s Americas division shipped 446,000 metric tons (mt) in Q3’26, down from 473,000 mt in the previous quarter but up from 440,000 mt in Q3’25, according to its 2026 third quarter report. SSAB President and CEO Johnny Sjöström described stable shipments vs. year-ago results. On an earnings conference call, he highlighted strong underlying demand and higher prices, “up higher than we guided for, by roughly 8%.” Results came in despite maintenance-related volume fluctuations related to a planned outage at the company’s mill in Montpelier, Iowa, during the quarter.