SMU Survey: Steel mill negotiations remain rare as buyers face tight supply

Only 5% of steel buyers surveyed by SMU this week said mills were willing to negotiate lower prices for new spot orders, suggesting mills retain substantial pricing leverage in a tight market.

The share rose two percentage points from our previous survey two weeks ago but was nine points below the mid-October reading. This week’s rate is just slightly higher than our previous survey when the negotiation rate fell to 3%—its lowest level since July 2021.