Contributor: Brett Linton

U.S. Steel (USS) has revised their galvanized and Galvalume coating extras higher effective Aug. 2, 2026.

SMU’s latest steel buyers market survey results are now available on our website to all premium members.

Steel mill lead times remain at or near multi-year highs for all sheet and plate products.

This week we saw low negotiation rates across all products, with coated and plate products slightly more negotiable than hot rolled and cold rolled.

Sheet and plate price indices increased between $5-20 per short ton (st) from last week.

The total volume of raw steel produced around the world fell 4% in April following the one-year high seen in March, per World Steel Association figures.

Steel Market Update will be closed in observance of Memorial Day on Monday, May 25.

This Premium analysis examines oil and natural gas prices, drill rig activity, crude oil stock levels, and fuel prices through May.

Earlier 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.

Sheet prices continue to rise in a market that remains characterized by extremely limited spot availability, solid demand, long lead times, and the lowest sheet inventories since May 2021.

Domestic raw steel production ticked up to the highest weekly output rate recorded since March 2020, according to recently published American Iron and Steel Institute (AISI) data.

Apparent steel supply surged 11% from February to March, recovering from one of the lower rates recorded in recent years to one of the higher ones.

SMU’s Steel Buyers’ Sentiment Indices remained in strongly optimistic territory this week, based on responses from steel executives in our latest market survey.

SMU Survey: Sheet and plate lead times remain extended, according to buyers responding to our latest market survey.

Buyers continue to report mills are holding a firm grip on sheet and plate prices.

US steel exports improved in March but remain historically low, having trended lower for over a year now.  

All five of SMU’s sheet and plate price indices ticked higher this week, rising further to new multi-year highs. Prices increased between $5-25 per short ton (st) from last week and are $30-65/st higher than they were one month ago.

Total heating and cooling equipment shipments jumped 24% from February to March according to recently released AHRI figures.

Steel Dynamics Inc. (SDI) has revised their metallic coating extras higher for galvanized, Galvalume, Galfan, and aluminized type 1 products.

US and Canadian drilling activity both ticked higher this week, according to recently released data from Baker Hughes.

Following the historical lows seen in recent months, steel import volumes marginally increased in March and April.

Earlier 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.

Sheet and plate prices remained on an upward trend as industry sources increasingly asked whether improved demand might be driving the market as much as limited supply.

Most manufacturing indicators strengthened through March and showed strong positive annual growth.

Domestic raw steel production increased to a new multi-year high last week, per AISI figures.

Drilling activity increased in the US this week but declined in Canada, per Baker Hughes.

Steel buyers remain highly optimistic about their businesses’ chances of success today and in the near future, according to SMU’s Steel Buyers’ Sentiment Indices.

Steel mill lead times continue to hold at or near multi-year highs for both sheet and plate products, territory they have been in two months.

This week we saw low negotiation rates across all products, though coated products are the most negotiable and plate products are the least.

Each of SMU’s sheet and plate price indices climbed higher this week, with all products rising further to new multi-year highs.