Contributor: Brett Linton

Earlier this week, SMU polled steel buyers on an array of topics, ranging from prices, demand, and inventories to tariffs, imports, and evolving market conditions.

Drilling activity ticked higher this week in both the US and Canada, according to recently released rig count figures from Baker Hughes.

SMU’s sheet price indices increased further this week, while plate held steady, all at multi-year highs.

Apparent steel supply eased from March to April on reduced mill shipments per recent Department of Commerce and American Iron and Steel Institute (AISI) data.

US steel exports improved 2% from March to April to the highest monthly volume seen in 13 months. Although up, trade remains historically low

The volume of raw steel produced by US mills slipped to a seven-week low last week but remains historically high, according to American Iron and Steel Institute (AISI) figures released on Monday.

After reaching historic lows late last year, import volumes have increased each month of 2026, according to recently released US Commerce Department data.

SMU’s Steel Buyers’ Sentiment Indices remained strongly optimistic this week and continue to indicate that buyers are confident in their companies’ prospects.

Steel mill lead times extended this week on both sheet and plate products, now at multi-year highs.

This week we saw continued low negotiation rates across all products, with cold rolled and plate the least negotiable and galvanized the most.

All five of SMU’s price indices increased this week to new multi-year highs. Prices have increased by 20-25% since the beginning of the year.

Domestic steel mill output remained historically strong last week, holding within earshot of a multi-year high.

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

We are happy to share that the SMU Price Estimator Tool is now a little easier to navigate.

Steel market chatter this week: Buyers predict prices to continue rising from here, report steady to improving demand, and most see tariffs as unhelpful.

After falling to a multi-year low in March, the premium galvanized coil commands over hot-rolled (HR) coil has widened in recent months.

SMU’s sheet price indices continued to climb this week, while plate held steady, all at multi-year highs.

Domestic raw steel output remains within reach of a multi-year high, per AISI figures.

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.