Contributor: Brett Linton

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

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

Most steel buyers report that domestic mills are unwilling to negotiate price on new sheet and plate spot orders.

Apparent steel supply increased from December to January, but remains on the low side compared to recent years.

Prices for both sheet and plate products climbed higher this week, with some rising to multi-year highs, according to SMU's latest market canvass.

Heating and cooling equipment shipments declined in January to the second-lowest rate recorded over the past nine years.

US steel exports jumped 33% in January but remain historically low, according to recently released US Department of Commerce data.

Raw steel production declined last week for the third-consecutive week but remains historically strong, per AISI.

Steel imports remained close to multi-year lows in January and February, according to US Commerce Department data released this week.

The latest tally of active oil and gas rigs increased in the US this week but declined in Canada, according to figures recently released from Baker Hughes.

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.

SMU's sheet and plate prices were flat or higher this week in a US market that remains characterized by extended lead times and limited spot availability.

Raw production has trended upwards since the start of the year, reaching a four-year high in February.

Steel buyers remain optimistic for their current and future business prospects, though not as strong as they did one year ago.

Following extensions in February, steel mill lead times held steady or extended further for both sheet and plate products this week, according to buyers responding to our latest market survey.

Most steel buyers responding to our market survey this week said domestic mills remain unwilling to negotiate lower prices for new spot orders.

SMU's sheet and plate prices increased this week to new multi-month highs.

Domestic raw steel production has strengthened since the start of the year and reached a four-year high in mid-February.

December supply increased 7% from November to the third-lowest monthly rate of the year.

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

Trade for many of the sheet and plate products we follow has fallen to multi-year lows through December.

Sheet prices continue to grind higher on tight supply and 'okay' demand. Plate finally saw some movement after weeks of stability as price increases begin to stick.

Steel imports slowed further in December and January to some of the lowest volumes recorded in recent years.

The amount of raw steel produced by US mills rose to the highest level recorded in over four years, according to AISI's latest figures.

SMU's Steel Buyers’ Sentiment Indices continue to show that steel buyers are optimistic for their businesses’ chances of success.

Hot rolled and galvanized lead times are about half a week longer than they were three months ago, while production times for cold rolled, Galvalume, and plate products are one to two weeks longer.

Since late 2025, mills have begun to hold a firmer stance on prices, tightening their grip at the start of this year and holding on since

The final panel of last week’s Tampa Steel Conference brought together executives from three different service center, all of which were optimistic for 2026.

Three of SMU’s price indices increased this week, while two remained steady, all holding at multi-month highs.

Raw steel production ramped up last week to one of the highest weekly rates recorded in the last four years, according to recently released American Iron and Steel Institute (AISI) data.