SMU Steel Buyers Sentiment: Even COVID Can't Dampen Optimism

Steel Market Update’s Steel Buyers Sentiment Indexes show buyers still very optimistic about their prospects for the rest of the year despite lingering concerns over COVID-19 and the possibility of a sharp correction in record-high steel prices. Both Current and Future Sentiment Index readings are even more bullish than they were in the first quarter last year before the pandemic hit.

Every two weeks, SMU asks buyers how they view their company’s chances for success in the current environment, as well as three to six months in the future. SMU’s Current Buyers Sentiment Index declined by a modest three points to a still very optimistic reading of +66. That’s not far from the index peak of +78 in January 2018 and represents a huge recovery from the reading of -8 last April shortly after the coronavirus outbreak rocked the economy.