SMU Steel Buyers Sentiment: Matches All-Time High

Steel Market Update’s survey of steel buyers this week shows no signs of anxiety about a possible price correction in the coming months. Like steel prices, buyers’ attitudes have never been loftier. SMU’s Steel Buyers Sentiment Index moved up four points to tie its all-time high of +79 as steel prices continued to rise and mills and service centers reported record second-quarter earnings. SMU’s Future Sentiment Index was nearly as optimistic, up two points to +70.

SMU asks steel buyers every two weeks how they view their company’s chances for success in the current environment and how they view their prospects three to six months in the future. The current reading ties the +79 seen last month and bests the prior record of +78 reached in January 2018. The previous high for Future Sentiment was +77 in February 2018.