• Skip to main content

    Market Data

    SMU Survey: Sheet and plate lead times hold at extended levels

    Written by Brett Linton


    Steel mill lead times are holding at or near multi-year highs on sheet and plate products, according to buyers responding to our latest market survey. Production times began extending late last year, with all products reaching multi-year highs in May. Current lead times are between two to three weeks longer than those seen this time last year.

    • The average production time for hot-rolled coil is just over seven weeks, the highest recorded since October 2021.
    • Cold rolled eased to just over eight weeks, holding near a two-year high.
    • Coated products remain at just over eight weeks, both at some of the highest levels seen in over two years.
    • Plate rose to just under seven and a half weeks, marginally below the four-year high seen in April.

    Brett Linton

    Read more from Brett Linton

    Latest in Market Data

    Sheet and plate price gains accelerate as 2026 tons dry up

    Sheet and plate prices continue to push higher as mills charge a premium for what little spot tonnage remains for 2026, market participants said. SMU’s price assessment for hot-rolled (HR) coil now stands at $1,290 per short ton (st) on average, up $10/st week over week. HR price gains averaged $5/st w/w throughout July and August, with no changes in prices some weeks and gains of at most $15/st w/w. In September and October to date, in contrast, prices have increased every week—with the average gain at $11.25/st w/w and w/w gains as high as $20/st. Prices for cold-rolled and coated products continued to increase as well. SMU's price assessment for cold-rolled (CR) coil clocked in at...

    Drilling activity holds in the US, eases in Canada

    The latest tally of active drilling rigs held steady in the US and slowed in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count remained unchanged at 603 rigs this week, maintaining a 17-month high. Compared to this time last year, there are 55 more rigs in operation today. Canada’s count decreased by five to 217 rigs this week, slowing for the first time in four weeks. Still, activity is up compared to the same week of 2025, with 19 more rigs operating today.

    Fed Beige Book finds stronger steel, machinery demand but rising cost pressure

    Manufacturing activity improved in several Federal Reserve districts, but conditions remained mixed nationwide, according to the Fed’s Oct. 14 Beige Book report. Demand was strongest in steel, machinery, defense-related products, and data center infrastructure. Steel producers in the Cleveland District reported firm spot market demand. Data center, power-generation, defense, and aerospace projects supported orders. Long mill lead times kept customer inventories lean and prices high. Producers also reported higher orders from truck-trailer and light-vehicle manufacturers. International demand for hydrogen vehicle parts increased.