Market Data
July 23, 2026
SMU Survey: Extended lead times persist on sheet and plate
Written by Brett Linton
Steel mill lead times remained extended on both sheet and plate products this week, according to buyers responding to our latest market survey. Production times have trended upward since last November and now stand at or near multi-year highs for all products.
Most lead times have extended by a week or more over the past three months. Compared to last summer, production times are roughly three to four weeks longer today.
Lead times by product
- The average production time for hot-rolled coil is now nearing eight weeks, the longest recorded since October 2021.
- Cold rolled lead times eased to just under nine weeks. One month ago they touched a four-and-a-half year high of nearly nine and a half weeks.
- Galvanized lead times held steady at nine weeks, a two-and-a-half-year high.
- Galvalume production times increased to just under nine weeks, highs last seen in late 2023.
- Plate lead times are now nearing nine weeks, the longest recorded since September 2021.
Table 1 summarizes current lead times and recent changes by product (click to expand).
Compared to our previous market check, three of our lead-time ranges shifted this week:
- The longest galvanized lead time we considered declined from 13 weeks to 12.
- The shortest Galvalume lead time declined from eight weeks to six, and the longest increased from 11 weeks to 12.
- The longest plate lead time declined from 12 weeks to 11.
Buyers expect future stability
The majority of buyers responding to this week’s survey (63%) predict lead times will be flat two months from now. Of the remainder, 24% believe lead times will extend further, while 13% foresee contractions. Comments included:
“Flat – Mills are actively trying to reduce the order book and catch up, but planned maintenance outages will slow the process.”
“Flat – Winter maintenance outages will keep them flat.”
“Flat – I’m seeing some minimal signs that domestic mills are catching up, and I think that trend will continue.”
“Extending – The HRC mills can’t keep up with the demand they have now.”
“Extending – Lead times have remained stable in recent weeks and are likely to stay extended.”
“Contracting – Mills should have backlogs cleared and material will come ready to ship faster.”
“Contracting – I believe inbound foreign will offer some relief.”
“Contracting – We think the domestics will be trying to catch a falling knife this fall. It could get ugly in early 2027.”
Trends
Lead times can be measured on a three-month moving average (3MMA) basis to highlight underlying trends. All of our 3MMA lead times increased this week, a continual trend seen since late 2025 (Figure 2).
Most sheet and plate 3MMA lead times are now at high levels last seen in late 2021 and early 2022. The outlier is Galvalume, which was last this high in early 2024. Average lead times by product across the past three months were: hot rolled at 7.2 weeks, cold rolled at 8.6 weeks, galvanized and Galvalume at 8.5 weeks, and plate at 7.8 weeks.
Note: These lead times are based on the average from manufacturers and steel service centers participating in this week’s SMU market trends analysis survey. SMU measures lead times as the time it takes from when an order is placed with the mill to when it is processed and ready for shipping, not including delivery time to the buyer. Our lead times do not predict what any individual may get from any specific mill supplier. Consult your mill rep for actual lead times. Premium members can view an interactive history of our steel mill lead times data on our website. If you’d like to participate in our surveys, contact smu@crugroup.com.
