Market Data
August 6, 2026
SMU Survey: Sheet and plate lead times remain extended
Written by Brett Linton
Steel mill lead times held steady on sheet products this week and extended further on plate, according to buyers responding to our latest market survey. Production times remain at or near multi-year highs across all products, roughly three to four weeks longer than they were last summer.
Lead times by product
- The average hot-rolled coil production time is just under eight weeks, a fraction of a day below the near five-year high seen two weeks ago.
- Cold rolled lead times held at nine weeks, half a week below the four-year high set in June.
- Galvanized lead times are just under nine weeks, marginally below the two-and-a-half-year high seen in June and July.
- Galvalume production times held at just under nine weeks, one of the longest seen since late 2023.
- Plate lead times surpassed nine weeks, rising to the longest rate recorded in almost five years.
Table 1 summarizes current lead times and recent changes by product (click to expand).
Compared to our previous market check, our lead-time ranges shifted this week for all products other than hot rolled:
- The longest cold-rolled, galvanized, and Galvalume lead time we considered increased from 12 weeks to 13.
- The shortest plate lead time declined from six weeks to five, and the longest increased from 11 weeks to 12.
Buyers expect stability
Two-thirds of the buyers responding to this week’s survey (65%) believe lead times will be flat two months from now. Of the remainder, 19% predict lead times will extend further, and 16% expect contractions. Comments included:
“Flat – The HRC mills can’t keep up with the demand they have now.”
“Flat – Until we see more supply from domestic mills or from foreign mills, lead times should remain consistent. We may see some additional inventory in fourth quarter. Some mills are willing to sign up new contracts.”
“Flat – I’m seeing and hearing about some slightly faster mill lead times, so I’m thinking that they won’t get any longer.”
“Flat – We are seeing evidence of stabilization.”
“Extending – Plant shutdowns will get mills further behind.”
“Extending as demand remains strong and mills maintain healthy order books.”
“Contracting – By the end of the year, import tonnage will be a factor, and demand will be waning a bit. The party is still going, but the music is starting to slow.”
“Contracting – They will begin to transition from stable to slightly contracting.”
Trends point higher
To better highlight trends, lead times can be measured on a three-month moving average (3MMA) basis. All of our 3MMA lead times were steady to higher this week, continuing a trend seen for most of the last year (Figure 2).
Most sheet and plate 3MMA lead times are 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 7.3 weeks, cold rolled at 8.7 weeks, galvanized at 8.6 weeks, Galvalume at 8.5 weeks, and plate at 8.0 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.
