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    Analysis

    October 16, 2026

    Final Thoughts: Sheet prices and lead times are climbing, so are inventories and imports

    Written by Michael Cowden

    On the face of it, nothing much changed in the US steel market this week. Lead times continue to extend. Inventories remain lean. And mills can pretty much name their price.

    Most sheet lead times extend into mid- or late December and remain at the highest levels we’ve seen since 2021. Plate lead times, meanwhile, set a new record. At 11 weeks on average, they’re higher than anything we’ve recorded since our data series began in 2018—including during the boom year of 2021.

    Michael Cowden

    Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

    Read more from Michael Cowden

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