US mill lead times for sheet products extend further

Pittsburgh — US steel mills' lead times for all four major flat-rolled product categories inched higher week on week, S&P Global Platts data showed on Dec. 9.

US mills' average hot-rolled coil lead time increased by 0.1 week to 9.8 weeks, remaining above a 9-week average for a fourth consecutive week. With HRC lead times at historic highs, HRC prices also maintained their uptrend. The daily Platts TSI US HRC index gained $53.75 week on week and was assessed at $893.75/st on Dec. 9. Firm market conditions have resulted in HRC prices more than doubling since early August.

Average mill lead times for CRC extended by 0.1 week to 10.2 weeks, while hot-dip galvanized lead times extended by 0.2 week to 10.8 weeks, exceeding a 10-week average for a fifth consecutive week. Availability remained very limited for both value-added products amid surging demand from the automotive sector and supply issues.

The average lead time for plate increased by 0.3 week to 8.3 weeks, as most mills had limited availability remaining for January. With markedly higher input costs and rising HRC prices, plate mills also continued to increase their offer levels. The daily Platts TSI US plate index moved $6.75 higher from the previous week and was assessed at $774.50/st on a delivered Midwest basis on Dec. 9.