The volume of imports of finished steel products to Mexico totaled 1.0 million mt in November, up 31.9 percent year-over-year, according to data from the Mexican Chamber of the Iron and Steel Industry (Canacero) reviewed by SteelOrbis.
In November, imports of finished steel products represented 4.0 times the volume of exports from the Mexican steel market in the same month.
Exports of finished steel products recorded a 25.2 percent drop year-on-year in November to 255,000 mt.
In the import of finished steel products to Mexico, the United States was the largest exporter with 319,000 mt, 7.0 percent more, year-over-year. That volume represented 31.6 percent of the total imported by Mexican steelmakers. That share far exceeded the 16.6 percent of Mexico's second largest steel partner, South Korea with 167,000 mt, 22.8 percent more.
Japan and China contributed 12.3 and 10.1 percent of total imports with 124,00 mt and 102,000 mt, respectively, volumes that represented annualized increases of 49.4 and 54.5 percent, respectively.
In November, imports from Vietnam stood out, with an increase of 428.6 percent, going from 14,000 mt in November 2022 to 74,000 mt in November of last year. Its market share in the total increased 5.5 basis points to 7.3 percent
In exports of finished steel products from companies in Mexico, the United States received 79.6 percent of the total with 203,000 mt, a figure that represented an annual decrease of 16.8 percent compared to November 2022.
Exports of finished steel products totaled 255,000 mt in October, 25.2 percent less compared to the same month in 2022.
In the accumulated January-November 2023, imports totaled 11.70 million mt, 22.5 percent more compared to the same period in 2022. Exports totaled 3.08 million mt, 33.4 percent less in the period.