Mexican steel imports totaled 848,000 mt in December, up 7.2 percent year-over-year, the 10th consecutive annual increase, according to data from the Mexican Chamber of the Iron and Steel Industry (Canacero) reviewed by SteelOrbis.
In December, imports of finished steel products represented 2.9 times the volume of exports from the Mexican steel market in the same month, the lowest level in 10 months.
Exports of finished steel products registered a decrease of 17.9 percent in December, year-over-year to 288,000 mt, the 16th consecutive annual decline.
In all of 2023, imports totaled 10.35 million mt, 21.3 percent more compared to 2022. Exports totaled 4.98 million mt, 32.3 percent less.
By country, the largest source of import finished steel products to Mexico in 2023 was the United States with 4.07 million mt, 11.1 percent more than in 2022. That volume represented 32.5 percent of the total imported by Mexican steelmakers, although it decreased 300 basis points compared to 2022.
South Korea, the second largest steel exporter to Mexico, sold 1.94 million mt, 4.4 percent more. That volume represented 15.5 percent of the total.
China was the country that gained the most market share with 2.1 percentage points, remaining at 11.3 percent with 1.42 million mt, a volume that represented an increase of 49.6 percent. Japan was the country that also gained the most market in Mexico, reaching 14.9 percent of the total by exporting 1.86 million mt, or 40.5 percent more than 2022.
Of the five largest steel exporters to Mexico, Germany stood out with an increase of 80.9 percent to 570,000 mt, with that its market share went from 3.0 to 4.5 percent of the total.
In exports of finished steel products from companies located in Mexico, the United States received 77.5 percent of the total with 2.61 million mt, a volume that represented an annual decrease of 27.5 percent compared to 2022.
The total exported in 2023 was 3.37 million mt, 32.3 percent less compared to 2022.