Mexican steel product imports totaled 1.08 million mt in October, 34.7 percent more, year-over-year, according to data from the Mexican Chamber of the Iron and Steel Industry (Canacero) reviewed by SteelOrbis.
In October, imports of finished steel products represented 4.5 times the volume of exports from the Mexican steel market in the same month.
In contrast, the export of finished steel products registered a drop of 33.1 percent, year-over-year in October to 243,000 mt, the 14th consecutive annual drop. Furthermore, the exported volume is the lowest in the last 35 months (since December 2020).
In the import of finished steel products to Mexico, the United States was the largest exporter with 320,000 mt, 16.8 percent, year-over-year. That volume represented 28.9 percent of the total imported by Mexican steelmakers. That far exceeded the 16.4 percent of Mexico's second largest steel partner, South Korea with 181,000 mt, 42.5 percent more.
Japan and China contributed 13.9 and 11.1 percent of total imports with 154,00 mt and 123,000 mt, respectively, volumes that represented annualized increases of 26.2 and 33.7 percent, respectively. In October, the annual increases of more than 170 percent in exports from Germany and Vietnam to Mexico stood out with 72,000 mt and 41,000 mt.
In exports of finished steel products from companies in Mexico, the United States received 79.0 percent of the total with 192,000 mt, a figure that represented an annual decrease of 22.9 percent or 74,000 mt compared to October of last year.
Exports of finished steel products totaled 243,000 mt in October, 33.1 percent or 120,000 mt less compared to the same month in 2022.
In the accumulated January-October, imports totaled 10.67 million mt, 21.7 percent more compared to the same period last year. Exports totaled 2.83 million mt, 34.0 percent less in the period.