The value of metal scrap imported to Mexico totaled $117.3 million in October, a figure similar to the level reported in October 2022, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
Since March 2021, the Mexican steel market imported more than $100 million of metal scrap per month and in that 32-month period, it was exceeded on 20 occasions. Of the remaining 12 that were imported less than that amount, in 2023 they are in January ($82 million), July ($58 million) and August ($84 million). The all-time high for a month was May 2022 with $189 million.
The consumption of scrap, local or imported, is related to steel production in Mexico and in the last ten months (from December 2022 to last September) production decreased 11.5 percent on a monthly average.
In the accumulated 10 months to October, the value of imported scrap totaled $1.04 billion, 14.7 percent or $179 million less compared to the January-October 2022 period.
Scrap exports from the Mexican market in October broke the decreasing trend of the last nine months (since October 2022) for the fourth time and increased 47.9 percent, year-over-year, to $43.5 million. In the accumulated until the tenth month of the year, $386 million were exported, 10.9 percent or $47 million less compared to the same period last year.