Mexican domestic hot rolled coil (HRC) prices fell US$32/mt in the last three weeks to settle at US$698/mt ex-mill.
China's economic slowdown is affecting the prices of some raw materials, which has caused a decline in industrial commodities ranging from copper to iron ore and coal. The overall situation is resulting in a panic, pushing prices for flat products down, according to industry sources.
However, the local automotive industry announced optimistically that the automotive trade balance reached a record in 2013, recording a surplus of US$38.77 billion, an increase of 20.2 percent over the balance of 2012.
Without the participation of the automotive sector in the trade balance, Mexico would have an excess of a US$39.0 billion deficit, rather than the $1.022 billion it reported in 2013.