Mexico experienced a substantial surge in imports of finished steel products, recording a remarkable 51.2 percent year-over-year increase in June, reaching a total of 1.19 million metric tons (mt). This marks the third instance within the last eight months where the threshold of 1.0 million mt has been surpassed, as per data examined by SteelOrbis from the Mexican Chamber of the Iron and Steel Industry (Canacero).
In stark contrast, the export of finished steel products witnessed a severe decline, plummeting by 44.6 percent year-over-year to a mere 258,000 mt. This marks the eighth consecutive yearly decrease and stands as the most pronounced drop along with the lowest volume observed since at least November of the preceding year.
During July, the international trade flow of finished steel products from Mexico tallied up to 1.45 million mt, reflecting a notable 15.6 percent increase compared to the same month in the prior year. This constitutes the second annual upturn within the span of at least eight months.
Imported goods contributed a substantial 82.2 percent to the overall international trade flow. Within the past eight months, this is the third instance in which imports have exceeded the million mt threshold. The inaugural occurrence transpired in March, registering 1.03 million mt, followed by 1.20 million mt in May, and the current figure being 1.19 million mt.
The collective output of the top four steel suppliers to Mexico constituted 76.8 percent of the aggregate. Notably, the United States exported 394,000 mt to Mexico, accounting for 33.1 percent of the total imported volume, marking a substantial 34.0 percent increase compared to the corresponding period of the prior year.
Japan contributed 215,000 mt (18.1 percent of the total) to Mexico, signifying a considerable 68.0 percent surge. China's exports stood at 166,000 mt (13.9 percent of the total), reflecting an impressive 260.9 percent escalation, while South Korea exported 139,000 mt (11.7 percent of the total) to Mexico, indicating an 11.2 percent rise compared to the sixth month of the prior year.
As for the exports of finished steel products from Mexican companies, the United States held the lion's share, receiving 81.4 percent of the total with a volume of 210,000 mt. This figure marked a notable drop of 38.2 percent in comparison to the previous year's June statistics.
Vietnam Steel by Hoa Sen Group