In May, the value of steel product imports in Mexico reached a new record high of $3.25 billion, representing a 12.5 percent increase compared to the previous year. This information is based on an analysis conducted by SteelOrbis, using data from the national statistics office Inegi. Alongside this achievement, the trade deficit also reached an all-time high of $2.12 billion.
It is worth noting that the previous record for imports was set in August 2022, amounting to $3.04 billion. May also marks the fourth occurrence in the history of the Mexican steel market where imports have surpassed the $3.0 billion mark.
Unfortunately, the national market has been adversely impacted by Altos Hornos de México (AHMSA), one of the largest steel companies in the country. Despite having an annual steel production capacity of 5.5 million metric tons, AHMSA has not been able to produce steel since the beginning of the year due to insolvency.
Consequently, there has been a significant decline in steel product exports, which experienced a year-over-year decrease of 20.7 percent, amounting to $1.14 billion in May.
In terms of overall steel trade flow, Mexico recorded a total of $4.39 billion in May, representing a 1.5 percent increase compared to the previous year. However, this value falls 3.6 percent short of the all-time record of $4.55 billion achieved in June 2022.
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