Mexican HRC prices this week the price remained at $497/mt ex-mill-the same price reported three weeks ago.
However, sources reported small variations during the time period-two weeks ago prices dipped down to $487/mt ex-mill, but prices quickly reversed upward. Part of the reason behind the fluctuation is the continued increasing presence of imported flat steel from China-despite producing 3 million less tons of steel in the first four months of the year, China's exports to Mexico increased.
Additionally, recent growth forecasts for Latin America of the International Monetary Fund maintain a gloomy outlook among producers. "Now we see the potential for growth declining, as this is an environment where the global economy has not adjusted well to the low prices of raw materials," said the source.