Imports of finished steel products into Mexico increased 20.5 percent, year-over-year, in May to 1.20 million metric tons (mt). It is the second time in seven months that 1.0 million mt has been exceeded, according to data from the Mexican Chamber of the Iron and Steel Industry (Canacero) reviewed by SteelOrbis.
The May import volume was the highest in at least seven months (since November 2022).
In contrast, the export of finished steel products plummeted 35.3%, year-over-year, to 284,000 mt. It is at least the seventh straight annual decline. The range of declines is 20 to 35 percent.
In May, the flow of international trade in finished steel products from Mexico totaled 1.48 million mt, 3.4 percent more than in the same month last year. It is the first annual increase in at least seven months
Imports contributed 80.8 percent of the total flow of international trade. In at least the last seven months, it is the second time that the million mt imported has been exceeded, the first was in March with 1.03 million mt.
The three main sellers of steel to Mexico contributed 62.3 percent of the total. The United States exported 377,000 mt to Mexico, 16.0 percent more than in May of last year. Japan exported 203,000 mt, 17.0 percent more, and South Korea 166,000 mt, 23.5 percent less.
In contrast, the United States was the largest buyer of Mexican steel with 229,000 mt, a volume that represented 80.4 percent of the total.