The value of scrap metal imported into Mexico decreased in May, dropping 27.5 percent, year-over-year, totaling $137 million. However, the value of iron ore imports rose 39.3 percent, according to a SteelOrbis analysis of data from national statistics agency Inegi.
The scrap value decrease in May is the third consecutive annual drop, in March it decreased 35.2 percent and in April 20.1 percent. The historical record for imports was in May 2022 with $189 million, and in all of 2022 it totaled $1.39 billion, also a historical record.
In the accumulated five months of 2023, imported scrap totaled $566 million, 17.3 percent or $118 million less than the same month in 2022. For a January-May period, it is the first drop in the last four years.
The value of iron ore imports, in the first five months of the year, totaled $152 million, 19.2 percent or $36 million less than the same period last year.
Scrap exports from the Mexican market in May decreased for the eighth time compared to the year. In May, $42 million was exported, 25.4 percent less compared to the same month last year.