The value of metal scrap imported by Mexico decreased 98.3 percent, year-over-year, to only $1.0 million, the lowest amount in the last 30 years, according to a SteelOrbis analysis of data from the national statistics agency Inegi.
In August of last year, the value of Mexican scrap imports reached $58 million, while the highest value so far this year was in May with $137 million.
In the accumulated eight months, the value of imported scrap totaled $725 million, 28.6 percent or $291 million less compared to the same period in 2022. For a similar period, it is the first percentage reduction in imports since 2020.
Meanwhile, the value of scrap exports from the Mexican market in August increased 40.2 percent to $46 million. In the accumulated period until August, scrap export value totaled $304 million, 17.2 percent less compared to the same period last year.
The consumption of scrap, local or imported, is related to steel production in Mexico and in the last nine months (from December 2022 to last August) production decreased 12.0 percent on a monthly average.