The price of domestic Mexican wire rod fell US$30/mt during the last two weeks to reach $758/mt ex-mill.
The attempt to achieve an increase in prices of wire rod was not well received by customers, which caused mills to reverse course.
With major external markets such as the US and Colombia closed to wire rod exports, the market outlook is not encouraging. Moreover, "Chinese imports at prices around US$530/mt to Mexico causes a lot of damage and we require defence against this onslaught,” industry sources said.