Mexican longs prices have trended sideways since last week, as mills' price hikes made earlier in the month have yet to be absorbed by the market in full.
SteelOrbis learns that while construction activity in Mexico is slowly improving, overall demand is not strong enough for longs prices to rise much despite producers' efforts raise them.
Most transactions in the domestic Mexican rebar market trended sideways since last week at the level of Peso 8,200 to 8,400/mt (US$619 to $634/mt). Prices are delivered, plus taxes. The current market price range does not yet reflect the full price increase that Mexican rebar producers have tried to push through; however it represents an improvement over earlier this month when prices were at Peso 8,000. Since last week, prices have not moved.
Domestic low carbon wire rod transaction prices in the Mexican market are also unchanged from last week and range from Peso 8,500 to 8,800/mt (US$642 to $664/mt) delivered, plus taxes.
Mexico's domestic longs prices are unchanged from last week in local currency, but on a dollar basis, Mexican longs prices have risen slightly due to the depreciation of the Mexican peso against the USD since last week. Still, export offers to the US have not risen in turn; in fact, export rebar offers to the US are down slightly this week from last.