In May, the value of scrap metal imported into Mexico witnessed a significant decline of 27.5 percent compared to the previous year, reaching a total of $137 million. However, during the same period, the value of iron ore imports experienced a notable increase of 39.3 percent, as reported by SteelOrbis based on data from the national statistics agency Inegi.Mexican Scrap Imports Experience Third Consecutive Annual Decline in May
This decline in scrap value marks the third consecutive annual drop, with decreases of 35.2 percent in March and 20.1 percent in April. Notably, May 2022 saw a historical record for imports, reaching $189 million, and throughout the entirety of 2022, imports totaled $1.39 billion, also setting a historical record.
For the accumulated five months of 2023, imported scrap amounted to $566 million, reflecting a decrease of 17.3 percent or $118 million compared to the same period in 2022. This decline represents the first drop in the last four years for the January-May period.
During the first five months of this year, the value of iron ore imports totaled $152 million, marking a decrease of 19.2 percent or $36 million compared to the corresponding period last year.
Meanwhile, scrap exports from the Mexican market in May experienced their eighth consecutive decline compared to the previous year. In May alone, exports amounted to $42 million, indicating a decrease of 25.4 percent in comparison to the same month last year.
Despite the challenging trends in scrap metal imports, the Mexican market has witnessed robust growth in iron ore imports, highlighting a potential shift in the country’s metal trade landscape.