Mexico: Iron And Steel Market 2024

Iron And Steel Market Size in Mexico

In 2021, the Mexican iron and steel market decreased by -3% to $X, falling for the seventh year in a row after three years of growth. Over the period under review, consumption continues to indicate a perceptible curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Iron And Steel Production in Mexico

In value terms, iron and steel production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production recorded a noticeable descent. The pace of growth was the most pronounced in 2014 with an increase of 15%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Iron And Steel Exports

Exports from Mexico

In 2021, exports of iron and steel from Mexico declined notably to X tons, which is down by -73% on the year before. Over the period under review, exports recorded a precipitous descent. The growth pace was the most rapid in 2013 with an increase of 42% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, iron and steel exports contracted markedly to $X in 2021. In general, exports saw a sharp curtailment. The growth pace was the most rapid in 2013 when exports increased by 41% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for iron and steel exports from Mexico, accounting for a 64% share of total exports. Moreover, iron and steel exports to the United States exceeded the volume sent to the second major destination, Saudi Arabia (X tons), threefold. The third position in this ranking was held by Finland (X tons), with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +39.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (0.0% per year) and Finland (+13.7% per year).

In value terms, the United States ($X) emerged as the key foreign market for iron and steel exports from Mexico, comprising 58% of total exports. The second position in the ranking was taken by Finland ($X), with a 20% share of total exports. It was followed by Guatemala, with a 15% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +33.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (+7.6% per year) and Guatemala (-8.8% per year).

Export Prices by Country

The average iron and steel export price stood at $X per ton in 2021, shrinking by -4.6% against the previous year. Over the period under review, the export price continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2014 when the average export price increased by 13%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Finland ($X per ton), while the average price for exports to Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Iron And Steel Imports

Imports into Mexico

After four years of decline, supplies from abroad of iron and steel increased by 3.9% to X tons in 2021. Over the period under review, imports posted a tangible increase. The most prominent rate of growth was recorded in 2013 when imports increased by 60%. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, iron and steel imports dropped markedly to $X in 2021. In general, imports, however, faced a abrupt setback. The most prominent rate of growth was recorded in 2013 when imports increased by 38% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) constituted the largest iron and steel supplier to Mexico, with a 82% share of total imports. Moreover, iron and steel imports from Brazil exceeded the figures recorded by the second-largest supplier, Russia (X tons), fivefold.

From 2012 to 2021, the average annual growth rate of volume from Brazil totaled +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+48.3% per year) and the United States (-19.4% per year).

In value terms, Brazil ($X) constituted the largest supplier of iron and steel to Mexico, comprising 79% of total imports. The second position in the ranking was held by Russia ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Brazil totaled -5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+30.4% per year) and the United States (-32.2% per year).

Import Prices by Country

The average iron and steel import price stood at $X per ton in 2021, falling by -36.1% against the previous year. Overall, the import price recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when the average import price increased by 28% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (-7.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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