Mexico: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Market Size in Mexico

The Mexican cold-rolled steel products market dropped significantly to $X in 2022, which is down by -19.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed strong growth. As a result, consumption attained the peak level of $X, and then dropped markedly in the following year.

Cold-Rolled Steel Products Exports

Exports from Mexico

In 2022, overseas shipments of flat-rolled products of iron or steel (not further worked than cold-rolled) increased by 28% to X tons, rising for the second consecutive year after four years of decline. The total export volume increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 42%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, cold-rolled steel products exports surged to $X in 2022. Overall, exports, however, recorded a pronounced reduction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for cold-rolled steel products exports from Mexico, accounting for a 76% share of total exports. Moreover, cold-rolled steel products exports to the United States exceeded the volume sent to the second major destination, Guatemala (X tons), sixfold. The third position in this ranking was held by Colombia (X tons), with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+21.6% per year) and Colombia (+4.8% per year).

In value terms, the United States ($X) remains the key foreign market for flat-rolled products of iron or steel (not further worked than cold-rolled) exports from Mexico, comprising 95% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 2.6% share of total exports. It was followed by Colombia, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+6.2% per year) and Colombia (-16.4% per year).

Export Prices by Country

In 2022, the average cold-rolled steel products export price amounted to $X per ton, stabilizing at the previous year. Over the period under review, the export price showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2018 when the average export price increased by 14%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-3.2%), while the prices for the other major destinations experienced a decline.

Cold-Rolled Steel Products Imports

Imports into Mexico

In 2022, imports of flat-rolled products of iron or steel (not further worked than cold-rolled) into Mexico dropped significantly to X tons, waning by -31.5% compared with 2021 figures. Overall, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +8.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 58% against the previous year. As a result, imports reached the peak of X tons, and then fell significantly in the following year.

In value terms, cold-rolled steel products imports declined to $X in 2022. In general, imports, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2021 with an increase of 93% against the previous year. As a result, imports reached the peak of $X, and then dropped in the following year.

Imports by Country

The United States (X tons), South Korea (X tons) and Japan (X tons) were the main suppliers of cold-rolled steel products imports to Mexico, together accounting for 81% of total imports. Vietnam, China, Taiwan (Chinese) and Germany lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +70.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than cold-rolled) to Mexico, comprising 42% of total imports. The second position in the ranking was held by South Korea ($X), with a 19% share of total imports. It was followed by Japan, with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+11.9% per year) and Japan (+11.0% per year).

Import Prices by Country

In 2022, the average cold-rolled steel products import price amounted to $X per ton, increasing by 44% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cold-rolled steel products import price increased by +75.7% against 2020 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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