Mexico: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Mexico

The Mexican hot-rolled steel products market skyrocketed to $X in 2021, picking up by 17% against the previous year. Over the period under review, consumption, however, saw a pronounced reduction. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Hot-Rolled Steel Products Production in Mexico

In value terms, hot-rolled steel products production reached $X in 2021 estimated in export price. In general, production saw a perceptible reduction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 20% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports from Mexico

In 2021, shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) increased by 134% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, saw a noticeable shrinkage. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel products exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for hot-rolled steel products exports from Mexico, accounting for a approx. 99% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled -2.2%.

In value terms, the United States ($X) also remains the key foreign market for flat-rolled products of iron or steel (not further worked than hot-rolled) exports from Mexico.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +1.6%.

Export Prices by Country

The average hot-rolled steel products export price stood at $X per ton in 2021, increasing by 50% against the previous year. In general, export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled steel products export price increased by +42.4% against 2018 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +3.9% per year.

Hot-Rolled Steel Products Imports

Imports into Mexico

In 2021, after two years of decline, there was significant growth in supplies from abroad of flat-rolled products of iron or steel (not further worked than hot-rolled), when their volume increased by 44% to X tons. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hot-rolled steel products imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest hot-rolled steel products supplier to Mexico, with a 49% share of total imports. Moreover, hot-rolled steel products imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was held by South Korea (X tons), with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+19.5% per year) and South Korea (-2.3% per year).

In value terms, the United States ($X) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than hot-rolled) to Mexico, comprising 52% of total imports. The second position in the ranking was held by Japan ($X), with an 18% share of total imports. It was followed by South Korea, with an 8.2% share.

From 2012 to 2021, the average annual growth rate of value from the United States totaled +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+15.5% per year) and South Korea (-1.9% per year).

Import Prices by Country

In 2021, the average hot-rolled steel products import price amounted to $X per ton, growing by 5.2% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 6.9%. Over the period under review, average import prices hit record highs at $X per ton in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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