Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Mexico’s industrial output dropped by 29.7pc on an annual basis in May due to a decline in mining, construction, and manufacturing activities, due to lower demand because of the COVID-19 pandemic.

 

Mining, construction, and manufacturing activities all declined by 5.8pc, 35.9pc, and 35.6pc, respectively, in May compared with the same month last year, the National Statistics Agency (Inegi) said in a statement on Friday, without disclosing volumes.

 

Metallic and non-metallic mineral mining activity fell by 30.9pc in May, while construction of civil engineering works and specialized construction work dropped by 32.6pc and 34.1pc, respectively, during the same period compared with May 2019. Mexico’s mining industry production could fall by 17pc this year due to suspended operations for about two months to contain COVID-19’s spread.

 

The steel and automotive industries have also recorded production declines due to the pandemic. Mexico’s crude steel production dropped by 12.1pc to 1.4mn mt in April compared with the same month in 2019, according to the latest figures released by the World Steel Association. Crude steel production in April last year reached 1.6mn mt.

 

Mexican car production plunged by 98.7pc to 3,722 cars in April, down from 300,106 vehicles in the same month last year, while the country’s construction output dropped by 32.1pc during the same period.

 

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