Mexico’s domestic ferrous prices continued to trend down this week amid rising imports of the material from the US West Coast and steep declines in the US domestic ferrous scrap market that began trading on Thursday.
Several buyers in the Mexican scrap market are closely following the progress of the US domestic ferrous scrap trading for September, which seems to be showing all signs of settling at $50/gt down on prime grades like #1 busheling and $25-30/gt down on secondary grades such as #1 HMS, P&S 5ft, and shredded, against August settled prices.
Ferrous scrap prices in Mexico fell by an average of MXN209/mt ($10.49/mt), with the most pronounced decreases in the North Zone, where the most noticeable drop was seen in the P&S 5ft weekly index which dropped by MXN388/mt to MXN11,248/mt delivered Mexico consumer.
The weekly Davis Index in Northern Mexico for #1 HMS decreased by MXN234/mt to MXN9,723/mt delivered Mexico consumer on Friday and shredded went down by MXN225/mt to MXN11,763/mt. Machine shop turnings decreased by MXN212/mt to MXN9,233/mt delivered and #1 busheling fell by MXN175/mt to MXN12,423/mt delivered on Friday.
In Central Mexico, the weekly Davis Index for #1 HMS went down by MXN250/mt to MXN10,950/mt delivered Mexico consumer on Friday, while P&S 5ft fell by MXN250/mt to MXN12,150/mt delivered. Shredded decreased by MXN250/mt to MXN11,800/mt delivered, machine shop turnings fell by MXN200/mt to MXN9,900/mt delivered, and #1 busheling went down MXN200/mt to MXN12,550/mt delivered today.
Bajio Mexico’s weekly index for #1 HMS fell by MXN60/mt to MXN10,003/mt delivered Mexico consumer on Friday, while P&S 5ft decreased by MXN417/mt to MXN10,760/mt delivered. Shredded went down by MXN33/mt to MXN11,948/mt delivered, while machine shop turnings decreased by MXN104/mt to MXN9,123/mt delivered and #1 busheling declined MXN150/mt to MXN12,197/mt delivered.
($1 = MXN19.92)