Mexican steel production and consumption fell year-to-date October, extending an almost two-year slide amid an ongoing demand glut in the country.
- Production fell by 9pc to 14mn metric tonnes (t) year-to-date October from a year earlier, according to steel chamber Canacero. The most-produced products were rebar, hot-rolled coil (HRC) and hot-dipped galvanized (HDG).
- Year-to-date October consumption declined by 10pc to 21mn t. The most-consumed products were HDG, HRC and cold-rolled coil (CRC).
- Year-to-date October exports decreased by 16pc to 2mn t, largely pressured by a 27pc drop in steel exports to the US. Mexico, in turn, has turned to Canada and Central America as steel importers this year, with Canada's share rising by 35pc year-to-date October and Guatemala's by 49pc in the same period.
- Imports fell by 13pc to 9.1mn t year-to-date October from a year earlier.
- The Mexican steel market has faced falling demand since early 2024 on economic uncertainty and pressure wrought from the US's 50pc import tariffs, essentially cutting off Mexico's closest steel trading partner.
- Recovery for flat steel demand is not expected until at least mid-2026, when the US-Mexico-Canada Agreement comes up for re-negotiation. Long products could see a boost in the first quarter, however, as the government proposed spend on roads and rail in the 2026 budget.
| Mexican finished steel YTD | 000s of metric tonnes, except ±% | |||
| Oct-25 | Oct-24 | Difference | ±% | |
| Production | ||||
| Rebar | 3,171 | 3,257 | -86 | -2.6% |
| Hot-rolled coil (HRC) | 2,735 | 3,114 | -379 | -12.2% |
| Hot-dipped galvanized (HDG) | 2,633 | 2,844 | -211 | -7.4% |
| Total* | 14,039 | 15,372 | -1,333 | -8.7% |
| Consumption | ||||
| HDG | 3,806 | 3,872 | -66 | -1.7% |
| HRC | 3,619 | 4,290 | -671 | -15.6% |
| Cold-rolled coil (CRC) | 3,532 | 4,097 | -565 | -13.8% |
| Total | 21,059 | 23,390 | -2,331 | -10% |
| Imports by country | ||||
| US | 3,318 | 3,314 | 4 | 0.1% |
| Japan | 1,453 | 1,541 | -88 | -5.7% |
| South Korea | 1,433 | 1,698 | -265 | -15.6% |
| Imports by product | ||||
| Alloyed | 1,680 | 1,544 | 136 | 8.8% |
| HDG | 1,337 | 1,427 | -90 | -6.3% |
| CRC | 1,092 | 1,515 | -423 | -27.9% |
| Total | 9,100 | 10,506 | -1,406 | -13.4% |
| Exports by country | ||||
| US | 1,386 | 1,897 | -511 | -26.9% |
| Canada | 131 | 97 | 34 | 35.1% |
| Guatemala | 85 | 57 | 28 | 49.1% |
| Exports by product | ||||
| Seamless tube | 560 | 564 | -4 | -0.7% |
| Wire | 252 | 272 | -20 | -7.4% |
| Tube with seams ≤ 406.4 mm | 219 | 274 | -55 | -20.1% |
| Total | 2,080 | 2,488 | -408 | -16.4% |
| Source: Canacero | ||||
| Totals include other products than those listed in this spreadsheet. | ||||
