Argus Scrap Coverage in Mexico: A Transparent Benchmark for a Growing Market

The Mexican steel market is going through a major transformation with the imposition of 50pc steel import tariffs by the US, historically its closest trading partner for steel.

Though this has pressured the domestic steel industry, Mexican steelmakers are looking more and more at sourcing their ferrous scrap needs at home. Argus is here to provide the transparency and reliability it needs.

Our ferrous scrap assessments in Mexico, give recyclers and steelmakers a trusted benchmark that reflects real market dynamics.

Why Mexico?

Mexico is the second-largest steel market in Latin America and a major consumer of ferrous scrap.

It’s also the second-largest destination for US scrap exports, behind only Turkey. Mexico in 2024 ranked as the 15th-largest steel producer in the world and as the 8th-largest steel consumer globally, according to WorldSteel data.

US scrap exports to Mexico totaled 2.4 million metric tons between January 2024 and July of this year, according to the latest data from the Census Bureau, making it the 3rd-largest destination of US scrap.

What we price

Argus now publishes delivered consumer prices for four key grades in northeast Mexico:

• Mixto and pesado (both variations of heavy melting scrap)
• Busheling
• Plate and Structural

These assessments cover the Monterrey and Saltillo region — the heart of Mexico’s steelmaking industry — and reflect the range at where mills are buying from local suppliers. The delivered mill prices are published in both pesos per metric ton and US dollars, recognizing the close ties between Mexico and the US scrap markets.

What we’re launching

As Argus’ presence in Mexico grows, we are launching Mexican HRC prices on 7 November, as well as exploring assessment growth opportunities in the Bajío and southeastern regions, also major steel-producing centers.

What sets Argus apart

Our mission is simple: neutrality, credibility, and reach. Argus provides a balanced, independent view of the global scrap market by combining pricing from both mills and recyclers. This approach ensures a fair, transparent benchmark that the industry can trust.

Argus offers local support in Mexico and the US, backed by a global network of experts. This means you get accurate, timely insights from people who understand your market.

As Mexico’s steel industry evolves, so does the need for reliable pricing. Whether you’re a recycler, a steelmaker, or a trader, Argus Scrap Markets gives you the data you need to make informed decisions.