Mexican scrap prices edge up on currency moves, restocking

Ferrous scrap prices in Mexico increased in the week ended Friday March 20 on a strong currency devaluation which made the material more expensive in pesos, while steelmakers were building inventories before scrap runs out amid global lockdowns.

At least two major steel producers bid for scrap at prices 200-300 pesos ($8-12) above those of the previous week.

But the increase was not enough to offset a steep devaluation of the local currency in recent weeks.

The exchange rate was 23.24 pesos to $1 for the week ended March 20, compared with 21.13 pesos to $1 the previous week, according to figures from the Bank...

Published

Felipe Peroni

March 24, 2020

20:09 GMT

São Paulo