Mexican ferrous scrap prices rise on currency volatility, low generation

Ferrous scrap prices in the Mexican steelmaking regions of Monterrey and Bajio rose during the week ended Friday March 27 - bucking the trend in global markets - due to a strong devaluation of the peso.

Most scrap buyers were forced to increase prices by 150-250 pesos ($4-10) last week. Some contractual volumes of ferrous scrap are quoted in dollars in Mexico, and a considerable amount of scrap comes from the import market. “Steelmakers are trying to secure shipments of scrap, but the exchange rate affects the market,” a Mexican scrap seller said. Fastmarkets’ assessment of the steel scrap No1 heavy melt, consumer buying price, delivered mill Monterrey rose to 5,350 pesos per tonne on Tuesday March 31 from 5,150 pesos per tonne a week...

Published

Felipe Peroni

March 31, 2020

20:49 GMT

São Paulo