In the first three quarters of this year, Mexico witnessed a 2.1% y-o-y decrease in the import value of iron ore, according to data released by the National Institute of Statistics and Geography of Mexico (INEGI). The total value of iron ore imports for this period amounted to US$301 million.
The month of September recorded a significant downturn, with the import value of Mexico's iron ore reaching US$15 million—a staggering 26% decline compared to the same month last year. This marks the second-lowest figure observed over the past eight months.
In parallel, Mexico's iron pellet production saw a dip of 3.5% y-o-y in September, totaling around 514,400 tons. This decline is attributed to reduced output from key players in the industry, namely Altos Hornos de México (AHMSA) and ArcelorMittal.
These statistics indicate a challenging period for Mexico's iron and steel sector, raising questions about the factors contributing to the observed decline in both imports and production. Analysts suggest that issues such as reduced output from major producers are impacting the overall performance of the industry. The situation will undoubtedly be closely monitored in the coming months to gauge potential trends and developments in this crucial economic sector.