Consumers of ferrous scrap in the main Mexican markets of Monterrey and Bajio have applied a series of price cuts, effectively avoiding higher offers and extending the industry downtrend.
A large steelmaker near the northeastern Monterrey city was said to have lowered prices by around 1,000 pesos ($50) per tonne, depending on the grade, several market participants said.Other buyers in both regions covered by Fastmarkets were lowering prices more mildly, by around 250-300 pesos per tonne, depending on volumes available.And the downtrend is not over yet, with two steelmakers heard announcing price...