Mexican ferrous scrap prices soar amid low inventories

Mexican steel scrap prices skyrocketed in the week ended Friday January 15, with steelmakers struggling with low inventories and increasing their buying prices to secure supply.

In both regions where prices are assessed by Fastmarkets, major scrap consumers applied price increases early last week, and some applied a second increase between January 15 and 18.
In the region near the northern city of Monterrey, all major scrap consumers have been competing to secure scrap supply, leading to strong price rises.

Fastmarkets assessed the steel scrap, No1 busheling, consumer buying price, delivered mill Monterrey, at 9,350 pesos ($469) per tonne on Tuesday, up by 800 pesos per tonne from 8,550 pesos per tonne...

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