Steel sales in Mexico up 15.8% during first eight months of 2017
In the first eight months of 2017, sales of steel in Mexico reached US$ 11.97 billion, an increase of 15.8% compared to same period from last year and the highest increase in seven years, according to official data.
The growth is a result of the increasing national consumption by the automotive industry, but also because of the measures implemented by the Ministry of Economy to prevent imports of dumping steel from other countries, such as China, said Mexican businessmen from the metallurgy industry.
“We are now at an adequate level of profitability, but we are still at a low level of capacity, because the issue of China’s overproduction is not resolved in its entirety,” said Guillermo Vogel, president of the National Chamber of the Iron and Steel Industry of Mexico, interviewed by El Financiero.
Vogel said the apparent domestic consumption of liquid steel has seen a positive trend in the last four years and it is expected that, by the end of 2017, it will reach 29.8 million tons, a record figure.
Meanwhile, production continues to grow and is expected to reach 20.4 million tons by December 2017, 8.6% more than last year.