Mexican domestic steel producers have raised their prices for hot- and cold-rolled sheet by around 3% for February deals, according to market sources.
"Prices for steel products in general have been going up in the country due to higher costs in necessary resources such as raw material, natural gas and electricity," a distributor based in the central area said.
He also mentioned the recent growth seen in export prices for steel sheet, especially from China, which "always contributes" to any hike in domestic prices.
An end-user said that in his most recent purchase he paid around Peso 600/mt more than he paid a month before.
Another industry source said that "prices are higher in the beginning of 2018 due to the uncertainty being felt in the market." The source said that presidential elections due in Mexico this year and ongoing talks over renegotiating the North American Free Trade Agreement were both contributing to the sense of uncertainty.
The S&P Global Platts monthly assessment for Mexican HRC increased 3.6% to Peso 15,770/mt ($845.78/mt), based on a range of Peso 15,750-15,790/mt, from the previous Peso 15,215/mt, which was based on a range of Peso 15,200-15,230/mt.
The CRC assessment rose 2.8% to Peso 18,200/mt ($976.11/mt), based on a range of Peso 18,180-18,220/mt, from Peso 17,710/mt previously, which was based on a range of Peso 17,690-17,730/mt.
