January 11, 2024 – Russia has extended its scrap export restrictions and the corresponding quotas until mid-2024. Increasing demand for stainless steel scrap in China. And Mexico’s economy is benefiting greatly from US nearshoring activities.
- Russia extends ferrous scrap export quotas
Russia extends ferrous scrap export quotas
The Russian government recently extended the export quotas for ferrous waste until June 30, 2024. An expected step, but the continuous extension of various scrap quotas and export bans shows the growing importance of the recycling raw material.
China’s stainless steel scrap imports are increasing significantly
This can also be seen in the example of the huge increase in imports of stainless steel waste to China, which jumped by more than 200% in a y-o-y comparison between 2022 and 2023.
Asian nickel prices rise by more than 3%
Asian nickel prices on the SHFE were much friendlier today than in recent days and jumped by more than 3% due to brightening sentiment.
Mexico’s economic boom: nearshoring boosts shares
Mexico’s stock market is experiencing an upswing: up seven percent in December, ending the year up an impressive 23 percent – one of the top performers in the world! The key to this success? The strong Mexican peso and nearshoring.
Nearshoring trend: companies are moving to Mexico
International companies are relocating their production facilities close to the US market – and Mexico is benefiting enormously from this. The Mexican central bank is optimistic and has raised its growth forecast for 2024: between 2.3 and 3.7 percent real economic growth.
Good times for Mexican companies
Despite high capital market interest rates: investments are booming, wages are rising and consumer demand is booming. Everything points to further increases in profits for Mexican companies.
What does this mean for the future?
Mexico’s economy is on the brink of a golden era. The relocation of production facilities close to the US market appears to be a real stroke of luck. Can Mexico maintain this momentum and establish itself as an economic hotspot?
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Disclaimer: Many things here represent our opinion. Others are information from the Internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.