US-Mexico Trade Tariffs and Negotiations
Mexico's anti-dumping and tariff actions on Chinese imports
Mexico has issued a preliminary affirmative determination in its anti-dumping investigation of Chinese Mainland coloured float glass classified under HTSMX 7005.21.03, setting a provisional anti-dumping duty of US$0.11917/kg for six months from September 10.
On September 28, 2026, Mexico's Ministry of Economy published in the Official Gazette of the Federation (DOF) the resolution opening the administrative review of the validity of the countervailing duty on imports of aluminum cooking articles originating in the People's Republic of China, regardless of country of provenance. The measure applies to goods whose import price is below the reference price of US$10.6 per kilogram, charging the difference between the import price and that reference value, with the countervailing duty maintained at up to US$7.73 per kilogram (US$5.65 per kilogram for Sanhe Kitchenware).
On September 29, 2026, Mexico's Secretaría de Economía published the cancellation of 189 IMMEX programs effective from September 1, 2026, for non-compliance with annual foreign trade reports and tax domicile requirements, an 11.17% increase from the prior year. Affected companies including Forgamex and Tequila Revolución must regularize within 60 to 180 days.
Imports of Chinese vehicles to Mexico fell 31% after the rise in Most Favored Nation tariffs.
On September 30, 2026, Mexico advanced anti-dumping investigations into Chinese steel products with potential duties of up to 103%. Final anti-dumping duties took effect on 19 tariff lines of hot-rolled steel from China at 24.5% on top of the 15% MFN rate. Non-FTA import duties range from 5% to 50% across 1,463 tariff lines.
Mexico continues to impose and review anti-dumping and countervailing duties on Chinese glass, aluminum cookware and steel imports while canceling non-compliant IMMEX programs and applying higher MFN tariffs that have reduced Chinese vehicle imports.
US-Mexico tariff and T-MEC talks
On September 28, 2026, Mexico and the United States postponed the fourth round of their bilateral trade negotiations from late September to October 2026. Technical discussions continue. Mexico's Deputy Economy Minister for Foreign Trade, Luis Rosendo Gutiérrez, said the two sides are working toward an interim trade agreement covering nearly 90 issues.
The postponement followed high-level China-U.S. engagement in Washington and the G20 meeting, given the bilateral agenda for talks between U.S. President Donald Trump and China's head of state.
From January to July 2026, Mexican imports of goods from China grew 8% year on year, exceeding US$79.6 billion and accounting for 17% of Mexico's total international purchases.
On September 29, 2026, Kenneth Smith Ramos, former head of T-MEC technical negotiations, warned that Mexico and the United States are outlining a framework agreement before the end of 2026 based on a common front against China. That would imply Mexican authorities raising Most Favored Nation (MFN) tariffs on countries with which they have no trade agreements, such as China, to rates of up to 100%, matching those applied by the Washington administration.
Rogelio Garza, president of the Mexican Association of the Automotive Industry (AMIA), said the automotive industry expects to conclude by mid-October 2026 an agreement with the U.S. government to substantially reduce tariffs applied under Section 232. The priority is to correct the competitive disadvantage versus Japan and the European Union, which pay 15%. Vehicles assembled in Mexico have paid a 25% rate for a year and a half. If a reduction to a 15% base rate is achieved, combined with the Regional Content Value (VCR) discount, the effective compensation rate for vehicles produced in Mexico would be between 4% and 5%.
On September 30, 2026, Mexican trade officials were negotiating a trade agreement with the United States to reduce U.S. import tariffs on Mexican light vehicles to 15% from the current 25%, with effective rates expected between 10% and 12% after applying regional content discounts. They are also seeking reductions in U.S. tariffs on steel and aluminum, currently as high as 50%. Mexican Economy Minister Marcelo Ebrard traveled to Washington, D.C., to continue bilateral talks.
Katherine Tai warned that the United States' intention to unilaterally impose on Mexico restrictions on investments coming from China puts the stability of T-MEC at risk.
During the XXIV International Congress of the Automotive Industry in Mexico (CIIAM 2026), Kenneth Smith Ramos detailed U.S. proposals in the T-MEC review, seeking to raise regional automotive content to 85% and introduce a 50% exclusively United States content requirement. Matt Blunt, president of the American Automotive Policy Council (AAPC), warned that the cost of complying with T-MEC rules of origin may exceed the cost of manufacturing vehicles in Japan and paying a 15% tariff.
The Office of the United States Trade Representative (USTR) is accepting public comments through October 29, 2026, for its annual report on foreign trade barriers.
Mexico and the United States postponed the fourth round of bilateral trade negotiations to October 2026, with technical meetings continuing daily. Negotiations are ongoing to reduce Section 232 tariffs on vehicles, steel and aluminum, amid pressures related to China.
US-Mexico trade talks and market impacts from China tariffs
On September 28, 2026, data from the U.S. Department of Commerce and the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE) showed U.S. purchases of Mexican steel fell 41.7% in value and 37% in volume year over year in the first half of 2026 under Section 232 tariffs and USMCA review pressures. Mexico's purchases of U.S. steel rose 16.6%. U.S. steel import sourcing shifted toward South Korea and Indonesia.
On September 29, 2026, Mexico's trade balance reached a US$605 million surplus in August 2026 as import growth slowed faster than exports due to trade policy enforcement and import restrictions. Third-quarter futures volumes rose as market participants took long positions in anticipation of higher prices following tighter safeguard measures, although weak physical demand constrained subsequent price increases in August and September.
On September 30, 2026, a delegation from Mexico's Ministry of Economy, including Secretary Marcelo Ebrard and Undersecretary of Foreign Trade Luis Rosendo Gutiérrez, attended the G20 trade ministers' meeting in Milwaukee, Wisconsin. Ebrard held a bilateral meeting with USTR head Jamieson Greer and formally requested that Mexico be excluded from tariff surcharges under Section 301 related to investigations on industrial productive overcapacity oriented towards China. Greer stated prior to the meeting that the United States government will take into account the tariff limits negotiated in trade agreements with its partners when evaluating the imposition of new tariffs derived from the investigation on industrial overcapacity focused on China, noting that the implementation of such agreements contributes to mitigating the effects of excess productive capacity.
Mexico has formally requested exclusion from Section 301 tariff surcharges related to China overcapacity investigations, while steel sourcing shifts and a US$605 million trade surplus have emerged from import restrictions.
Mexican Ports Operations and Expansions
Manzanillo port access rules and new China–Mexico shipping route
Cosco Shipping Specialized Carriers launched a new direct maritime service between the port of Jiangyin, on China’s Yangtze River, and the port of Manzanillo in Mexico. The inaugural sailing began with the multipurpose vessel CSPC Jade, carrying more than 500 containers of machinery and finished goods. The voyage took place on 28 September 2026.
The direct route takes 22 days, cutting about 15 days versus traditional itineraries that require transshipment at ports such as Shanghai or Ningbo. After arrival in Manzanillo, part of the cargo will be transferred by rail or truck to final destinations in the United States.
Separately, the Administración del Sistema Portuario Nacional (Asipona) of Manzanillo began on Wednesday 30 September 2026 a pilot program to regulate use of the Centro Regulador Terrestre (CRT). The scheme operates on Wednesdays, Thursdays and Fridays each week for transport units with import appointments scheduled from 16:00 onward and directed to the Contecon Manzanillo terminal.
Carriers may enter the CRT up to two hours before their appointment for validation through PIS Check of the Documento Electrónico de Cita (DEC) by the Centro de Control de Tráfico Terrestre, before entry via the Segundo Acceso.
Contecon Manzanillo expands capacity with new cranes and 2.4 million TEU target
Contecon Manzanillo, operator of the Terminal Especializada de Contenedores (TEC II) at the port of Manzanillo, received and installed two electric STS cranes manufactured by ZPMC, capable of serving vessels of up to 24,000 TEU, and added five yard RTG cranes. Each of the STS cranes (numbers 13 and 14 at the terminal) weighs about 1,600 tonnes, stands 60 metres high and has a 74-metre outreach. In the last month the terminal received five yard cranes and two quay cranes.
The terminal has handled a cumulative 1,186,477 TEU, an increase of 20.2% year on year, representing 42% of the port’s total traffic. Following an investment of 1,300 million pesos, Contecon Manzanillo will raise its cargo-handling capacity by 20% next year, from 2 million to 2.4 million TEU. On 30 September 2026, Contecon plans to increase installed capacity by more than 40% to support projected foreign-trade growth, while work continues on bottlenecks in surrounding road access and customs processing capacity.
The port of Manzanillo currently operates at around 80% of installed capacity without operational saturation, according to José Antonio Contreras Ruiz, CEO of Contecon Manzanillo. The port moves 45% of Mexico’s containerized cargo and has recorded cumulative growth of 70% over a five-year period. The terminal has 1,307 metres of quay, allowing three vessels to be worked simultaneously. Its main market is Asia, with the Chinese cities of Shanghai, Ningbo, Shenzhen and Qingdao as the principal origins. Sixty percent of cargo moves by road haulage and 40% by rail in alliance with Ferromex toward Mexico City, El Bajío and Monterrey.
The company warns, however, that the expansion of operations faces bottlenecks from insufficient local electricity supply and grid outages that require hours to restart, which also threaten charging infrastructure for 28 electric tractors scheduled to arrive between December and January.
Mexican port truck times jump 80% in July; Manzanillo and Veracruz hold 71% of rail imports
In July 2026, the Average Road Transport Times Indicator at Ports (ITPAP) at Mexican ports recorded an average of 11 hours, 50 minutes and 23 seconds, an 80.4% increase (an additional 5 hours, 16 minutes and 40 seconds) compared with June (6:33:43). The analysis covered 2,327 road movements at the ports of Manzanillo, Lázaro Cárdenas, Veracruz and Altamira.
Customs processes accounted for 48.6% of total time, rising from 3:13:12 in June to 5:44:56 in July. Maneuvers increased from 1:25:53 to 2:34:14, while waiting time advanced from 1:54:38 to 3:31:13. The report estimates that these delays generate a daily cost of 44.4 million pesos in the logistics chain.
During the forum “The Mexican port system” held in the Chamber of Deputies, Paulina Téllez, general director of the Mexican Association of Railways (AMF), reported that the port of Manzanillo, together with the port of Veracruz, concentrated approximately 71% of the tonnes of import goods moved by rail through the country’s maritime ports during 2025.
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Maersk Adjusts Inland Fuel Surcharge in Mexico to 2%
Maersk announced a temporary adjustment to its inland fuel surcharge in Mexico, citing rising fuel costs stemming from developments in the Middle East.
Data Portuaria reported on September 30, 2026 that the inland fuel surcharge in Mexico is set at 2% of inland haulage and is reviewed monthly.
The charge appears on invoices as EFS (Export Fuel Surcharge) or IFS (Import Fuel Surcharge).
Mexico Annex 2.4.1 Update Adds NOM-221 Compliance at Customs for Five Mobile Device HS Codes
On September 28, 2026, Mexico's Secretaría de Economía (SE) published an agreement in the Diario Oficial de la Federación (DOF) amending numeral 1 of Annex 2.4.1, commonly known as the NOM Annex, of the foreign trade rules.
For the telecommunications sector, the update adds five HS tariff codes under heading 8517 for smartphones, mobile phones, and connected terminal equipment. Those goods must comply with NOM-221-SCFI-2017 and NOM-221/2-SCFI-2018 at Mexican customs clearance.
The amendment also extends mandatory border compliance to two additional technical standards.
NOM-033-ENER-2019 sets energy-efficiency requirements covering air-cooled alternating-current electric motors with rated output between 1 W and under 180 W, under HS headings 8501.10, 8501.20, 8501.40, and 8501.51.
NOM-012-CONAGUA-2021 sets water-supply standards covering PVC pipes, flexible tubes, rubber hoses, stainless steel sinks and washbasins, as well as multiple subheadings under HS 8481 for valves, faucets, and fittings for drinking-water installations.
More Teeth for Customs, but with a Reduced Budget and Operational Failures
The National Customs Agency of Mexico (ANAM) projects a real budget reduction of 3.1% for the following year's fiscal exercise.
ANAM is responsible for collecting almost one in four pesos of taxes in the country.
During September 2026, Mexican customs operations registered failures and intermittences in generating the Document of Operation for Customs Dispatch (DODA), a requirement for presenting goods before the automated selection mechanism.
The failures caused delays at crossings in Tamaulipas, queues of 30 to 40 kilometers in Laredo, and operational delays at the port of Manzanillo.
Sector representatives such as Javier Cendejas of COMCE noted that stay costs for self-transport units range between 4,000 and 14,000 pesos daily per unit and customs, while delay charges billed by shipping lines per container vary between 130 and 270 dollars daily.
CMA CGM Announces US$1,000 Increase per Container from Asia to Latin America
On September 29, 2026, CMA CGM announced an increase of US$1,000 per container in its maritime rates from all ports in Asia, including Japan, Southeast Asia and Bangladesh, to Latin America. The increase applies from October 15, 2026, according to the loading date at the port of origin.
The measure covers destinations on the west and east coasts of South America, both coasts of Central America, the Caribbean and Mexico, including ports such as Manzanillo, San Antonio, Callao, Chancay, Buenaventura, Posorja, Santos and Paranaguá.
The adjustment applies to dry containers, refrigerated containers, out-of-gauge cargo (OOG) and empty containers with freight prepaid. No termination date has been established.
Hapag-Lloyd Announces General Rate Increase from Far East to Latin America Effective October 15, 2026
Hapag-Lloyd announced a General Rate Increase (GRI) for cargo transported from the Far East to Latin America, effective October 15, 2026, until further notice. The Far East origin scope includes China, Hong Kong, Taiwan (China), Japan, Korea, Singapore, Vietnam, among others.
For shipments from the Far East to the West Coast of Mexico, the rate for a 20' Dry container increases from US$4,900 to US$5,900; for a 40' Dry container from US$5,100 to US$6,100; and for a 40' Non-Operating Reefer (NOR) from US$3,800 to US$4,800.
The GRI applies to 20' Dry, 40' Dry, and 40' NOR containers across the West Coast of South America, Mexico, Central America, the East Coast of South America, and the Caribbean.
Mexico Amends Annex 2.4.1 Adding Mobile Device HS Codes to NOM Compliance List
On September 29, 2026, GMA Labs published an analysis of Mexico's Secretaría de Economía modifying numeral 1 of Annex 2.4.1, the NOM Annex, under the foreign trade rules.
The amendment adds five HS tariff codes under heading 8517 for smartphones, mobile phones, and connected terminal equipment, requiring proof of compliance with NOM-221-SCFI-2017 and NOM-221/2-SCFI-2018 at customs clearance.
This regulatory update follows prior 2026 modifications published on February 12, April 2, and late May, after review by the Foreign Trade Commission under Article 17 of the Foreign Trade Law.
Economy Ministry Updates Annex 2.4.1; Telecom NOM Enforceable After 30 Business Days
On September 28, 2026, the Ministry of Economy published in the Official Gazette of the Federation (DOF) the agreement that modifies the general rules and criteria in foreign trade matters to update Annex 2.4.1, the NOM Annex.
The modification incorporates and adjusts tariff fractions subject to NOM compliance at the entry customs, including NOM-012-CONAGUA-2021 for faucets and valves, NOM-033-ENER-2019 for alternating-current electric motors, and NOM-221-SCFI-2017 and NOM-221/2-SCFI-2018 for smartphones and telecommunications devices.
The agreement enters into force on September 29, 2026, with a period of 30 business days for the enforceability of the telecommunications standards.
Mexico Extends Border Region Import Duty Benefits and Company Registrations Through 2030
On September 28, 2026, law firm SMPS Legal reported that Mexico's Federal Executive published a decree in the Official Gazette (DOF) amending the 2008 Decree for the Border Region and Northern Border Strip.
The amendment extends the validity of the preferential general import duty regime for registered border businesses until December 31, 2030, replacing the prior expiration date of September 30, 2026.
Under the amended decree, all valid Border Company (Empresa de la Frontera) registrations issued by the Ministry of Economy are automatically renewed for the full duration of the extended regime through 2030, without requiring beneficiaries to file renewal applications.
Proposed Mexican Customs Law Overhaul Eliminates 50% Undervaluation Seizure Threshold
On September 28, 2026, The National Law Review reported that Mexican President Claudia Sheinbaum submitted proposed amendments to Mexico's Customs Law (Ley Aduanera) to the Chamber of Deputies as part of the 2027 economic package.
The proposed reform seeks to eliminate the current 50% undervaluation threshold for precautionary seizures of imported goods.
Mexican customs authorities would be required to initiate verification procedures whenever declared values fall below identical or similar merchandise. The proposal also narrows the circumstances in which importers can avoid or replace cargo seizures.
Economy Ministry Modifies Foreign Trade Rules and Tariff Fractions Subject to NOMs
On September 28, 2026, the Secretaría de Economía issued in the Diario Oficial de la Federación (DOF) the agreement that modifies the instrument by which the ministry issues general rules and criteria in foreign trade matters.
The modification updates numeral 1 of Annex 2.4.1 with the tariff fractions subject to compliance with Mexican Official Standards (NOM) at the point of entry into the country, including NOM-012-CONAGUA-2021, NOM-033-ENER-2019, NOM-221-SCFI-2017 and NOM-221/2-SCFI-2018.
Strait of Hormuz Oil Flows Rebound
According to ship-tracking firm Kpler data reported on September 30, 2026, crude oil and petroleum-product flows through the Strait of Hormuz averaged 13.1 million barrels per day during the preceding week, representing approximately 77% of the pre-war baseline of 17.1 million barrels per day.
A Goldman Sachs note published on September 29, 2026 estimated that Gulf oil exports reached 23.3 million barrels per day over the past week, including cargoes on tankers operating with transponders switched off.
Brent crude futures settled 2.6% lower at US$102.59 a barrel on September 29, 2026, as Saudi Arabia resumed crude loadings at Yanbu.
Panama Canal Increases Neopanamax Booking Capacity
On September 29, 2026, Inchcape Shipping Services detailed operational adjustments announced by the Panama Canal Authority (ACP) for Neopanamax transits effective October 15, 2026.
The additional 10th daily Neopanamax slot will be made available through Booking Period 2, with competition opening on October 1, 2026.
Total daily transit capacity across all locks will be allocated as 10 Neopanamax slots, 18 Supers slots, and 5 Regulars slots, with 1 daily auction slot remaining available in each category.
Effective September 29, 2026, customer limits on the number of Neopanamax booking slots awarded per date or per week were lifted, and consecutive-date bookings were authorized.
Unused segment allocations across vessel types—full-container, LPG, LNG, vehicle carrier/RoRo, and bulk carrier—may be reassigned to other vessel categories.
Puebla Airport Customs Office Expands Capacity
On September 29, 2026, MEXICONOW reported that Héctor Landero Camacho, president of the Chamber of Commerce, Services, and Tourism (Canaco), announced plans to expand operations at Puebla International Airport in Huejotzingo to serve as an alternative cargo and customs facility to Mexico City International Airport, with capacity to handle up to 30 metric tons per weekly flight.
The state government plans to increase direct flights from 8 to 21 per day and to reactivate the Customs Complex and Strategic Bonded Warehouse (Recinto Fiscalizado Estratégico).
The facility had been inactive since June 2026 following the withdrawal of operator Grupo World Trade Center Confianza (GWTC).
The aim is to support import and export cargo flows for strategic sectors including food and automotive in Puebla, Morelos, and Tlaxcala.
Mexico, South Korea Target US$100 Million Interbank Credit Line
On September 28, 2026, Mexico Business News reported that Mexico and South Korea initiated formal negotiations under their 2026-2030 Action Plan to establish an interbank credit line of up to US$100 million between Bancomext and South Korea.
The bilateral framework is supported by 17 supporting documents covering economic policy, industrial cooperation, finance, defense, space exploration, agriculture, customs administration, and intellectual property protection.
To enhance supply-chain oversight and combat counterfeiting, the National Customs Agency of Mexico (ANAM) and the Korea Customs Service will create a joint working group focused on AI-driven customs management, alongside joint technical seminars to address intellectual property theft.
Both governments will also collaborate on AI policy frameworks, specialist exchanges, technical assistance, and standard criteria.
Mexico Extends Anti-Dumping Duties on Hot-Rolled Steel from Russia and Ukraine for Five Years
Mexico's Ministry of Economy issued the final determination in its sunset review of anti-dumping duties on hot-rolled steel imports originating from Russia and Ukraine, deciding to extend the measures for another five years effective from March 29, 2025. Shanghai Metals Market reported the decision on September 28, 2026.
The anti-dumping duties remain set at 21% for imports from Russia and 25% for imports from Ukraine.
The measure covers alloyed and unalloyed hot-rolled steel with a boron content of 0.0008% or higher, measuring at least 600 mm in width and less than 4.75 mm in thickness.
The sunset review procedure was initiated upon request from Mexican domestic steel producers Ternium Mexico and ArcelorMittal Mexico.
ANAM Hosts 46th COMALEP Annual Meeting of National Customs Directors in Nuevo Laredo
The Agencia Nacional de Aduanas de México (ANAM), acting as Permanent Secretariat of the Multilateral Convention on Cooperation and Mutual Assistance between the National Customs Directorates of Latin America, Spain and Portugal (COMALEP), held the 46th Annual Meeting of National Customs Directors on September 28, 2026, in Nuevo Laredo, Tamaulipas.
Customs authorities from 9 countries and international organizations took part.
The Annual Report 2025-2026 was presented. Participants signed the adhesion to the Regional Code of Ethics and Integrity and the Declaration of Intent for the exchange of customs information.
Baltic Dry Bulk Index Falls to Near Four-Week Low
On September 28, 2026, the Baltic Exchange's dry bulk freight index fell by 158 points, or 4.61%, to 3,268 points, its lowest level since September 1, 2026.
The Capesize index dropped 433 points, or 7.49%, to 5,351 points. Average daily earnings for Capesize vessels decreased by $3,930 to $45,024.
The Panamax index shed 5 points, or 0.21%, to 2,402 points. Average daily earnings fell by $42 to $21,620.
The Supramax index inched up 4 points, or 0.22%, to 1,790 points.
SCFIS: Europe Service Declines, U.S. West Coast Service Rises
On September 28, 2026, the Shanghai Shipping Exchange released the Shanghai Containerized Freight Index Settled (SCFIS).
The index for the Europe service (basic ports) stood at 2,441.81 points, a decline of 6.5% from the previous term.
The index for the American West Coast service (basic ports) stood at 4,638.32 points, an increase of 2.9% from the previous term.
Four Commercial Vessels Struck in the Strait of Hormuz Within 24 Hours
On September 30, 2026, the United Kingdom Maritime Trade Operations (UKMTO) published four late reports of attacks on commercial vessels transiting the Strait of Hormuz during September 28 and 29, 2026.
A late report from September 28 involved the 316,648-dwt VLCC Al Funtas, owned and operated by Kuwait Oil Tanker Company. The vessel was struck by an unknown projectile. The resulting fire was extinguished. There were no crew injuries and no pollution.
On September 30, UKMTO issued reports for three additional vessel strikes that occurred on September 29. The 2008-built VLCC Mersin Prosperity, managed by ADNOC, was struck on the port side. The Liberian-flagged tanker Sinbad, managed by Anglo-Eastern, was struck while transiting inbound. The Liberian-flagged LR2 tanker Al Ruwais, owned and operated by ADNOC, was struck by an unknown projectile.
Among the vessels identified by maritime security firm Vanguard, only Sinbad was listed on Iran's Persian Gulf Strait Authority (PGSA) non-compliant list.
Nearshoring Growth Collides with Tightening U.S.-Mexico Trucking Capacity
On September 30, 2026, FreightWaves reported on panel discussions at Trimble Insight 2026 in San Diego regarding cross-border freight challenges between the U.S. and Mexico.
Carime Duck, a licensed customs broker and president of the San Diego Customs Broker Association, stated that manufacturing or assembling a product in Mexico does not automatically qualify it for USMCA preferential tariff treatment. She advised involving a customs broker early in engineering and sourcing, through classification engineering, so that components from third countries do not disqualify the finished good.
Panelists Ben Enriquez of Transport Capacity Services and Ricardo Malacara of Overhaul noted that driver enforcement, increased customs scrutiny, and cargo theft risks in Mexico's Bajío industrial corridor are tightening cross-border capacity and adding supply-chain complexity.
Mexican Ports Post 3.4% Container Growth in January–August 2026
According to data from the Secretaría de Marina (Semar), Mexico's National Port System mobilized 6,512,648 TEU between January and August 2026, an increase of 3.4% compared with the 6,297,882 TEU registered in the same period of 2025.
The port of Manzanillo led national throughput with 2,824,839 TEU, an 11.0% year-on-year increase. That volume represented 43.4% of the national total, compared with 40.4% in 2025.
The port of Lázaro Cárdenas ranked second with 1,805,022 TEU, a 4.9% year-on-year increase.
The port of Veracruz accumulated 802,184 TEU, a 5.6% drop compared with 2025. Altamira operated 579,023 TEU, an annual decrease of 5.3%.
In August 2026, the national volume registered a 3.3% monthly slowdown at 848,641 TEU, after the peak of 877,680 TEU reached in July.
Singapore LSFO Arbitrage Arrivals from the West Expected to Decline in October
Singapore's low sulfur fuel oil (LSFO) arrivals from Western markets are expected to decline in October 2026 to 1.5 million-1.6 million mt, down from 1.6 million-1.8 million mt in September, according to estimates from Singapore-based traders. Steeper freight rates are rendering arbitrage flows uneconomical.
In the Amsterdam-Rotterdam-Antwerp (ARA) hub, demand was reported to be sluggish. Elevated flat prices led buyers to adopt a wait-and-see approach.
In the paper market, VLSFO cracks remained weak across prompt months. Platts assessed the front-month marine fuel 0.5%S FOB Rotterdam barge swap against Brent swap crack at minus 52 cents/b on September 29, down from $6.72/b.
Falling Vessel Rates Push Baltic Dry Bulk Index to a Fresh Low
On September 30, 2026, the Baltic Exchange's dry bulk freight index dropped 65 points, or 2.05%, to 3,113 points, reaching its lowest level since August 27, 2026.
The Capesize index fell 175 points, or 3.43%, to 4,928 points, its lowest since August 25, 2026. Average daily earnings decreased by $1,584 to $41,191.
The Panamax index shed 6 points, or 0.25%, to 2,384 points. Average daily earnings dropped by $49 to $21,458.
The Supramax index remained unchanged at 1,797 points, holding at its highest level since August 2022.
Kuehne+Nagel Builds Comprehensive Customs Model for North American Nearshoring
On September 30, 2026, logistics provider Kuehne+Nagel announced that it had established a dedicated cross-border customs operating model and brokerage solution for a major consumer goods manufacturer building a new production facility near Monterrey, Mexico.
The customs framework covers 100% of northbound and southbound cross-border flows between Mexico, the U.S., and Canada.
The model addresses regulatory compliance, customs turnaround times, standard operating procedure standardization, and Business Intelligence visibility for U.S. clearance and duty management.
Alert Issued on Identity-Theft Frauds in Mexican Customs Operations
On September 29, 2026, Javier Cendejas, president of the Mexican Council of Foreign Trade (Comce) Noreste, alerted companies to identity-theft frauds in customs operations and advance payments that have affected exporting and importing firms in Mexico.
He said a foreign-trade company was defrauded when it made an electronic payment to a customs agency whose identity had been impersonated. A third party created similar web domains and sent false messages to modify bank accounts.
He explained that customs operations have two financial flows. One is the payment of taxes, linked to the pedimento and made via authorized credit institutions. The other is advances to the customs agency to cover expenses such as maneuvers, storage, pre-validation, transport, and fees.
He warned that the urgency to release goods creates vulnerability among treasury staff. He urged companies to verify account-change requests through a second channel before transferring funds.
CIESA Leads Bidding for AHMSA Assets with a $1.4 Billion Offer
Mexican industrial group Construcciones e Ingenierías Electromecánicas (CIESA) has emerged as the leading bidder for the assets of steelmaker Altos Hornos de México (AHMSA) and its mining subsidiary Minera del Norte (MINOSA), offering $1.4 billion at the September 25, 2026 auction in Mexico City.
The auction attracted six qualified bidders. The minimum reference price was approximately $1.127 billion, equivalent to 85 percent of the assets' $1.326 billion valuation. AHMSA and MINOSA were offered as a single indivisible productive unit.
Qualified bidders were granted ten business days by the court to demonstrate payment of the approximately $56.4 million bid guarantee. Should CIESA meet this requirement, it will have 90 days to pay the outstanding balance.
CIESA's Arturo Domínguez Arteaga outlined plans to install new equipment and potentially restart steel production at the Monclova-based plant within approximately six months.
China Accounts for 51% of Vehicles Imported Through Lázaro Cárdenas
Figures released by the Lázaro Cárdenas Port Community indicate that, of the 328,805 vehicles imported through the port of Lázaro Cárdenas between January and August 2026, 51% came from China, 33% from Japan and 10% from South Korea.
In total, the port mobilized 457,656 vehicles in that period.
The facility also accumulated 1.8 million TEU, up 5% year-on-year, concentrating 28% of the national containerized volume.
The port's total cargo reached 20.7 million tons, up 7%, and it handled 1,209 vessels, up 2%.
Separately, 424,000 TEU transferred from ship to ship in transshipment operations were recorded at the port of Manzanillo.
Meanwhile, the T-MEC Terminal Puerto del Norte terminal in Matamoros began receiving aluminum trifluoride by land from Orbia Fluor & Energy Materials for subsequent maritime shipment to Pecém, Brazil.
Changan and Estafeta Form Logistics Alliance for Automotive After-Sales in Mexico
Chinese automaker Changan formalized a logistics alliance with Estafeta in Mexico through an initial investment of 150 million pesos allocated to its spare-parts inventory of more than 472,000 pieces, to supply its network of 60 dealerships.
The centralized operation is managed from a corporate distribution center of 8,500 square meters in the State of Mexico, with a project to expand to 10,000 m2. The operation has achieved an effective fill rate of 95%.
Established transit times provide deliveries in 24 hours for the Valley of Mexico and the metropolitan area, 2 to 3 days for Guadalajara and Monterrey, and 5 to 6 days to extreme destinations such as Tijuana and Cancún.
ANAM details infrastructure and non-intrusive inspection systems at Nuevo Laredo Customs
On September 29, 2026, the National Customs Agency of Mexico (ANAM) published Press Release 90/2026 on the technical visit of COMALEP delegations to Nuevo Laredo Customs and International Bridge III, World Trade.
Nuevo Laredo Customs handles 15,000 foreign-trade operations a day and more than 5 million operations a year.
The facility has six tactical points, including the Sánchez Railway Station with 36 tracks (17 for inspection), 513 officials, 18 X-ray units, 9 contraband kits, 3 millimeter-wave scanners and 16 canine teams.
It also has 81 personnel certified in non-intrusive inspection, with plans to add 100 more.
China–US trade truce too late to lift weakening transpacific rates
On September 25, 2026, the Shanghai Containerised Freight Index (SCFI) fell 1% from September 18 to $7,463 per 40ft container on Shanghai–US West Coast routes and $10,497 per 40ft container on Shanghai–US East Coast routes, ending a five-month upward streak.
In response to the market shift, Maersk Line announced it will withdraw its Transpacific Express extra loader Asia–USWC service next month, removing 4,000 TEU of weekly capacity.
China and the United States agreed on a “30-for-30” deal to cut tariffs to most-favoured-nation rates on $30 billion worth of goods across 1,696 product lines, including 1,619 Chinese items and 77 US categories.
Baltic dry bulk index drops to near one-month low on softer rates
On September 29, 2026, the Baltic Exchange’s dry bulk freight index dropped 90 points, or 2.75%, to 3,178 points, its lowest level since September 1, 2026.
The Capesize index fell 248 points, or 4.63%, to 5,103 points, its lowest since August 26, 2026, with average daily earnings for Capesize vessels decreasing by $2,249 to $42,775.
The Panamax index shed 12 points, or 0.50%, to 2,390 points, with average daily earnings falling by $113 to $21,507.
The Supramax index rose 7 points, or 0.39%, to 1,797 points, reaching its highest level since August 2022.
ICE launches new JKM LNG options, LNG Balmo freight futures and UK electricity options
Intercontinental Exchange, Inc. (ICE) announced the launch of new JKM LNG (Platts) options, LNG Balmo freight futures and UK base electricity options on September 29, 2026.
The new LNG Balmo freight futures include the Spark30S Atlantic Sabine Pass to Gate contract and the Spark25S Pacific NWS to Tianjin contract.
The contracts allow market participants to hedge ocean tanker shipping costs on key Atlantic and Pacific routes connecting JKM and TTF pricing hubs.
Shipping earnings surge deeper into record territory as ClarkSea Index reaches $66,421 a day
Clarksons Research’s cross-sector ClarkSea Index reached $66,421 per day for the week ending September 25, 2026, marking a third consecutive all-time high and a 3% weekly increase.
The benchmark has surged over 50% since the end of August 2026 and is nearly three times its long-term average, running 60% higher year-on-year for 2026 year-to-date.
Crude tankers remain the principal driver, with global VLCC earnings averaging above $600,000 per day (with Strait of Hormuz voyages reaching $800,000 to $1.5 million a day), eco VLCC spot earnings at $740,692 a day, Suezmaxes at $334,811 and Aframaxes at $205,170.
Record levels were also registered in VLGCs (Houston–Japan at $189,700/day, Middle East Gulf–Japan above $219,000/day) and car carriers, with strong contributions from dry bulk and container shipping.
South Korea and Indonesia replace Mexico, Canada and Brazil as steel exporters to the US
According to figures from the US Department of Commerce, in July 2026 US imports of steel products (including plates and wire rod) totaled 2,050,914 metric tons, up 0.82% year-on-year.
Between January and June 2026, the value of US imports of Mexican steel fell 41.7% year-on-year and volumes decreased 37%, placing Mexico, Canada and Brazil among the countries with the largest cumulative declines in the year under Section 232 restrictions.
In contrast, Mexican purchases of US steel increased 16.6% in the first half of 2026, reaching $195,600 million in total imports from the US, in a period when Mexico’s bilateral trade surplus with the US totaled $102,600 million.
South Korea and Indonesia increased their shipments, replacing North American suppliers.
Panama Canal adds transit capacity as rainfall brings relief
The Panama Canal Authority announced that the maximum authorized draft for vessels using the Neopanamax locks has been increased immediately to 49 feet (14.94 meters) Tropical Fresh Water, up from 48 feet.
Beginning October 15, 2026, the Canal will increase the number of daily Neopanamax transits from nine to 10, bringing total available daily capacity across the Neopanamax and Panamax locks to 33 vessels.
The Panama Canal Authority noted that despite these operational adjustments enabled by rainfall close to historical averages and lock water-saving measures, the watershed remains in a water deficit, making the Transit Reservation System mandatory to guarantee transit dates.
Maersk completes first US ship-to-ship ethanol bunkering of a deep-sea container vessel
A.P. Moller - Maersk announced the successful commercial ethanol bunkering of the Tangier Maersk, a 9,016-TEU dual-fuel alcohol-enabled container vessel, using 100% US-produced corn ethanol supplied by bioethanol producer POET in Houston, Texas.
The operation represents the first commercial ship-to-ship ethanol bunkering of a deep-sea containership in the United States, conducted in cooperation with Kirby Corporation, the Port of Houston and the US Coast Guard.
It builds on previous trials aboard Laura Maersk and Antonia Maersk to evaluate operational, infrastructure, sourcing and supply-chain considerations for alternative marine fuels.
Maria Bertzeletou: geopolitical disruptions push up freight costs and alter steel trade flows
Speaking at the SteelOrbis Fall 2026 Conference & 95th IREPAS Meeting in Belgrade on September 28, 2026, Maria Bertzeletou, senior market analyst at The Signal Group, reported that dry bulk freight earnings rose significantly.
During September 1–23, 2026, average Capesize earnings reached $50,300/day, up 96 percent year on year, while Panamax, Supramax and Handysize earnings averaged $21,300/day, $19,700/day and $16,900/day respectively.
Geopolitical disruptions and route adjustments are driving up dry bulk freight costs and altering global steel trade flows.
US drawn wire exports down 10.3 percent in July 2026 from June
According to export data from the US Department of Commerce published on September 28, 2026, US exports of drawn wire totaled 6,645 mt in July 2026, down 10.3 percent from June and up 8.3 percent from July 2025.
By value, drawn wire exports reached $19.3 million in July, compared with $20.0 million in the previous month and $16.1 million in July 2025.
Mexico was the top destination for US drawn wire exports in July, receiving 2,979 mt (compared with 3,269 mt in June and 2,706 mt in July 2025), followed by Canada with 2,106 mt.
China’s August aluminum plate, sheet and strip exports reach 311,900 mt; Mexico becomes top destination
According to customs data published by Shanghai Metals Market on September 28, 2026, China’s total exports of aluminum plate, sheet and strip reached 311,900 metric tons in August 2026, a 3.1% decline month-on-month but a 17.7% increase year-on-year.
Exports to Mexico surged 43.0% month-on-month in August, making Mexico the top destination for Chinese aluminum plate, sheet and strip exports.
Expert Outlook
Core judgment
Mexico is converting China-origin FCL from a cost-and-time problem into a dual-gate compliance problem: duties and IMMEX cancellations already bite on steel, glass, cookware and vehicles, while ANAM's thinner budget and DODA outages plus new NOM holds at the border will slow the same boxes that carriers are repricing +US$1,000 from 15 October. The structural shift is that T-MEC talks postponed to October now treat a 100% China MFN as a bargaining chip, so the rule-set facing Mexican FCL importers is being rewritten in Washington even as Manzanillo concentrates 43.4% of national TEU.
Drivers decoded
Chinese exporters and Mexican FCL importers seek predictable CIF costs and dwell times while avoiding unpriceable AD/CVD stacks and IMMEX losses on China-origin FCL. Their leverage is volume switching and rate negotiation, but constrained once cargo is on the water subject to loading-date GRI and retroactive IMMEX cancellation. They remain highly sensitive to tariff, NOM and inspection surprises, as shown by the 31% drop in Chinese vehicle imports after the MFN rise.
Carriers aim to restore utilization and capture a late-season rate step-up on Asia-LatAm routes including Mexico WC. Their leverage lies in the open-ended GRI with loading-date trigger of 15 October and no termination date. They adopt a peak-season opportunistic mindset, as two major carriers posted identical +US$1,000 moves on the same effective date.
Mexican customs and regulators focus on revenue collection, which accounts for almost one in four pesos of national tax, and enforcement of AD/CVD, NOM and IMMEX rules. They leverage inspection rates, DODA timing, and annual-report cancellations, but operate with a thinner 3.1% real budget cut next year and have faced September DODA outages. Their mindset is enforcement-first despite resource constraints.
The US government seeks supply-chain reorientation and a common front against China in T-MEC reviews. They leverage 232 auto/steel/aluminum rates, proposed ROO changes, and pressure for Mexico to raise MFN on China to 100%. Tariffs serve as negotiating chips, with talks postponed after China-US contacts and USTR comments open through 29 October.
Chain effects
The ocean freight increase from carriers triggers on the 15 October loading date, stepping up rates by US$1,000 per container on China-Mexico FCL boxes until further notice, thereby raising landed costs for Mexican importers on the same cadence as the GRI, independent of duty outcomes. Carriers benefit from the rate step-up as CMA CGM's open-ended US$1,000/container Asia-LatAm increase and Hapag-Lloyd's Far East-Mexico WC GRI of +US$1,000 per 20'/40' dry (to US$5,900/US$6,100) from Oct 15 lock in a loading-date rate step-up on the China-Mexico FCL lane.
September DODA generation failures already delayed Manzanillo operations, with line delay charges of US$130-270 per container per day and unit stay costs of 4,000-14,000 pesos/day. If intermittence recurs under the 3.1% real ANAM budget cut, gate and selection queues lengthen at the port that now holds 43.4% of national TEU, causing dwell and demurrage to accumulate on inbound FCL before cargo reaches the NOM/AD desk.
Annex 2.4.1 in force 29 Sep adds NOM-221 for five 8517 codes enforceable after 30 business days, plus NOM-033 motors and NOM-012 valves at entry customs, stacked on glass AD from 10 Sep, cookware CVD review, 24.5% HRC AD plus 15% MFN, and 189 IMMEX cancellations effective 1 Sep. Non-certified or non-IMMEX China-origin FCL faces hold, extra duty, or program loss at the border, making clearance time and duty cash-out less predictable for affected HS lines.
Scenarios and signposts
In the baseline scenario, China-Mexico FCL ocean rates step up by the announced US$1,000 GRI on cargo loaded from 15 October; glass, cookware, HRC and vehicle lines remain under published AD/CVD/MFN; NOM-221 for 8517 devices becomes enforceable after 30 business days from 29 September; Manzanillo continues to absorb a rising share of national TEU with residual DODA risk. Landed cost and dwell stay elevated but within the published instruments.
In the optimistic scenario, the same GRI posts, but a mid-October 232 auto understanding (25% toward 15%, effective 4-5% with VCR as AMIA described) and no immediate Mexican 100% China MFN reduce the political overlay on non-auto FCL; IMMEX firms regularize within the 60-180 day window and NOM-ready 8517 cargo clears on the 30-business-day schedule. Landed-cost pressure is mostly the ocean GRI plus already-in-force AD lines.
In the pessimistic scenario, the GRI holds and is copied more widely; Mexico gazettes a sharp MFN lift toward 100% on non-FTA partners as the common-front framework, and/or steel finals print near the 103% probe ceiling; DODA or NOM holds stack on Manzanillo dwell (US$130-270/day line charges). Landed cost and clearance time for China-origin FCL deteriorate beyond the already-published AD and GRI.
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