Mexico Beats Doups at ICSID, Taps Korea Credit: The Week in Trade

ICSID dismissed Doups' NAFTA claim over revoked Mexico City parking meter concessions, ordering it to pay Mexico over US$1 million in costs. US steel imports hold steady, but Asia gains as Mexican shipments drop 41.7% in 1H26 amid Section 232 tariffs and the USMCA review. Ready for more? Here is your weekly roundup!

Mexico Defeats Doups' NAFTA Claim Over CDMX Parking Meters
An international arbitration tribunal has thrown out a claim of more than MX$600 million that US-based Doups Holdings LLC brought against Mexico over the cancellation of parking meter concessions in Mexico City, the Ministry of Economy (SE) announced. The panel, operating under the World Bank's International Centre for Settlement of Investment Disputes (ICSID), concluded in September 2026 that it had no jurisdiction to hear the case and dismissed it in full.

taly's HiRef Breaks Ground on First Americas Plant in Hidalgo
Italian precision cooling specialist HiRef has started construction of its first manufacturing facility in the Americas, a plant in Hidalgo that will require an investment of more than MX$200 million. Located in Parque Industrial Plata, the site is expected to begin operations between late 2027 and early 2028 and will produce precision air conditioning equipment primarily for telecommunications networks and data centers.

US Steel Buyers Turn to Asia as Mexican Shipments Contract
The United States has not stopped buying foreign steel under its Section 232 tariff regime, but it is increasingly sourcing it from outside North America. The latest figures from the US Department of Commerce show import volumes holding broadly stable, while suppliers such as South Korea and Indonesia gain ground and Mexico, Canada and Brazil lose it.

Mexico, South Korea Target US$100 Million Interbank Credit Line
Mexico and South Korea have initiated formal negotiations to establish an interbank credit line of up to US$100 million between the Export-Import Bank of Korea and the National Bank for Foreign Trade (Bancomext) to support bilateral trade and cross-border investment. The credit facility serves as a key financial mechanism within the broader Mexico-Korea Action Plan 2026-2030, a strategic framework agreed upon by President Claudia Sheinbaum and South Korean President Lee Jae-myung to deepen economic, technological, and industrial cooperation over the next four years.

Mexico to Increase 4Q26 Auction Amounts for Long-Term Bonds
Mexico's Ministry of Finance and Public Credit (SHCP) is set to increase auction amounts for 5-year and 20-year M-Bonos, as well as 20-year and 30-year inflation-linked Udibonos, during the fourth quarter of 2026. According to the quarterly debt placement schedule released by fiscal authorities, the government will also raise the auction frequency for 20-year M-Bonos and 10-year and 20-year Udibonos. The updated strategy, executed in accordance with the 2026 Annual Financing Plan, the Federal Public Debt Law, and the national Economic Package, aims to optimize the federal government's debt maturity profile, strengthen liquidity across local yield curves, and meet sovereign borrowing requirements under competitive execution terms.