It's not exactly a stampede, but just when it looked like China's calculated drive to transform itself into the world's go-to source for manufactured goods would go unchallenged, the merits of setting up shop closer to home—not to mention low labor costs, an oil boom and an expanding consumer base—are teaming to rekindle interest and investment in Mexico.

To gauge the impact of this trend on the steel and nonferrous metal industries, this edition of American Metal Market takes measure of the forces refocusing the attention...