HS Code:
The Articles of Iron or Steel category (HS Code: 73) encompasses a wide range of products made from iron or steel, including pipes, tubes, fittings, structures, containers, wire, screws, bolts, nuts, and other miscellaneous articles. This category is critical to industries such as construction, automotive, energy, and manufacturing due to the fundamental role of steel and iron in infrastructure and industrial applications. Global trade in this category is influenced by raw material availability, industrial capacity, and economic policies, with significant contributions from both developed and developing economies.
Total Trade Volume
USD 200 billion
Data from 2022
Source
United Nations Comtrade Database
USD 60 billion
30% of total trade of total trade
Increasing
USD 25 billion
12.5% of total trade of total trade
Stable
USD 20 billion
10% of total trade of total trade
Stable
USD 15 billion
7.5% of total trade of total trade
Decreasing
USD 10 billion
5% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries on specific steel products as anti-dumping measures)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand for sustainable steel production
Increased investment in green steel technologies and recycling, driving up costs but improving long-term market access in eco-conscious regions like the EU.
2021-2023
Shift in supply chains due to geopolitical tensions
Diversification of sourcing away from traditional suppliers like China to countries in Southeast Asia and Eastern Europe to mitigate risks from trade wars and sanctions.
2020-2022
Growth in infrastructure projects in developing economies
Higher demand for iron and steel articles in regions like Africa and South Asia, boosting exports from major producers like China and India.
2019-2023
The EU introduced CBAM to impose carbon tariffs on steel imports, aiming to level the playing field for domestic producers adhering to strict emission standards.
October 2023
Increased costs for exporters from high-emission countries; potential shift in trade patterns towards greener producers.
The United States adjusted its Section 232 tariffs on steel imports, replacing some tariffs with tariff-rate quotas for allies like the EU and Japan.
January 2022
Improved market access for certain exporters, though overall protectionist stance remains a barrier for others.
China reduced export tax rebates for steel products to focus on domestic supply and environmental goals, impacting global steel availability.
May 2021
Tightened global supply, increased prices, and created opportunities for other exporters like India and Turkey.