HS Code:
The category 'Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel' (HS Code: 722790) includes hot-rolled bars and rods made of alloy steel other than stainless steel, wound in irregular coils. These products are primarily used in construction, automotive, and manufacturing industries for applications requiring high strength and durability. This category excludes products of stainless steel and other specific alloy compositions classified under different HS codes.
Total Trade Volume
USD 2.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Rising demand in automotive sector
Increased production and export from major steel-producing countries due to demand for high-strength materials in electric vehicle manufacturing
2021-2022
Shift towards sustainable production
Growing preference for alloy steel produced with lower carbon footprints, influencing trade towards countries with greener technologies
2020-2022
Fluctuating raw material prices
Volatility in alloying element prices (e.g., nickel, chromium) affecting production costs and trade competitiveness
2022
The European Union imposed provisional anti-dumping duties on imports of hot-rolled alloy steel bars and rods from China to protect domestic producers from unfairly priced imports.
March 2023
Likely to reduce Chinese exports to the EU, redirecting trade flows to other regions like Southeast Asia.
The United States initiated a review of Section 232 tariffs on steel imports, including alloy steel products, with potential adjustments to exemptions for key allies.
June 2023
Possible relief for exporters from allied countries, potentially increasing trade volumes to the US.
Japan and South Korea signed a bilateral agreement to reduce tariffs on alloy steel products, fostering greater trade cooperation.
September 2022
Expected to boost trade volumes between the two countries, strengthening their position in the Asian market.