HS Code:
The Cold-formed or cold-finished from flat-rolled products category (typically classified under HS Code 7216 or related subcategories) includes steel products that are shaped or finished at room temperature after being rolled flat. These products, such as angles, shapes, and sections, are widely used in construction, automotive, and manufacturing industries due to their strength, precision, and versatility. Cold-forming enhances the material's surface finish and dimensional accuracy compared to hot-rolled products.
Total Trade Volume
Approximately $25 billion USD
Data from 2022
Source
United Nations Comtrade Database & World Trade Organization (WTO)
$6.5 billion USD
26% of total trade of total trade
Increasing
$3.2 billion USD
12.8% of total trade of total trade
Stable
$2.8 billion USD
11.2% of total trade of total trade
Increasing
$2.1 billion USD
8.4% of total trade of total trade
Stable
$1.9 billion USD
7.6% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries under anti-dumping measures)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Rising demand in construction and infrastructure
Increased global trade volume due to urbanization and large-scale projects in developing economies like India and Southeast Asia.
2021-2023
Shift towards sustainable steel production
Growing preference for cold-formed products made from recycled steel, influencing trade patterns towards environmentally certified suppliers.
2022-2023
Technological advancements in manufacturing
Improved precision and efficiency in cold-forming processes have reduced costs, boosting competitiveness of certain exporters like South Korea and Germany.
2020-2023
The United States adjusted tariffs on steel imports under Section 232, replacing some tariffs with quotas for EU countries while maintaining higher duties on non-allied nations.
October 2022
Shift in trade flows, with EU exporters gaining market share in the US while Asian exporters face challenges.
The European Union extended anti-dumping duties on cold-formed steel products from China to prevent market distortion and protect local manufacturers.
March 2023
Reduced Chinese exports to the EU, redirecting trade to other regions like Southeast Asia.
China reduced export tax rebates for certain steel products, including cold-formed items, as part of efforts to curb overproduction and focus on domestic consumption.
May 2021
Slight decline in Chinese export volumes, creating opportunities for other exporters like South Korea and Turkey.