HS Code:
The 'Having a rectangular cross section' category under the Harmonized System (HS) Code typically pertains to products like certain types of metal bars, rods, or profiles (e.g., under HS Code 7214.91 for iron or non-alloy steel bars and rods of rectangular cross-section). These products are widely used in construction, manufacturing, and industrial applications due to their structural strength and versatility. This category includes both hot-rolled and cold-formed products and plays a critical role in infrastructure development and industrial production globally.
Total Trade Volume
USD 15.3 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries on imports to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU internal trade or USMCA)
Rising demand for sustainable steel production
Increased investment in green technologies for steel manufacturing, influencing trade patterns towards environmentally certified products.
2021-2023
Growth in infrastructure projects in Asia-Pacific
Higher export volumes from China and South Korea to meet construction material demands in developing economies.
2020-2022
Supply chain disruptions due to geopolitical tensions
Trade rerouting and increased costs due to sanctions and export controls on key producers like Russia.
2022-2023
The European Union introduced anti-dumping duties ranging from 18% to 35% on certain steel products with rectangular cross-sections from China to protect domestic producers.
March 2023
Likely to reduce Chinese steel imports into the EU, redirecting trade flows to other markets like Southeast Asia.
The US government's infrastructure investment plan has increased demand for steel products, including those with rectangular cross-sections, leading to higher imports despite 'Buy American' policies.
November 2022
Increased trade volumes for USMCA partners like Canada and Mexico, with potential tariff relaxations.
Fluctuations in raw material costs and energy prices have led to significant volatility in the global steel market, affecting products in this category.
Mid-2022 to Early 2023
Exporters face margin pressures, while importers experience unpredictable costs, influencing trade negotiations and contracts.