HS Code:
The category 'Having shanks, threads or holes over 6 mm in diameter' typically falls under HS Code 7318, which includes screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers, and similar articles of iron or steel. This category is critical for various industries including construction, automotive, and machinery manufacturing, as these components are essential for assembly and structural integrity. Products in this category are defined by their size specifications (over 6 mm in diameter) which makes them suitable for heavy-duty applications.
Total Trade Volume
USD 25.6 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
12.5% (imposed by certain developing countries)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Increased demand for high-strength fasteners
Driven by growth in renewable energy infrastructure, such as wind turbines, requiring durable components; expected to boost trade by 8-10% annually.
2022
Shift towards sustainable production
Manufacturers adopting eco-friendly materials and processes due to regulatory pressures; may increase production costs by 5-7%.
2021-2022
Supply chain diversification
Post-COVID-19 strategies to reduce reliance on single-country sourcing (e.g., China) are reshaping trade patterns, with emerging hubs in Vietnam and India.
2020-2022
The European Union extended anti-dumping duties on certain iron and steel fasteners from China, citing unfair pricing practices.
February 2023
Expected to increase costs for EU importers by up to 15%, potentially benefiting domestic producers.
New regulations under the USMCA require higher regional content for steel products, including fasteners, to qualify for zero tariffs.
July 2022
Encourages North American production but may disrupt supply chains reliant on Asian imports.
Major producers in Japan and Germany are investing in automated production lines to improve efficiency and reduce labor costs.
October 2022
Could lower prices by 3-5% over the next few years, increasing competitiveness in global markets.