HS Code:
Hot-rolled strip of stainless steel, classified under HS subheadings 7220.12.10 and 7220.12.50, refers to flat-rolled products of stainless steel, of a width less than 600 mm, hot-rolled and not further worked. These products are used extensively in industries such as automotive, construction, and manufacturing for applications requiring corrosion resistance and high strength. This category is critical in global trade due to its role in industrial production and infrastructure development.
Total Trade Volume
Approximately $2.5 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$800 million USD
32% of total trade of total trade
Increasing
$450 million USD
18% of total trade of total trade
Stable
$350 million USD
14% of total trade of total trade
Stable
$300 million USD
12% of total trade of total trade
Increasing
$250 million USD
10% 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 like EU-Japan EPA)
Rising demand in automotive and renewable energy sectors
Increased production and export from major stainless steel producers like China and South Korea due to demand for lightweight, corrosion-resistant materials in electric vehicle (EV) manufacturing and solar panel frames.
2021-2023
Shift towards sustainable production methods
European countries, particularly Germany, are investing in low-carbon steel production technologies, influencing trade patterns by prioritizing eco-friendly suppliers.
2022-2023
Supply chain disruptions due to geopolitical tensions
Trade flows have been affected by sanctions, export controls, and raw material shortages (e.g., nickel), leading to price volatility and regional supply shifts.
2022
The European Union extended anti-dumping duties on hot-rolled stainless steel strips from China to prevent market distortion and protect domestic producers.
March 2023
Reduction in Chinese exports to the EU, potential redirection of trade to other markets like Southeast Asia.
The United States is reviewing its Section 232 tariffs on steel imports, including stainless steel products, with potential adjustments to exemptions for allied countries.
June 2023
Possible easing of trade barriers for countries like Japan and South Korea, increasing their export volumes to the US.
A significant increase in nickel prices, a key component of stainless steel, has raised production costs, impacting trade margins and pricing strategies globally.
February 2022
Higher costs for end-users, reduced competitiveness of smaller exporters, and increased focus on alternative materials.