HS Code:
The 'In coils, not further worked than cold-rolled (cold-reduced)' category under HS Code 7209 refers to flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, cold-rolled (cold-reduced), not clad, plated, or coated, and presented in coils. These products are primarily used in industries such as automotive, construction, and manufacturing for producing components, appliances, and structural elements due to their high strength and smooth surface finish.
Total Trade Volume
USD 25.3 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries for market protection)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Increased demand for lightweight materials in automotive sector
Boosts demand for high-strength cold-rolled steel coils for vehicle manufacturing, especially in electric vehicle production.
2021-2023
Shift towards sustainable production methods
Growing preference for steel produced with lower carbon emissions, influencing supplier selection and pricing.
2022-2023
Fluctuations in raw material prices
Volatility in iron ore and energy prices affects production costs and trade margins, leading to price instability.
2020-2022
The European Union extended its safeguard measures on steel products, including cold-rolled coils, to protect domestic producers from import surges.
June 2023
Limits import volumes from major exporters like China and South Korea, potentially increasing prices in the EU market.
Negotiations between the US and China have led to partial exemptions on Section 232 tariffs for specific steel products, including cold-rolled coils.
March 2023
May increase Chinese steel exports to the US, potentially lowering prices but impacting domestic producers.
Major South Korean steel producers announced investments in hydrogen-based reduction technologies to produce eco-friendly cold-rolled steel.
September 2022
Positions South Korea as a leader in sustainable steel, potentially increasing its market share in environmentally conscious regions.