HS Code:
The 'In the form of ingots' category typically falls under various HS Codes depending on the specific metal or material (e.g., 7206 for iron ingots, 7403 for copper ingots, 7601 for aluminum ingots, etc.). Ingots are raw, cast blocks of metal or other materials used as a primary form for further processing into sheets, wires, or other products. This category is critical in industries such as construction, automotive, aerospace, and manufacturing. Global trade in ingots is influenced by factors like raw material availability, industrial demand, and geopolitical stability in key producing regions.
Total Trade Volume
Approximately $150 billion USD
Data from 2022
Source
United Nations Comtrade Database and World Trade Organization (WTO) Reports
$45 billion USD
30% of total trade of total trade
Increasing
$20 billion USD
13.3% of total trade of total trade
Stable
$15 billion USD
10% of total trade of total trade
Increasing
$12 billion USD
8% of total trade of total trade
Stable
$10 billion USD
6.7% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries on specific metals like steel ingots under anti-dumping measures)
Lowest Rate
0% (under free trade agreements or for Least Developed Countries under schemes like GSP)
Rising demand for aluminum ingots due to lightweighting trends in automotive and aerospace industries
Increased trade volumes in aluminum-producing countries like China and Australia
2021-2023
Shift towards sustainable production methods
Higher costs but growing preference for 'green' ingots in Europe and North America
2022-2023
Geopolitical tensions affecting steel ingot trade
Disruptions in supply chains from major exporters like Russia due to sanctions
2022
The United States extended Section 232 tariffs on steel ingots from certain countries to protect domestic industries.
March 2023
Increased costs for importers and potential shifts to alternative suppliers like Brazil or India
The EU introduced CBAM, which imposes a carbon tax on high-emission products like steel and aluminum ingots imported into the region.
October 2023
Encourages cleaner production but raises costs for exporters from high-emission countries
China tightened export controls on certain rare metal ingots critical for technology and defense industries.
July 2023
Global supply shortages and price spikes for affected materials