HS Code:
The 'Not further worked than hot-rolled, in coils' category (commonly associated with HS Code 7208 for flat-rolled products of iron or non-alloy steel) includes steel products that have undergone hot-rolling processes but have not been further processed or cold-rolled. These products are typically used as raw materials in industries such as automotive, construction, and manufacturing for further processing into sheets, plates, or other forms. This category is critical in global supply chains due to its foundational role in industrial production.
Total Trade Volume
Approximately $50 billion USD
Data from 2022
Source
United Nations Comtrade Database and World Trade Organization (WTO) Statistics
$12 billion USD
24% of total trade of total trade
Increasing
$8 billion USD
16% of total trade of total trade
Stable
$6 billion USD
12% of total trade of total trade
Increasing
$5 billion USD
10% of total trade of total trade
Stable
$4 billion USD
8% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries under safeguard measures)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Increased demand from automotive sector
Rising production of electric vehicles and lightweight vehicles has boosted demand for high-strength hot-rolled steel coils, driving trade volumes upward.
2021-2022
Shift toward sustainable production
Growing emphasis on green steel production has led to higher costs but also opened new markets for eco-friendly steel products.
2022
Regionalization of supply chains
Geopolitical tensions and trade wars have encouraged countries to source steel from regional partners, reducing dependency on major exporters like China.
2020-2022
The United States adjusted its Section 232 tariffs on steel imports, replacing tariffs with tariff-rate quotas for certain countries, including EU member states.
January 2022
This has led to a moderate increase in imports from Europe while maintaining protective measures for domestic producers.
China removed export tax rebates for certain steel products, including hot-rolled coils, to focus on domestic supply and reduce carbon emissions.
May 2021
Global supply tightened, leading to price increases and shifts in trade flows toward other exporters like South Korea and India.
The European Union introduced plans for a Carbon Border Adjustment Mechanism, which will impose additional costs on carbon-intensive steel imports starting in 2026.
July 2021 (proposal)
Exporters to the EU are preparing for higher compliance costs, potentially shifting trade patterns toward greener producers.