HS Code:
The 'Of a thickness of less than 5 mm' category typically refers to flat-rolled products of iron or non-alloy steel, or other materials under specific HS codes such as 7209.16 or similar. These products are widely used in industries like automotive, construction, and manufacturing for producing components, panels, and structural elements. This category is critical due to its versatility and high demand in industrial applications globally.
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 on imports to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Increased demand for lightweight materials
Growth in automotive and aerospace sectors driving demand for thinner, high-strength steel sheets under 5 mm, boosting trade volumes by 8% annually.
2021-2022
Shift towards sustainable production
Rising preference for eco-friendly steel production methods influencing trade patterns, with a 5% increase in exports from countries with green certifications.
2022
Regional trade agreements
Agreements like RCEP have reduced tariffs in Asia-Pacific, increasing intra-regional trade of steel products by 10%.
2022
The United States adjusted its Section 232 tariffs on steel imports, replacing some tariffs with tariff-rate quotas for specific countries like Japan and the EU.
March 2022
This has led to a 3% increase in imports from quota-exempt countries, stabilizing supply chains for US manufacturers.
The EU introduced CBAM to impose carbon taxes on high-emission steel imports, affecting exporters from countries with less stringent environmental regulations.
October 2022
Exporters from China and India face higher costs, potentially reducing their market share in the EU by 5-7%.
China reduced export tax rebates on certain steel products to curb overproduction and focus on domestic supply.
May 2021
Global supply tightened, causing a 4% price increase for steel products under 5 mm thickness in international markets.