HS Code:
The 'Of iron' category, typically classified under HS Code 72 (Iron and Steel) and related subcategories, encompasses a wide range of products including raw iron, pig iron, iron alloys, and various iron-based manufactured goods such as bars, rods, sheets, and structural components. This category is critical to industries like construction, automotive, and manufacturing due to iron's strength and versatility. Global trade in iron products is influenced by industrial demand, raw material availability, and geopolitical factors.
Total Trade Volume
US$ 400 billion
Data from 2022
Source
United Nations Comtrade Database, World Trade Organization (WTO)
US$ 120 billion
30% of total trade of total trade
Increasing
US$ 40 billion
10% of total trade of total trade
Stable
US$ 35 billion
8.75% of total trade of total trade
Increasing
US$ 30 billion
7.5% of total trade of total trade
Stable
US$ 25 billion
6.25% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (imposed by certain countries on specific iron products for protectionist reasons)
Lowest Rate
0% (under free trade agreements like EU Single Market or USMCA)
Rising demand for green steel production
Increased investment in sustainable iron production methods to meet global carbon reduction targets, driving up costs but opening new markets
2021-2023
Shift towards recycling and scrap iron use
Reduced dependency on raw iron ore imports in some regions, affecting traditional exporters like Australia and Brazil
2020-2022
Growth in infrastructure projects in developing economies
Higher demand for iron products in Asia and Africa, boosting exports from major producers like China and India
2019-2023
The United States imposed additional tariffs on Chinese iron and steel products citing unfair trade practices and national security concerns.
March 2023
Increased costs for US manufacturers reliant on Chinese iron, potential shift to alternative suppliers like Canada or Brazil
The European Union launched a policy framework to subsidize and promote low-carbon iron and steel production within member states.
July 2022
Encourages innovation in sustainable production but may increase short-term costs for iron products in the EU market
India introduced a temporary export tax on iron ore to prioritize domestic supply for its growing steel industry.
May 2022
Reduced global supply of Indian iron ore, affecting countries reliant on its exports like China and Japan