HS Code:
The category of 'Rectangular (including square) cross-section' products typically falls under HS Code 7214.91 or related codes, depending on the material (e.g., iron or non-alloy steel). This category includes bars and rods of iron or non-alloy steel, hot-rolled, hot-drawn, or hot-extruded, with a rectangular or square cross-section. These products are widely used in construction, manufacturing, and infrastructure projects due to their structural strength and versatility. They serve as critical raw materials for fabricating frameworks, supports, and other structural components.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as EU internal trade or USMCA)
Increased demand due to global infrastructure projects
Rising trade volumes as countries invest in urbanization and industrial growth, particularly in Asia and Africa
2021-2023
Shift towards sustainable steel production
Growing preference for low-carbon steel products, influencing trade patterns and favoring exporters with green technologies
2022-2023
Fluctuations in raw material prices
Volatility in iron ore and energy costs affecting production and export pricing, leading to unpredictable trade flows
2020-2022
The European Union extended anti-dumping duties on rectangular cross-section steel products from China to curb unfair pricing practices.
March 2023
Reduction in Chinese exports to the EU, potential shift of trade flows to other regions like Southeast Asia.
The US government's $1.2 trillion infrastructure bill has led to a surge in demand for steel products, including rectangular cross-section bars.
November 2021
Increased imports from Canada and Mexico under USMCA, benefiting regional trade partners.
China announced stricter regulations on steel production to meet carbon neutrality goals by 2060, affecting output of rectangular steel products.
September 2022
Potential reduction in export volumes, creating opportunities for other exporters like India and South Korea.