HS Code:
The category 'Of rectangular (including square) cross section, the width measuring less than twice the thickness' typically falls under HS Code 7214.91 or similar subheadings within the Harmonized System. This category includes steel bars and rods of rectangular or square cross-section where the width is less than twice the thickness. These products are primarily used in construction, manufacturing, and infrastructure projects for structural support, reinforcement, and fabrication. They are critical raw materials in industries such as automotive, shipbuilding, and heavy machinery.
Total Trade Volume
USD 12.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.8 billion
30.4% of total trade of total trade
Increasing
USD 1.9 billion
15.2% of total trade of total trade
Stable
USD 1.5 billion
12.0% of total trade of total trade
Increasing
USD 1.2 billion
9.6% of total trade of total trade
Stable
USD 0.9 billion
7.2% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Rising demand for sustainable steel production
Increased investment in green steel technologies, influencing trade patterns by favoring exporters with low-carbon production methods.
2021-2022
Growth in infrastructure projects in Asia-Pacific
Higher demand for steel bars and rods in countries like India and Indonesia, boosting export opportunities for major producers like China.
2022
Supply chain disruptions due to geopolitical tensions
Trade routes affected by conflicts (e.g., Russia-Ukraine war) have led to increased costs and delays, shifting reliance to alternative suppliers.
2022
The European Union introduced additional anti-dumping duties on Chinese steel products, including rectangular cross-section bars, to protect domestic manufacturers.
March 2023
Potential reduction in Chinese exports to the EU, with possible redirection to other markets like Southeast Asia.
The US government's $1.2 trillion infrastructure bill has led to a surge in demand for steel products for construction and transportation projects.
November 2021
Increased imports from allied countries like Canada and South Korea, strengthening trade ties under USMCA.
Major steel producers in Japan and South Korea announced partnerships to develop hydrogen-based steel production, aligning with global carbon neutrality goals.
June 2023
Likely to increase export competitiveness in markets prioritizing sustainability, potentially reshaping trade dynamics.