HS Code:
The 'Of rectangular (other than square) cross-section' category, often classified under HS Code 7214.91 or related codes, pertains to iron or non-alloy steel bars and rods with a rectangular cross-section. This category is critical in construction, manufacturing, and infrastructure projects due to its structural applications in beams, frames, and reinforcements. Products in this category vary by size, grade, and finishing, and are traded globally in large volumes to meet industrial demands.
Total Trade Volume
Approximately $15.3 billion USD
Data from 2022
Source
United Nations Comtrade Database and International Trade Centre (ITC)
$4.2 billion USD
27.5% of total trade of total trade
Increasing
$1.8 billion USD
11.8% of total trade of total trade
Stable
$1.5 billion USD
9.8% of total trade of total trade
Increasing
$1.2 billion USD
7.8% of total trade of total trade
Increasing
$900 million USD
5.9% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries under anti-dumping measures)
Lowest Rate
0% (under free trade agreements like EU internal trade or USMCA)
Rising demand in infrastructure projects
Increased trade volume in developing regions like Southeast Asia and Africa due to urbanization and government-led construction initiatives.
2021-2023
Shift towards sustainable steel production
Growing preference for low-carbon steel products, influencing trade patterns with stricter environmental regulations in the EU and North America.
2022-2023
Price volatility due to raw material costs
Fluctuations in iron ore and energy prices have led to unstable pricing, affecting long-term contracts and trade negotiations.
2020-2022
The European Union introduced anti-dumping duties of up to 20% on steel products of rectangular cross-section from China to protect domestic producers.
March 2023
Reduction in Chinese exports to the EU, potential shift of trade flows to other regions like Latin America.
The US Infrastructure Investment and Jobs Act has increased domestic demand for steel products, leading to higher imports from allied countries.
November 2021
Significant growth in trade volume with countries like Canada and South Korea under favorable tariff conditions.
China reduced export tax rebates on steel products to focus on domestic supply and environmental goals, impacting global supply chains.
May 2021
Higher global prices and increased market share for other exporters like Turkey and India.