HS Code:
The 'Of square cross section' category, typically falling under HS Code 7214.91 or similar (specific code not provided in query), refers to iron or non-alloy steel bars and rods of square cross-section, often used in construction, manufacturing, and infrastructure projects. These products are critical for structural applications due to their strength and versatility. This category includes both hot-rolled and cold-formed products, which are traded globally in significant volumes to meet industrial and developmental demands.
Total Trade Volume
Approximately $5.2 billion USD
Data from 2022
Source
UN Comtrade Database and World Trade Organization (WTO) Reports
$1.3 billion USD
25% of total trade of total trade
Increasing
$800 million USD
15.4% of total trade of total trade
Stable
$650 million USD
12.5% of total trade of total trade
Increasing
$500 million USD
9.6% of total trade of total trade
Stable
$400 million USD
7.7% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
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 in infrastructure projects
Increased trade volume due to urbanization and government-led construction initiatives in Asia and Africa
2021-2023
Shift towards sustainable production
Growing preference for steel produced with lower carbon emissions, influencing supplier selection and pricing
2022-2023
Fluctuating raw material prices
Volatility in iron ore and energy costs affecting production and trade margins globally
2020-2022
The United States introduced a 25% tariff on certain steel products, including square cross-section bars, citing unfair trade practices and overcapacity in China.
March 2023
Potential shift in trade flows, with US importers seeking alternative suppliers from Europe and South Korea.
The European Union launched a policy framework to incentivize low-carbon steel production, impacting imports of square cross-section products.
July 2023
Increased costs for non-compliant exporters, while benefiting producers with sustainable practices.
Countries like Indonesia and Vietnam announced large-scale infrastructure projects, boosting demand for steel products including square cross-section bars.
January 2023
Significant export opportunities for major producers like China and Japan.