HS Code:
The 'Of square or rectangular cross section' category typically falls under HS Code 7214.91 or related codes within the Harmonized System, which includes iron or non-alloy steel bars and rods of square or rectangular cross-section, often used in construction, manufacturing, and infrastructure projects. These products are critical for structural applications due to their strength and versatility.
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)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Increased demand for sustainable steel production
Countries are investing in green steel technologies, affecting trade patterns by prioritizing low-carbon producers.
2021-2022
Rising construction activities in Asia-Pacific
Significant growth in demand for steel bars and rods in countries like India and Vietnam, boosting exports from China and South Korea.
2020-2022
Supply chain disruptions due to geopolitical tensions
Trade flows affected by sanctions and export restrictions, particularly impacting Russian steel exports.
2022
The European Union introduced anti-dumping duties ranging from 18% to 35% on Chinese steel products, including square and rectangular cross-section bars, to protect domestic industries.
March 2023
Likely to reduce Chinese exports to the EU while increasing opportunities for other exporters like Turkey and India.
The United States extended tariff exemptions for certain steel imports from allied countries like South Korea and Japan under the Section 232 national security measures.
January 2023
Strengthens trade relations with exempted countries while maintaining pressure on non-exempted exporters.
India announced a $1.4 trillion infrastructure plan, increasing domestic demand for steel products and potentially reducing export availability.
February 2023
May lead to tighter global supply and higher prices for steel bars and rods.