HS Code:
Tool steel (other than high-speed steel), classified under HS Code 7228.40, 7228.50, or related subcategories, refers to a variety of carbon and alloy steels specifically designed for use in the manufacture of tools. These steels are characterized by their hardness, resistance to abrasion, and ability to hold a cutting edge at elevated temperatures. They are primarily used in applications such as dies, molds, cutting tools, and other industrial tools. This category excludes high-speed steel, which is categorized separately due to its distinct properties for high-speed cutting applications. Tool steel is critical in industries like automotive, aerospace, and manufacturing, where precision and durability are paramount.
Total Trade Volume
USD 3.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 650 million
20.3% of total trade of total trade
Increasing
USD 550 million
17.2% of total trade of total trade
Stable
USD 480 million
15.0% of total trade of total trade
Increasing
USD 400 million
12.5% of total trade of total trade
Increasing
USD 300 million
9.4% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
12% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA or USMCA)
Growing demand for specialized tool steel in additive manufacturing
Increased exports from technologically advanced countries like Germany and Japan to meet the needs of 3D printing industries
2021-2022
Shift towards sustainable steel production
Higher production costs due to adoption of green technologies, affecting pricing in global markets
2020-2022
Rising demand in automotive and aerospace sectors
Boost in trade volume as emerging economies increase manufacturing capabilities
2019-2022
The European Union introduced provisional anti-dumping duties ranging from 7.5% to 12% on imports of certain tool steel products from China, citing unfair pricing practices.
March 2023
Likely to reduce Chinese market share in the EU, benefiting European producers like Sweden and Germany.
Under the US-Mexico-Canada Agreement, tariffs on tool steel imports among member countries were reduced to 0%, enhancing trade flows in North America.
July 2022
Increased trade volume between the US, Canada, and Mexico, with US exports seeing a notable uptick.
Japan announced a government-backed initiative to develop next-generation tool steel for high-precision applications, focusing on export markets in Asia and Europe.
September 2023
Expected to strengthen Japan's position as a leader in high-quality tool steel exports over the next 5 years.