HS Code:
This category, often classified under HS Code 7217.10, pertains to wire of iron or non-alloy steel, of uniform cross-section throughout its length, with the least cross-sectional dimension not exceeding 9.5 mm, typically presented in coils. This product is widely used in manufacturing, construction, and industrial applications for making nails, wire mesh, fencing, and other wire-based products. It is a fundamental raw material in various industries due to its versatility, strength, and ease of processing.
Total Trade Volume
USD 3.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
15% (applied by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as EU internal trade or USMCA)
Rising demand in construction and infrastructure projects
Increased exports from major producers like China and Turkey to meet global infrastructure needs, particularly in developing economies.
2021-2022
Shift towards sustainable production
Growing preference for steel wire produced with lower carbon footprints, pushing manufacturers to adopt greener technologies.
2022
Fluctuating raw material prices
Volatility in iron ore and steel prices has led to inconsistent pricing in the wire market, affecting profit margins for smaller exporters.
2020-2022
The European Union extended anti-dumping duties on iron and non-alloy steel wire from China to prevent market distortion and protect local manufacturers.
March 2023
Increased costs for EU importers of Chinese wire, potentially shifting demand to other suppliers like Turkey and India.
The US Infrastructure Investment and Jobs Act has spurred demand for steel wire products for construction and transportation projects.
November 2021
Significant rise in imports from South Korea and Germany to meet the surge in domestic requirements.
India announced investments in expanding steel wire production to reduce dependency on imports and boost exports under the 'Make in India' initiative.
July 2022
Potential to reshape trade patterns in South Asia, with India emerging as a key supplier to neighboring countries.