HS Code:
The 'Other, of a thickness of 4.75 mm or more' category typically falls under HS Code 7208 or related codes, which generally pertains to flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, hot-rolled, not clad, plated or coated. This category includes steel sheets and plates used in various industrial applications such as construction, shipbuilding, and heavy machinery manufacturing. These products are critical in infrastructure development and industrial production due to their durability and strength.
Total Trade Volume
Approximately $25 billion USD
Data from 2022
Source
United Nations Comtrade Database
$6.5 billion USD
26% of total trade of total trade
Increasing
$3.2 billion USD
13% of total trade of total trade
Stable
$2.8 billion USD
11% of total trade of total trade
Increasing
$2.1 billion USD
8% of total trade of total trade
Stable
$1.9 billion USD
8% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries under anti-dumping measures)
Lowest Rate
0% (under free trade agreements such as EU-Japan EPA)
Rising demand in infrastructure projects
Increased export volumes to developing economies in Asia and Africa due to urbanization and industrial growth.
2021-2022
Shift towards sustainable production
Growing preference for steel produced with lower carbon footprints, affecting trade patterns in favor of environmentally conscious producers.
2022
Fluctuating raw material prices
Volatility in iron ore and energy costs has led to unpredictable pricing, impacting long-term contracts and trade stability.
2022
The European Union introduced anti-dumping duties ranging from 10-20% on steel imports from certain Asian countries to protect domestic producers.
March 2023
Potential redirection of trade flows to other regions such as the Middle East and Latin America.
A new phase of negotiations between the US and China has led to a temporary reduction in tariffs on specific steel products, including those in this category.
July 2023
Increased export opportunities for Chinese steel producers to the US market in the short term.
India announced a $1.4 trillion infrastructure investment plan, boosting domestic demand and imports of hot-rolled steel products.
January 2023
Significant growth in trade volume for exporting countries targeting the Indian market.