HS Code:
The 'Plates, sheets, and strip' category under the Harmonized System (HS) Code generally falls within Chapter 72 (Iron and Steel) or Chapter 76 (Aluminum and articles thereof), depending on the material. This category includes flat-rolled products of various metals, primarily used in construction, automotive, shipbuilding, and manufacturing industries. These products are essential for creating structural components, body panels, and other industrial applications. The trade of plates, sheets, and strips is a significant segment of the global metals market, influenced by industrial demand, raw material availability, and geopolitical factors.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database, World Trade Organization (WTO)
USD 40 billion
26.7% of total trade of total trade
Increasing
USD 15 billion
10.0% of total trade of total trade
Stable
USD 12 billion
8.0% of total trade of total trade
Increasing
USD 10 billion
6.7% of total trade of total trade
Stable
USD 8 billion
5.3% of total trade of total trade
Decreasing
Average Rate
5.2% ad valorem
Highest Rate
25% (imposed by certain countries under anti-dumping measures)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards high-strength steel and aluminum sheets
Driven by demand in automotive and aerospace industries for lightweight, fuel-efficient materials, leading to increased R&D investments.
2021-2023
Rising demand for sustainable production
Increased focus on recycling and low-carbon production methods due to global environmental regulations, affecting cost structures.
2020-2023
Volatility in raw material prices
Fluctuations in iron ore and aluminum prices have led to unstable production costs, impacting profit margins for manufacturers.
2022
The United States adjusted its Section 232 tariffs on steel and aluminum imports, replacing tariffs with tariff-rate quotas for certain allies like the EU and Japan.
January 2022
Improved trade relations with key partners, potentially increasing import volumes from quota-exempt countries.
The European Union introduced the CBAM to impose carbon costs on imports of steel and aluminum, aiming to level the playing field for EU producers.
October 2023 (phased implementation)
Likely to increase costs for exporters to the EU who do not meet low-carbon production standards, reshaping trade flows.
China reduced export tax rebates on certain steel products to prioritize domestic supply and reduce carbon emissions.
May 2021
Reduced export competitiveness of Chinese steel plates and sheets, opening opportunities for other exporters like South Korea and Japan.