HS Code:
Semifinished products of iron or nonalloy steel (HS Code: 7207) include items such as billets, blooms, and slabs that are used as raw materials in the production of finished steel products like bars, rods, and sheets. These products are critical in the steel manufacturing industry, serving as intermediate goods that undergo further processing. This category is essential for industries such as construction, automotive, and infrastructure development, where steel is a primary material. The trade of semifinished steel products is influenced by global demand for steel, raw material availability, production capacities, and trade policies.
Total Trade Volume
USD 25.3 billion
Data from 2022
Source
United Nations Comtrade Database
USD 4.8 billion
19.0% of total trade of total trade
Increasing
USD 3.5 billion
13.8% of total trade of total trade
Decreasing
USD 2.9 billion
11.5% of total trade of total trade
Stable
USD 2.1 billion
8.3% of total trade of total trade
Increasing
USD 1.8 billion
7.1% of total trade of total trade
Stable
Average Rate
5.2%
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 Asia-Pacific for infrastructure projects
Increased exports to countries like India and Vietnam, driving trade volume growth
2022
Shift towards sustainable steel production
Growing preference for semifinished products from low-carbon production processes, affecting supplier selection
2021-2022
Geopolitical tensions affecting supply chains
Disruptions in supply from key exporters like Ukraine due to conflict, leading to price volatility
2022
The European Union extended anti-dumping duties on semifinished steel products from Russia to protect domestic producers, citing unfair pricing practices.
March 2023
Reduction in Russian exports to EU markets, potential redirection of trade flows to Asia
Brazil announced investments in steel production facilities to boost exports of semifinished products, targeting markets in North America and Africa.
June 2023
Increased global supply, potentially stabilizing prices in key importing regions
Ongoing conflict in Ukraine has severely impacted its steel industry, reducing exports of semifinished products and creating supply shortages in Europe.
Throughout 2022-2023
Higher prices and supply chain shifts as buyers seek alternative suppliers like Turkey and India