HS Code:
Sheet ingots, also known as slabs, are flat, rectangular pieces of metal, typically steel or aluminum, produced by continuous casting or rolling processes. These slabs fall under a specific Harmonized System (HS) code as described in statistical note 3 of the relevant chapter, often used as raw material for further processing into plates, sheets, or structural components in industries such as construction, automotive, and shipbuilding. They are critical to the global metal supply chain due to their role as an intermediate product in manufacturing.
Total Trade Volume
Approximately 150 million metric tons
Data from 2022
Source
World Steel Association, UN Comtrade Database
45 million metric tons
30% of global trade of total trade
Increasing
20 million metric tons
13.3% of global trade of total trade
Increasing
15 million metric tons
10% of global trade of total trade
Stable
12 million metric tons
8% of global trade of total trade
Stable
10 million metric tons
6.7% of global 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 like EU-Japan EPA)
Rising demand for high-quality slabs in automotive sector
Increased production in countries with advanced steelmaking technologies like Japan and South Korea
2021-2022
Shift towards sustainable production methods
Growing preference for slabs produced with low-carbon technologies, influencing trade patterns towards EU producers
2022
Overcapacity in China
Downward pressure on global prices, leading to trade disputes and protective tariffs
2020-2022
The United States adjusted its Section 232 tariffs on steel imports, replacing some tariffs with tariff-rate quotas for key allies, impacting slab imports.
January 2022
Increased imports from EU and Japan, while maintaining restrictions on other exporters.
The EU introduced CBAM, which will impose carbon costs on imported steel products, including slabs, starting in 2026 with a transitional phase from 2023.
December 2022
Potential reduction in competitiveness for high-carbon slab exporters like China and India unless they adopt greener technologies.
China reduced export tax rebates on steel products, including slabs, to curb overproduction and focus on domestic consumption.
May 2021
Slight reduction in Chinese slab exports, creating opportunities for other exporters like India and South Korea.