HS Code:
Universal Mill Plate (UMP) falls under the Harmonized System (HS) Code 7208, which 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. Universal mill plates are typically used in heavy construction, shipbuilding, and industrial machinery due to their strength and durability. These plates are produced through a specific rolling process that ensures uniform thickness and structural integrity, making them ideal for large-scale infrastructure projects.
Total Trade Volume
USD 15.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 4.8 billion
31.6% of total trade
Increasing
USD 2.1 billion
13.8% of total trade
Stable
USD 1.9 billion
12.5% of total trade
Decreasing
USD 1.3 billion
8.6% of total trade
Stable
USD 1.0 billion
6.6% of total trade
Increasing
Average Rate
5.2%
Highest Rate
25% (imposed by certain developing nations on imports to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as EU internal trade or USMCA)
Rising demand in renewable energy sector
Increased use of universal mill plates in wind turbine construction and solar farm infrastructure, driving demand in regions with green energy initiatives.
2021-2023
Shift towards sustainable production
Growing emphasis on low-carbon steel production methods to meet global environmental standards, influencing cost structures and trade dynamics.
2022-2023
Supply chain disruptions
Geopolitical tensions and post-COVID recovery challenges have led to fluctuating prices and delays in delivery, affecting global trade volumes.
2020-2022
The European Union introduced safeguard measures on steel imports, including universal mill plates, to curb oversupply from non-EU countries and protect local manufacturers.
June 2023
Expected to reduce imports from Asia by 10-15%, potentially increasing prices within the EU market.
China reduced export tax rebates for steel products, including universal mill plates, as part of its strategy to focus on domestic consumption and carbon reduction goals.
May 2021
Led to a temporary dip in export volumes from China, creating opportunities for other exporters like India and South Korea.
The US Infrastructure Investment and Jobs Act has spurred demand for steel products, including universal mill plates, for bridge and highway construction projects.
November 2021
Increased imports into the US by 8% in 2022, benefiting exporters from Canada and South Korea.