Iron or non-alloy steel: bars and rods, hot-rolled, hot-drawn or hot-extruded, n.e.c. in heading no. 7214, other than of rectangular cross-section

In 2024, iron or non-alloy steel: bars and rods, hot-rolled, hot-drawn or hot-extruded, n.e.c. in heading no. 7214, other than of rectangular cross-section trade exhibited significant decline, with global flows reaching $3,303,868,267 and a three-year compound annual growth rate of -6.7% (five-year: +2.9%). The all-time peak of $5,012,179,831 was recorded in 2008; the current level is 34% below that high-water mark.

Over the 30-year observation window (1995–2024), 59% of years recorded positive growth, indicating a mildly upward trajectory with periodic contractions. Trend momentum is decelerating (-6.0% acceleration).

The World Trade Flows Characterization classifies iron or non-alloy steel: bars and rods, hot-rolled, hot-drawn or hot-extruded, n.e.c. in heading no. 7214, other than of rectangular cross-section as "One-way trade" in the high price range price segment, providing additional context for market positioning and competitive dynamics.

The supply side is diversified (Herfindahl-Hirschman Index 0.080). The three largest exporters — China ($681.9M), Italy ($346.5M), and Japan ($249.9M) — collectively dominate supply flows. The leading exporter has grown at +35.4% over the last three years.

On the demand side, importer concentration is diversified (HHI 0.032). The three largest import markets are Germany ($302.3M), Thailand ($218.8M), and Mexico ($189.4M). The largest importing market sources from 42 different supplying countries.

Estimated substitution elasticity: -4.83. Buyers have moderate flexibility to shift sourcing, but face some switching costs.

The dominant trade corridor is China → South Korea at $145.0M, representing 98.5% of the importer's total demand.

The volatility score for iron or non-alloy steel: bars and rods, hot-rolled, hot-drawn or hot-extruded, n.e.c. in heading no. 7214, other than of rectangular cross-section is 14 out of 100, classified as low. Trade flows are relatively stable compared to other HS6 products, suggesting mature supply chains and predictable demand.

For market entrants, contracting demand signals caution before committing resources. The diversified supply landscape means many competitors but also multiple entry points and buyer relationships to target.

Data confidence is rated "High" based on reporting coverage and consistency across OECD member and partner countries.