division | Main contents | Implications |
|---|---|---|
| global economy | Manufacturing and construction continue to recover | A gradual rebound in steel import demand |
| raw material costs | Iron ore and scrap prices remain stable | Stable import price |
| trade regulations | Continued expansion of anti-dumping and safeguard measures | Possibility of import restrictions on certain countries |
| environmental regulations | Expanding carbon neutrality and CBAM phases | Accelerating the transition to low-carbon and recycled steel imports |
HS73 steel products are a group of products that are processed and assembled after raw steel materials (HS72) , and are closely linked to changes in demand in the automobile, construction, and shipbuilding industries.
item | detail |
|---|---|
| HS code | 73 (Articles of iron or steel) |
| Main subcategories | 7304 (steel pipes), 7308 (structural and bridge materials), 7318 (bolts and nuts), 7321 (stoves and heaters), etc. |
| Import volume in 2024 | Approximately USD 8.4 billion (+3.6% YoY) |
| Demand industry | Automobiles, construction, machinery, shipbuilding, and energy facilities |
| structure | 70% intermediate goods (steel pipes and bolts), 30% consumer goods and equipment parts |
Imports of highly processed steel products rather than raw materials are steadily increasing, and steel pipes for automobile parts and industrial equipment are particularly key items.
ranking | importing country | specific gravity(%) | Features and Risks |
|---|---|---|---|
| 1 | china | 28.4 | Price competitiveness, low-cost steel pipes and bolts |
| 2 | japan | 21.7 | High-precision parts and industrial steel |
| 3 | vietnam | 11.5 | Role as a processing export base |
| 4 | taiwan | 9.3 | stainless steel products |
| 5 | germany | 7.8 | Focus on machinery and automobile parts |
| 6 | Italy | 5.2 | structural steel |
| 7 | USA | 4.5 | Steel pipes for energy facilities |
| etc | 11.6 | India, Malaysia, etc. |
The top five countries account for approximately 78.7% of imports .
While the import structure is centered on China and Japan, the share of highly processed goods from the EU and Vietnam has been gradually increasing.
nation | Import share (%) | Δ Proportion (compared to previous quarter) | characteristic |
|---|---|---|---|
| china | 28.4 | ▼0.6 | Slowdown in low-cost imports |
| japan | 21.7 | ▲0.4 | Expansion of precision machined materials |
| vietnam | 11.5 | ▲0.3 | Strengthening assembly and processing base functions |
| taiwan | 9.3 | = | Stable stainless steel supply |
| germany | 7.8 | ▲0.2 | Focus on high-quality industrial materials |
| Italy | 5.2 | = | Centered on architectural structures |
| USA | 4.5 | ▲0.1 | Steel pipes for energy plants |
| etc | 11.6 | ▼0.4 | Slight decrease in India, Malaysia, etc. |
Diversification is underway, with a decreasing dependence on China and an increasing proportion of products from Japan, Vietnam, and the EU .
division | 2023 Q3 | 2024 Q3 | Increase/decrease (%) | Key trends |
|---|---|---|---|---|
| Pipes & Tubes | 1.12 Mt | 1.19 Mt | +6.3 | Increasing demand for energy and shipbuilding |
| Beams & Structures | 0.67 Mt | 0.70 Mt | +4.4 | Increased demand for construction and plants |
| Bolts and nuts (Fasteners) | 0.41 Mt | 0.44 Mt | +7.3 | Expanding auto parts imports |
| Household and mechanical parts | 0.26 Mt | 0.27 Mt | +3.8 | domestic demand recovery |
Overall growth is due to recovery in industrial demand , with imports of steel pipes for energy, shipbuilding, and automobiles in particular increasing.
Item | 2024 Q1 (USD/t) | 2024 Q2 | 2024 Q3 | QoQ Δ(%) |
|---|---|---|---|---|
| steel pipes | 1,840 | 1,870 | 1,910 | +2.1 |
| structural steel | 1,620 | 1,640 | 1,660 | +1.2 |
| Bolts and nuts | 3,850 | 3,890 | 3,940 | +1.3 |
| Stainless steel processing materials | 4,720 | 4,750 | 4,810 | +1.3 |
Despite the stabilization of raw material prices, a gradual upward trend continues due to the reflection of energy and logistics costs.
branch | characteristic | Volatility (0–1) |
|---|---|---|
| Q1 | Off-season demand (construction slowdown) | 0.41 |
| Q2 | Manufacturing recovery period | 0.56 |
| Q3 | Project Concentrator (Shipbuilding/Construction) | 0.73 |
| Q4 | Inventory adjuster | 0.59 |
item | detail |
|---|---|
| tariff | Many FTA items are duty-free, and some structural materials are subject to a 3-5% discount. |
| Non-tariff | Strengthening quality certification (KS, ISO) and country of origin verification |
| Domestic alternative industries | POSCO, Hyundai Steel, and SeAH Besteel expand domestic production. |
| assignment | CBAM compliance (low-carbon steel certification) and securing cost competitiveness compared to imported products. |
characteristic | evaluation | analysis |
|---|---|---|
| Carbon emissions impact | award | High carbon intensity in the steelmaking process |
| ESG Risk | middle | Inadequate environmental regulations in some importing countries |
| Net Zero Contribution | middle | Recycled steel and low-carbon certification can be expanded. |
| circular economy | award | The growing trend of scrap utilization and recycled steel imports |
importing country | Policy (0–1) | Logistics (0–1) | Trust Index |
|---|---|---|---|
| china | 0.38 | 0.36 | 0.68 |
| japan | 0.25 | 0.26 | 0.82 |
| vietnam | 0.29 | 0.30 | 0.76 |
| taiwan | 0.27 | 0.28 | 0.78 |
| germany | 0.23 | 0.25 | 0.83 |
| Italy | 0.26 | 0.27 | 0.79 |
| USA | 0.28 | 0.31 | 0.75 |
The average Trust Index is ≈ 0.77 (good).
China risk is easing, but gaps in quality and environmental standards still exist. The increased proportion of products from Japan and the EU is contributing to improved trust.
industry | Major companies | Imported items | characteristic |
|---|---|---|---|
| automobile | Hyundai, Kia, and Mando | Bolts, nuts, and small steel materials | Precision machining center |
| Shipbuilding and Plants | Hyundai Heavy Industries and Samsung Heavy Industries | Steel pipes and plant structures | Continued imports of high-strength steel |
| erection | Hyundai Engineering & Construction and POSCO Engineering & Construction | Steel frames and bolts | Large-scale field-centered |
| energy | SK Energy and GS Caltex | Steel pipes for plants | High import ratio |
| Machinery and industrial materials | Doosan and Hyundai Wia | Pipes for parts | Parallel import and domestic sales |
characteristic | Currently (2025 Q3) | Compared to the previous quarter (Δ%) | analysis |
|---|---|---|---|
| ΔImport | +4.5% | ▲0.6 | Driving demand for automobiles and shipbuilding |
| ΔPrice | +1.7% | ▲0.3 | Energy cost impact |
| ΔCountryShare | +0.3% | ▲0.1 | Increased presence in Japan and Vietnam |
| Trust Index | 0.77 | = | Stable |
| Forecast (3M) | +4.9% | ▲ | Continued demand for shipbuilding and construction projects |
Summary: HS73 imports are showing a “positive-neutral”
recovery, centered on industrial intermediate goods, with imports of carbon-neutral steel and high-precision parts gradually expanding.
division | Suggestion | Expected effect |
|---|---|---|
| 1 | Introduction of a low-carbon steel product certification system | CBAM response and securing ESG competitiveness |
| 2 | Support for the domestic production of high value-added steel components | Alleviating dependence on industrial imports |
| 3 | AI-based procurement management | Strengthening price forecasting and risk response |
| 4 | Establishment of a Korea-EU Steel Technology Cooperation Platform | Improving technology and standards consistency |
| 5 | Promoting a circular steel economy (recycling scrap and waste steel) | Carbon reduction and resource conservation effects |
HS 73 (Articles of Iron or Steel) Imports Trade Index – 2025 Q3
ΔImport +4.5% , ΔPrice +1.7% , Trust 0.77 , Forecast (3M) +4.9%
→ Amidst industrial recovery, imports of precision and structural steel products are steadily increasing ,
and the strengthening of ESG standards and the expansion of demand for low-carbon steel products are acting as structural change factors.
