Overview This page contains the latest trade data of Iron Reductions. In 2020, Iron Reductions were the world's 542nd most traded product, with a total trade of $4.02B. Between 2019 and 2020 the exports of Iron Reductions decreased by -8.08%, from $4.37B to $4.02B. Trade in Iron Reductions represent 0.024% of total world trade.
Iron Reductions are a part of Iron and steel. They include Ferrous products from direct reduction of iron oreand Spongy iron lumps, pellets, etc > 99.94% pure.
Exports In 2020 the top exporters of Iron Reductions were Russia ($944M), Oman ($849M), Trinidad and Tobago ($417M), Sweden ($349M), and Venezuela ($276M).
Imports In 2020 the top importers of Iron Reductions were Saudi Arabia ($1.32B), China ($802M), United States ($410M), Italy ($213M), and Bangladesh ($114M).
Tariffs In 2018 the average tariff for Iron Reductions was 3%, making it the 1154th lowest tariff using the HS4 product classification.
The countries with the highest import tariffs for Iron Reductions are Bahamas (40.2%), Bermuda (25%), Cayman Islands (22%), and Bhutan (19.6%). The countries with the lowest tariffs are Angola (0%), Egypt (0%), Kenya (0%), Mauritius (0%), and Rwanda (0%).
Ranking Iron Reductions ranks 732nd in the Product Complexity Index (PCI).
Description Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms are used to make steel. Iron having a minimum purity by weight of 99.94% is used to make stainless steel.