HS Code 72011000 refers to nonalloy pig iron that contains 0.5 percent or less of phosphorus by weight. This code is used to classify and identify this specific type of pig iron in international trade. Understanding the HS code is crucial for importers and exporters as it helps in determining the appropriate customs duties and tariff rates for a particular product.
The product description of HS Code 72011000 clearly states that it is nonalloy pig iron with a maximum phosphorus content of 0.5 percent. Pig iron is the intermediate product of smelting iron ore with a high-carbon fuel such as coke, usually in a blast furnace. It is an important raw material in the steel-making process.
Importing countries usually have trade barriers and tariffs to protect their domestic industries. However, under the Most Favored Nation (MFN) principle, a country must lower its trade barriers or open up its market for the same goods or services from all its trading partners. This means that if a country reduces tariffs or eliminates trade barriers for one country, it must do the same for all other countries. In the case of HS Code 72011000, the bound/MFN duty rate is free, indicating that no duties or tariffs are applicable.
The quantity unit for HS Code 72011000 is metric tons (T). This unit of measure is commonly used in international trade to quantify the volume of goods being imported or exported.
There are also special tariff preference programs available for HS Code 72011000. These programs provide specific trade benefits, such as reduced or zero tariffs, to certain countries. For this HS code, the following countries enjoy special tariff preferences:
These special rates and preferences aim to promote trade and economic cooperation between countries, particularly by providing incentives for importing or exporting specific products.
In terms of trade flows, the United States is a significant player in importing and exporting HS Code 72011000. The top importing US states for this product are Rhode Island, Nevada, Illinois, Mississippi, and Ohio. On the other hand, the top exporting US state is Nevada.
HS Code 72011000 represents nonalloy pig iron with a maximum phosphorus content of 0.5 percent. It is an important raw material in the steel-making process. Importers and exporters need to be aware of the applicable customs duties and tariff rates based on the HS code. Additionally, special tariff preference programs can provide trade benefits to certain countries. Understanding the HS code and its associated data is crucial for conducting international trade smoothly and efficiently.