The HS Code 72012000 refers to nonalloy pig iron that contains more than 0.5% phosphorus by weight. This code is used to classify and identify this specific type of pig iron for trade and customs purposes. In this article, we will explore the details of this product and its trade regulations.
Nonalloy pig iron is a type of iron that is produced by smelting iron ore, coke, and limestone in a blast furnace. It is called "pig" iron because it is poured into molds known as pigs. The HS Code 72012000 specifically refers to nonalloy pig iron that contains more than 0.5% phosphorus by weight. Phosphorus is an important element in steelmaking as it improves the strength and hardness of the final product.
When it comes to trade, countries often impose certain regulations and duties on imported goods. The Bound or Most Favored Nation (MFN) duty rate for HS Code 72012000 is free, which means that there are no tariffs or duties imposed on this product. This applies every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners.
In addition to the MFN duty rate, there are also special tariff preference programs available for HS Code 72012000. These programs offer preferential treatment or reduced duties for specific countries. The following countries enjoy free tariff rates for this product: Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, and the Dominican Republic-Central American countries (DR-CAFTA). Singapore has a special rate of 1.3%.
The quantity unit for HS Code 72012000 is metric tons (T). This means that the product is measured and traded in metric tons, which is equivalent to 1,000 kilograms or approximately 2,204.62 pounds.
When it comes to importing HS Code 72012000 into the United States, the following states are known to import this product: Rhode Island, Nevada, Illinois, Mississippi, and Ohio. These states have a demand for nonalloy pig iron containing more than 0.5% phosphorus.
On the other hand, Nevada is the only known exporting state for HS Code 72012000. This indicates that Nevada has the capability to produce or process this type of pig iron and export it to other countries.
HS Code 72012000 represents nonalloy pig iron containing more than 0.5% phosphorus. This article provided an extensive overview of the product, its trade regulations, and the importing and exporting states in the United States. Understanding the details of HS Code 72012000 is crucial for international trade and customs purposes.