Ferrosilicon is a type of alloy that contains both iron and silicon. It is commonly used in the steel industry as a deoxidizer and an alloying element, improving the strength and quality of steel. The HS code 72022110 specifically refers to ferrosilicon that contains more than 55% but not more than 80% of silicon and more than 3% of calcium. This article will explore the details of this HS code and its implications in international trade.
The product described under HS code 72022110 is a specific type of ferrosilicon alloy. It must contain a minimum of 55% silicon and a maximum of 80% silicon by weight. Additionally, it needs to have more than 3% calcium content. This particular composition makes it suitable for various applications, particularly in the steel industry.
The bound / MFN (Most Favored Nation) duty rate for products classified under HS code 72022110 is 1.1%. This means that 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. This duty rate applies universally to countries importing or exporting this specific type of ferrosilicon.
The quantity unit for HS code 72022110 is kilograms (KG). This means that the weight of the ferrosilicon, whether imported or exported, is measured in kilograms. It is essential for accurate documentation and pricing purposes.
Several special tariff preference programs are applicable for products classified under HS code 72022110. These programs provide certain countries with preferential treatment in terms of duties and tariffs. The following countries and programs are relevant:
These special tariff preference programs enable certain countries to import or export HS code 72022110 products without paying the standard duty rate. It promotes trade between the participating countries and provides economic benefits.
In the United States, several states import products classified under HS code 72022110. The following states are known for their import activities related to this HS code:
These states have a significant demand for ferrosilicon alloy and rely on imports to meet their requirements. The import activities contribute to the local economy and support various industries.
On the other hand, several states in the United States are known for their exports of products classified under HS code 72022110. The following state is recognized for its export activities related to this HS code:
Nevada plays a vital role in exporting ferrosilicon alloy to international markets. The state's export activities contribute to the overall trade balance and strengthen its position in the global market.
HS code 72022110 represents a specific type of ferrosilicon alloy with a particular composition. Its import and export activities are subject to the bound / MFN duty rate of 1.1%. Various special tariff preference programs provide preferential treatment for certain countries. Importing US states include Rhode Island, Nevada, Illinois, Mississippi, Ohio, and Louisiana. Nevada is also recognized as an exporting state for this HS code. Understanding the details of this HS code is crucial for businesses involved in international trade and the steel industry.