When it comes to international trade, the Harmonized System (HS) plays a crucial role in facilitating smooth transactions. Each product is assigned a unique HS code, allowing customs authorities worldwide to classify and regulate goods effectively. In this article, we will explore the HS code 72027000 and delve into the details of its associated product, Ferromolybdenum.
The HS code 72027000 corresponds to Ferromolybdenum, which is a valuable alloy widely used in various industries. It is primarily composed of iron and molybdenum, with molybdenum content ranging from 50% to 70%. This alloy possesses exceptional heat resistance, high tensile strength, and excellent corrosion resistance. As a result, Ferromolybdenum finds applications in the production of stainless steel, tool steels, cast iron, and other metal alloys.
The bound or Most Favored Nation (MFN) duty rate for Ferromolybdenum is 4.5%. This rate applies consistently whenever a country lowers a trade barrier or opens up a market. It ensures that the same duty rate is applied to all trading partners for the importation of Ferromolybdenum.
Ferromolybdenum is measured in kilograms (KG). This quantity unit is used globally to facilitate standardized trading and ensure accurate measurement during import and export processes.
Several countries participate in special tariff preference programs that affect the duty rates for Ferromolybdenum. Here are some of the programs and their corresponding rates:
It is important for importers and exporters to be aware of these special tariff preference programs to take advantage of any applicable duty reductions or exemptions.
While Ferromolybdenum is imported to various states in the United States, the following states are prominent importers:
These states play a significant role in the importation and distribution of Ferromolybdenum within the United States.
On the other hand, when it comes to exporting Ferromolybdenum from the United States, Nevada stands out as a prominent state involved in this trade. The state of Nevada actively contributes to the international market by supplying Ferromolybdenum to various countries.
the HS code 72027000 represents Ferromolybdenum, an essential alloy used in industries worldwide. Understanding the product description, duty rates, special tariff preference programs, and the key states involved in importation and exportation will help businesses navigate the international trade landscape more effectively.