HS Code 72041000: Cast Iron Waste and Scrap

The HS Code 72041000 refers to cast iron waste and scrap. This code is used to classify and identify this specific type of product for international trade purposes. In this article, we will explore the details of this HS code, including its product description, duty rates, quantity unit, special tariff preference programs, and importing/exporting US states.

Product Description

Cast iron waste and scrap are materials that are no longer in use or have been discarded. These may include broken or damaged cast iron products, scraps from manufacturing processes, or any other form of cast iron waste. The HS code 72041000 specifically categorizes and classifies this type of scrap for trade purposes.

Bound / MFN Duty Rate

The bound or Most Favored Nation (MFN) duty rate for HS Code 72041000 is free. This means that there are no additional tariffs or duties imposed when importing or exporting cast iron waste and scrap. The principle of MFN states that when a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners.

Quantity Unit

The quantity unit for HS Code 72041000 is metric tons (T). This unit of measurement is used to determine the weight or quantity of cast iron waste and scrap being imported or exported.

Special Tariff Preference Programs

There are several special tariff preference programs applicable to HS Code 72041000:

Free: Only imports from least-developed beneficiary developing countries eligible for Generalized System of Preferences (GSP) under that subheading receive duty-free treatment.
Australia Special Rate: Cast iron waste and scrap imported from Australia receive a special rate.
Bahrain Special Rate: Cast iron waste and scrap imported from Bahrain receive a special rate.
NAFTA for Canada: Cast iron waste and scrap imported from Canada under the North American Free Trade Agreement (NAFTA) receive duty-free treatment.
Chile Special Rate: Cast iron waste and scrap imported from Chile receive a special rate.
Africa Growth and Opportunity Act (AGOA): Cast iron waste and scrap imported from eligible countries under AGOA receive duty-free treatment.
Caribbean Basin Initiative (CBI): Cast iron waste and scrap imported from eligible countries under CBI receive duty-free treatment.
Israel Special Rate: Cast iron waste and scrap imported from Israel receive a special rate.
Andean Trade Preference Act (ATPA): Cast iron waste and scrap imported from eligible countries under ATPA receive duty-free treatment.
Jordan Special Rate: Cast iron waste and scrap imported from Jordan receive a special rate.
NAFTA for Mexico: Cast iron waste and scrap imported from Mexico under the North American Free Trade Agreement (NAFTA) receive duty-free treatment.
Oman Special Rate: Cast iron waste and scrap imported from Oman receive a special rate.
Dominican Republic-Central American Special Rate (DR-CAFTA): Cast iron waste and scrap imported from eligible countries under DR-CAFTA receive a special rate.
Peru Special Rate: Cast iron waste and scrap imported from Peru receive a special rate.
Singapore Special Rate: Cast iron waste and scrap imported from Singapore receive a special rate.
2.2%: Cast iron waste and scrap imported from Morocco receive a special rate of 2.2%.

Importing US States

The following US states import HS Code 72041000:

Rhode Island
Nevada
Illinois
Mississippi
Ohio
Louisiana
West Virginia
Delaware
Alabama
Maryland

Exporting US States

Currently, there is no specific information available regarding the US states that export HS Code 72041000. However, it is important to note that the exporting states may vary depending on the demand and supply of cast iron waste and scrap in the international market.

the HS Code 72041000 represents cast iron waste and scrap, providing a standardized classification for international trade. This code is used to identify the product, determine duty rates, quantity units, and eligibility for special tariff preference programs. Understanding this code is essential for importers, exporters, and policymakers involved in the trade of cast iron waste and scrap.