HS 721499 Other

HS code 721499, which covers 'Other bars and rods of iron or non-alloy steel, not further worked than cold-formed or cold-finished', generally faces low or zero Most Favored Nation (MFN) duty rates in many major markets. For instance, the United States typically applies a 0.00% MFN duty rate. The European Union's TARIC system often shows a 0.00% duty rate for goods originating from most countries. Similarly, the UK Trade Tariff usually lists a 0.00% duty rate under the UK Global Tariff. However, it is crucial to verify the specific rate for the country of import and the origin of the goods, as preferential agreements or specific trade measures can alter these rates.

Duty calculation for HS code 721499 depends on whether the duty is ad valorem (a percentage of the value) or specific (a fixed amount per unit of quantity), or a combination. For example, if a shipment of 1,000 kg of cold-finished steel bars classified under 721499 is imported into a country with a 5% ad valorem duty and a specific duty of $10 per 100 kg, and the customs value is $2,000, the duty calculation would be: (5% of $2,000) + (10 * $10) = $100 + $100 = $200. Importers and brokers must consult the specific tariff schedule for the applicable duty types and rates.

Standard documentation for importing goods under HS code 721499 includes a commercial invoice detailing the description, quantity, and value of the goods; a packing list; a bill of lading or air waybill; and a certificate of origin. Depending on the importing country and the specific product, additional documents might be required. For example, some countries may require mill test certificates to verify the steel's composition and properties. It is essential for importers and customs brokers to consult the customs regulations of the destination country to ensure all necessary documentation is provided.

Yes, many trade agreements can provide preferential duty rates for HS code 721499. For example, goods originating from countries that are part of the European Union's network of Free Trade Agreements (FTAs) may benefit from reduced or zero duties when imported into the EU, as reflected in the TARIC system. Similarly, goods originating from countries with an FTA with the United States may be eligible for preferential treatment under the US tariff schedule. Importers should always investigate if their goods qualify for preferential treatment under applicable trade agreements by obtaining the necessary proof of origin, such as a certificate of origin.

HS code 721499 is for 'Other bars and rods of iron or non-alloy steel, not further worked than cold-formed or cold-finished'. The key classification criteria involve ensuring the steel is iron or non-alloy steel, that it is in the form of bars or rods (solid cross-section, not hollow), and that the only working performed is cold-forming or cold-finishing (e.g., cold drawing, cold rolling, straightening, or peeling). If the steel has undergone further working, such as heat treatment (beyond stress-relieving), threading, or machining into specific shapes, it would likely be classified under a different HS code, potentially in Chapter 82 for tools or Chapter 73 for articles of iron or steel. Consulting the Explanatory Notes to the Harmonized System and the specific tariff rulings of the importing country is crucial for accurate classification.