Ferrous products; remelting scrap ingots

HS code 720450 covers the production and trade of ferrous products, specifically remelting scrap ingots. This industry plays a crucial role in the global steel supply chain, as it enables the recycling and reuse of scrap metal, contributing to the sustainability and efficiency of steel manufacturing. The ferrous products industry under this code is a key component of the broader metal and mining sector, which is essential for the construction, automotive, and various other industries that rely on steel and iron-based materials.

The main production technique for HS code 720450 involves the remelting of ferrous scrap metal to create new ingots. This process typically begins with the collection and sorting of scrap metal, which is then fed into a furnace or other melting equipment. The scrap is heated to high temperatures, causing it to melt and be poured into molds, where it solidifies into new ingots. These ingots can then be further processed, such as through rolling or casting, to create a variety of ferrous products for various applications.

The primary inputs for the ferrous products industry under HS code 720450 are scrap metal, energy sources (such as electricity or natural gas), and specialized equipment like furnaces, molds, and casting machinery. The availability and quality of scrap metal are crucial factors, as the industry relies on a steady supply of this recycled material. Additionally, the industry requires skilled labor to operate the production equipment and ensure the efficient and safe remelting of the scrap metal.

The main outputs of the ferrous products industry under HS code 720450 are remelted scrap ingots, which can be further processed into a wide range of steel and iron-based products. These ingots may be consumed by industries such as 720410 Ferrous products; iron and non-alloy steel, in ingots or other primary forms, 720421 Ferrous products; iron and non-alloy steel, in the form of flat-rolled products, and 720431 Ferrous products; iron and non-alloy steel, in the form of bars and rods, hot-rolled, in irregularly wound coils.