HSN Code 7204 refers to "Ferrous waste and scrap; remelting scrap ingots of iron or steel (excluding slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen)." This classification code is essential for identifying ferrous waste and scrap materials for import/export purposes based on their nature, composition, and intended use. Common products under HSN Code 7204 include scrap iron, scrap steel, and remelting scrap ingots. Additionally, the GST rate for ferrous waste and scrap under this code supports accurate trade compliance.