In a society continually looking for ways to meet its goals at reduced costs, recycling remains an important strategy. Not only does it cut expenses, but it also reduces landfill. On that note, one of the most recyclable items is metal.
The scrap metal recycling sector supplies over 40 % of the metal used in manufacturing industries. As a person looking to make money, you should know that there are many metal items which can generate extra income when sold to a scrap metal dealer. However, not all attract the same price. Read on to learn more about the factors that influence the price of scrap metal.
Types of Scrap Metal
There are two main categories of scrap metal — ferrous and non-ferrous. Aluminium, copper, brasses, tin, lead and precious metals comprise non-ferrous metals. Steel and iron are ferrous metals. Ferrous scrap metals are typically in good supply, and their price is lower compared to non-ferrous metals. Production of non-ferrous metals is more labourious, and this drives up scrap metal demand and, subsequently, prices.
Scrap Metal Contaminants
Experts consider added elements in metal alloys metal impurities. They lower the price they pay you for your scrap metal. The highest valued scrap copper, for instance, is #1 which contains no additives.
The construction, technology, and electronics sectors use scrap metals the most. Their demand for scrap metal affects the prices of the metal. High demand means higher prices for the scrap metal and vice versa.
The quantity of your metal also affects its price. You can opt to collect your recyclables over an extended period to get a price advantage. Ensure you weigh your material using an accurate scale. Any inaccuracy will drastically reduce the price of your scarp. Cleaning your materials and delivering them to your scrap metal dealer also raises the price you will get paid.