How Is Scrap Metal Priced?
As we’ve outlined over the past few months, scrap metal can be a lucrative source of income for those with large amounts of it lying around. But, for the most part, people find it difficult to know what metals are the most valuable and why. It pays, therefore, to know how exactly scrap metal is priced so you can keep an eye out for valuable metals. Here, we’ll be detailing the various factors that influence the price of scrap metal to answer just that.
All metals are classified by a variety of categories, and different scrap dealers might classify the same piece of metal differently. That means that some scrap metal dealers might classify your scrap as more valuable than another might classify it. As a result, it’s worth building a relationship with your scrap metal dealer to learn what types of metals they are after and which ones they’ll give you a better price for.
The amount of scrap metal you have to sell can also influence the price. With more scrap metal, it’ll be more likely that your scrap metal dealer will purchase it off of you – it’s more cost effective for them to buy it in bulk. On the flipside, if you have only a little scrap metal, they may decline to buy it at all, especially if it’s a common metal they can easily obtain.
Your location and that of your scrap metal dealer can also affect the price. For instance, in South England you can generally expect a larger payout than you would in the North, but that isn’t the only influence. The areas where scrap metal is difficult to obtain will pay greater prices than areas where the market is saturated. As such, urban areas where there is a lot of waste produced may be saturated, but a rural area without much infrastructure could have higher demand for scrap metal and be unable to fulfil it. Talk to a representative at your local recycling centre to find out more.
Price on Commodity Market
Ultimately, it is the market-price that will mostly determine the price of your scrap metal. The price changes on a daily basis, so knowing what metals are in high demand and which are plentiful in the market is essential in improving your gains. If you keep an eye on the fluctuating prices, you can profit immensely by waiting until the value jumps and then selling your scrap metal. Your local scrap metal dealer may have more information on how to monitor the market.
At Hill Metal Recycling we pride ourselves on the fact that we are the leading recycler of ferrous and non-ferrous scrap metals throughout Harlow, Hertfordshire and the surrounding areas. We are affiliated with the DVLA and Environment Agency bodies and are widely qualified and experienced to appropriately handle and dispose of all types of scrap metal. We offer a 24 hour scrap collection service, including cars, for commercial and some domestic needs. To discuss the best prices you can fetch for your scrap metals, don’t hesitate to get in contact with our friendly team today!