3 Factors That Tell the Price of Your Scrap Metal

Posted on Jan 18 2016 - 8:22am by Business Day TV

Scrap Metal in AucklandMuch has been about scrap metal recycling. You probably know how a godsend it is if you have plenty of metals at home you’re aching to dispose. From an environment perspective, the fact that it helps conserve virgin ores and reduce the need for new metal manufacturing is no secret.

What you probably don’t know is to tell how much your metal would sell. Of course, you wouldn’t exactly know for sure, as quotes vary amongst traders like McCamish Metals recycling scrap metal for export, but all of them generally base their pricing with these factors in mind:

Magnetism

One way to know if you’d receive a considerable offer for your item is by using a magnet. As it’s hard, even for the trained eye, to be spot-on when it comes to identifying the kind of metal an item is made of without further inspection, an ordinary magnet can determine whether your material is ferrous or non-ferrous. Simply put, the former contains iron, while the latter doesn’t.

So, why is this important? It matters because the world deems non-ferrous metals more valuable over the other group. While not all ferrous metals are magnetic, you can almost bet that your metal has a relatively high market value if the magnet sticks.

Scarcity

The reason ferrous metals costs less in scrap yards is because they’re ubiquitous. For the longest time, they’re in good supply, which is why their pricing only change slightly every now and then.

On the other hand, non-ferrous metals are harder to come by. Naturally, their demand is normally higher compared with iron alloys, like steel. Depending on the recycling efforts being made, their price tend to ebb and flow often.

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Quantity

Even if non-ferrous metals, by and large, are worth more than ferrous metal per kilo, the amount of your cash you’d take home depends on the weight of your item. By all means, tonnes of cast iron would cost more than just a few strips of copper wire.

The rules to telling the price of metal items are fairly simple, but take note of the exceptions to manage your expectations.