Scrapping metal items is a common practice. Everyone who sold unwanted items to scrap yards knows that not all rubbish is waste that should end up in landfills. In fact, most countries have multi-million dollar scrap metal export industry. How much can you make in this endeavour? Is it really worth your while to scrap metal? Whether you plan to do full-time, or scrap at least one time just to get rid of certain things, it always pays to learn how the trade works.
Check If It Sticks to a Magnet
Not all metals are magnetic, and magnetism isn’t a chief requirement for a metal to be valuable. If a magnet does not attract your item, it means it’s a non-ferrous metal. In that case, there’s a good chance it might be worth a lot because metals that don’t contain iron tend be more scarce than those containing iron.
Know Its Current Market Price
Scrap item value depends on the classification of the metal, but supply and demand likewise dictate the price. Much like other commodities, the value of a certain scrap metal fluctuates daily.
While prices are unlikely to change significantly over a short period, it always pays to keep a close watch of the trends in pricing. Better yet, shop around and know how much scrap yards are willing to pay for your item.
Quantity, of course, matters. Even if you’re selling the most valuable metal in the market, you can’t expect to make a lot of money out of it without bringing a large amount. Logic tells you that the more you bring, the more dollars you can get
Know the price of your item and keep your expectations realistic. Do your homework, and you can maximise the money you can bring home in this trade.