Recycling scrap metal is a good way to make some extra cash. The worth of your scrap metal varies on the type of metal, but not so much on location. Metal prices in New Jersey will be very close to prices anywhere else. The only real difference will be if a company offers a bit more in order to entice you to choose them.
What Types of Metal Can Be Recycled?
There are three types of metal. Ferrous scrap metal is any metal with iron in it, such as steel and stainless steel. Non-ferrous metal are metals without iron. Some examples include copper, brass, tin, lead, aluminum, zinc, and nickel. Precious metals are the type you find in your jewelry such as gold, silver, and platinum. All of them can be recycled at a scrap yard and are found in many everyday objects.
How Are Metal Prices Determined?
Scrap Metal Prices work on the supply and demand principal. You’ll get more for your scrap if the demand for it is higher, but there isn’t much of it available. You’ll get less for your scrap if there is little demand for it and plenty of it available. Of course, it’s more complicated than that, but that’s the simple answer. Prices fluctuate all the time for each type of metal.
What Are Some Examples of Metal Prices?
Since prices change it is impossible to say how much your metal is worth, but a few things remain the same. For one, don’t assume that a precious metal is worth more than something that it seems everyone has. Titanium might only sell for $.75 a pound while copper might sell for $2.50 a pound. That’s because copper has a higher demand. Copper and brass tend to sell at the highest prices while ferrous metal, like steel and iron, often sell for below a penny a pound.
What Are Some Tips on Selling Scrap Metal?
Check metal prices before you hand over your goods. Wait for the price to be at it’s usual highest and only sell the metal that’s worth selling. Keep the rest until the prices go up. Do not sell entire objects, such as an entire engine. You will make more money if you tear it apart yourself and sell the separate metal. You will get less per pound if you sell the entire thing because that means an employee must tear it apart for you. Click here for information.
