Whatever reason you have for trading in your old scrap metal, you want to get the best possible value for it. Whether you’re trading in old appliances or clearing out wiring and other materials from a construction site, you should always shop around for fair scrap metal prices. But given the frequent price fluctuations for scrap metal, that can be a tricky proposition. We’re here to offer some insight on what causes these shifts in value so you can have the knowledge to pursue the best scrap metal prices per pound.
Why Do Scrap Prices Fluctuate?
As with most things, the simple answer is the law of supply and demand. But what factors contribute to that? Usually, there is one major reason behind the availability of materials and their resulting prices. Lately, even though the quantity of metals hasn’t deviated tremendously, that key reason is a shortage of labor and resulting transport delays caused by the global COVID-19 pandemic. This bottleneck, whether due to government restrictions, turnovers in staff or other reason, has prevented materials from reaching their destinations. Metal may be available, but it doesn’t matter if it can’t get to where it’s needed.
Recycling scrap metal tends to have a strong effect on the cost of materials, both new and recycled. Since even in the best of circumstances this planet has a finite amount of metals available, when you put your scrap metal back into circulation it helps keep the cost of new metals down, reduces the wear on the environment and puts money in your wallet.
How Significant Are These Price Shifts?
On the whole, prices for scrap metal are constantly shifting, often on a weekly, and even daily, basis. In general, however, these day-to-day fluctuations are not significant, usually amounting to a matter of cents per pound or dollars per ton.
According to Recycling Today, we are currently in the middle of a scrap metal price boom. Due to all the unprecedented changes in the global market, shifts are more noticeable than usual—amounting to dimes on the pound. While that may not seem like a significant amount now, over the course of a year, if those trends continue, the total value for scrap can see major gains. If you’re simply dealing with a few broken-down appliances, the fluctuations might not make much difference, but if you’re dealing with tons of scrap metal, it’s worth it to keep a close eye on the market.
How Can I Keep an Eye Out for the Best Scrap Metal Prices?
As with any sort of resale project, getting cash for your scrap metal is all about timing. The factors we have discussed here all work in tandem to contribute to the amount of cash you can get for your scrap, and depending on your location, that can be a boon or a barrier. Of course, if you’re looking to clear out a worksite quickly as your job wraps up or are facing pressure at home to clean out the shed, you may not have the option of waiting for prices to rise.
Having a scrap yard you can trust is a good way to ensure that you always get a fair price. The value for scrap metal may not always be as high as you want, but if you know that your recycling center is giving you the best price available, it still counts as a win. At Gardner Metal Recycling, our team always offers the best current scrap metal prices, and we are happy to act as a resource to help you find any further information you need.
We will also offer any advice we can to increase the value of your scrap so you can get the most for your metal. For example, as a general rule, cleaning and stripping it will increase its cash value.
If you don’t feel like now is the right time to sell, sign up for our scrap metal price alert newsletter so you can sell your scrap metal when prices are up!
Get Help from the Recycling Experts at Gardner Metal Recycling
While a lot of the shifting prices for scrap metal are out of your control, that doesn’t mean you’re without options. At Gardner Metal Recycling we want to help you do the right thing for both the environment and your wallet, so we provide the best scrap metal prices near you if you’re in the Austin area.
More importantly, we make ourselves available throughout the recycling process to help wherever possible. If hauling away your industrial materials or job site scrap is causing you stress, we have you covered. No need to rent a trailer or take time out of your busy schedule; we’ll happily schedule a pickup to remove your scrap!
To learn more about recycling scrap metal and get a price quote, contact us today.