Scrap metal recycling yards make it possible for companies to manufacture new metals by using recycled materials instead of ores. This is a more affordable option for companies, and it is why the scrap metal business is so profitable. If you collect scrap metal and sell it to scrap metal yards for money, understand that prices fluctuate constantly. You aren't the customer, but rather one of the small suppliers of scrap metal. With this mentality in place, understand that you are selling scrap metal to the scrap metal buyers, who are then selling the scrap to a refinery. When you are a small collector of scrap metal, you can still make some profit from your efforts.
Prepare Your Scrap Metal for Purchase
While you can bring any type of metal you want to the scrap metal yard, you are going to get a better price when you carefully separate your metals. When you have copper wire, strip it so that the metal itself can be weighed. If you are bringing electronics, take apart the devices to separate each metal. Your haul is often valued by weight, and the scrap yard takes into consideration the type of metal you are selling. Ferrous metals, or those that are attracted by a magnet, are less valuable, while non-ferrous metals net you more money.
Know What Your Scrap Is Worth That Day
Prices of scrap metal change every day with the stock market. You can be quoted a great price on Monday, only to receive half the price on Friday. When you get quoted a good price, get to the scrap metal recycling yard with your haul. When you wait to bring in your scrap metal, you can end up losing out.
Weigh Your Scrap Metal Ahead of Time
When you are calling around to scrap metal buyers to find a good deal, know how much your overall load weighs. If you have already separated your metals, let the buyer know how much each type of metal you have weighs. This can reduce negotiations when you get to the scrap metal yard. If your load isn't big enough to bother with, you can wait and save up your scrap metal until you have a more substantial amount.
Scrap metal yards are in business to buy scrap metal at a low price and sell it to refineries at a high price. You are a supplier to the scrap metal yard, and with some hard work, you can make a decent profit.
Share6 September 2019
Growing up in a family of entrepreneurs, I was always interested in how business worked. I spent a lot of time in my family's businesses watching the operations and trying to learn how to ultimately work for myself when I got older. Now that I am an adult, I'm still putting time into learning about entrepreneurship, start-ups, and small business management. I know that there are many people who would love to work for themselves but don't know where to start. I hope this site helps you to work through some of the basics and get started with launching your own business.