Tracking Scrap Metal Prices
Learning the history of the market exchange can prove to be a challenge for the younger market traders. It was during the computer revolution in the 21st century that the world experienced the merging of the cellular phone with the computer. With the popularity of smartphone, tablet, and other devices, the current information on stock prices, interest rates, and scrap metal price could travel with people in every waking moment of their lives.
| Price / Pound / Ton
|Shreddable Steel||$125.00 / Ton|
|Battery||$0.23 / Pound|
|Lead||$0.50 / Pound|
|Stainless Steel||$0.25 / Pound|
|Aluminum Rims||$0.55 / Pound|
|Chrome Rims||$0.40 / Pound|
|Aluminum Cast||$0.30 / Pound|
|Aluminum Cans||$0.35 / Pound|
|Sheet Aluminum Old||$0.30 / Pound|
|Copper Aluminum Coils Clean||$1.00 / Pound|
|Yellow Brass||$1.55 / Pound|
|Copper||$2.15 / Pound|
Young traders are not familiar in a world where scrap metal pricing is done non-electronically and is disseminated through newspapers and at a much slower pace. The scrap metal prices today are distributed in a more modern way.
How Metal Prices Were Tracked Before
Several years ago, everything was based on the Iron Age prices, as well as the monthly figures that were set for the next 30 days. It was very rare that there would be mid-monthly adjustments. The traders and steel mills would accept a 30-day price even though there was a risk of a large swing by the end of the 30-day period. This was mainly due to the fact that they wanted to avoid constant monitoring and the shift in prices wasn’t considered to be a part of such a routine.
For traders of scrap metals during that period, obtaining the scrap metal price was very low-tech and it required making several phone calls to some trusted metal traders that could accord to feed prices through an overseas exchange.
Tracking Metal Prices Now
Metal traders who have been in the business for more than three decades have seen a significant change in the way the aluminum prices, copper prices, and prices of other metals are tracked. Nowadays, there are numerous ways on how to obtain information on scrap metal prices.
By simply doing a search of the name of the metal in some of the leading search engines, you’ll already be provided with pricing information from the leading news services like Bloomberg, AP, and Reuters. Bloomberg mainly specializes in providing a more comprehensive market coverage and financial news, but its overall service is mainly reserved for the large-scale bonds and securities traders.
Understanding the Price of Scrap Metal
As a metal trader, you should be updated with the latest on scrap metal prices. You need to understand that the value of the scrap metal will mainly depend upon these factors – purity, weight, and market value.
The price of a certain metal will usually start with market value and this figure is going to fluctuate on a daily basis. Obviously, the higher the quality of the metal, the more valuable it will be in the market and the more amount of metal you have, the more you’re going to earn once the value increases. On a day when your metal is priced higher in the market, an ounce of such metal will make you more profit than a day where the values are low.
Factors That Could Affect the Fluctuation of Scrap Metal Prices
There are lots of factors that could affect the scrap metal prices. Usually, the cost will depend on the quality of the scrap metals. Both the copper and aluminum prices have increased constantly in the past few years, simply because there’s an increasing demand for these metals in the market.
Metal scrap prices also depend on the metals availability. The fluctuating rate in the market is another important factor that could affect the change in the prices of the scrap metals. We use different types of metals for various purposes every single day. They are often reused and recycled, which is also another factor behind the fluctuating rate of scrap metal prices.
The Different Types of Scrap Metals and Their Prices
Tin cans, aluminum cans, and copper wires are some of the most common examples of metals that are often being recycled for various purposes. As such, the prices of these scrap metals often increase regularly. For instance, copper, which is mainly used in manufacturing automobiles, is often more expensive compared to other metal scraps. The metal is recycled many times due to its scarcity. Copper is among those metals that are considered non-ferrous, similar to lead, brass, and aluminum. The aluminum prices tend to become expensive as well because the metal is often less available and its demand is constantly increasing.
If you plan on trading scrap metals, then it’s important that you’re aware of the latest scrap metal prices and you educate yourself on the factors that could affect the metals fluctuating rates.