You might notice that the value of metal can fluctuate. But why is that? Ultimately, it comes down to a few key factors.
FERROUS VS. NON-FERROUS METALS
Knowing the type of metal you have is the first step in figuring out how much you could get paid for your scrap metal. Generally, non-ferrous metals are of higher value to scrap metal buyers. However, large quantities of ferrous metals also have a good chance of selling.
Ferrous metals contain iron. They may be mixed with other metals to achieve different desired properties, depending on the intended use of the metal. For example, stainless steel is an alloy of iron, nickel and chromium. Due to the chromium, the stainless steel is highly resistant to corrosion, making it a perfect metal for kitchenware.
Some examples of ferrous metals include:
- Stainless steel
- Cast iron
- Carbon steel
Non-ferrous metals do not contain iron and they are sought after because they typically don’t rust or corrode. A few examples of these metals are:
Tip: You might be wondering how to tell if your metal is ferrous or non-ferrous. Simply holding up a magnet to the metal will give you an indication of the answer; ferrous metals are typically magnetic.
QUANTITY OF METAL
Quantity is everything, especially for ferrous metal. You’re much more likely to negotiate a higher price for a whole bin full of metal rather than a few separate kilos. This is because buying in bulk is more convenient and reduces the transportation cost for the scrap buyer. Building up the quantity of your scrap metal before selling it is an ideal way to get the most money from your scrap.
QUALITY OF THE METAL
The quality of the scrap metal also affects its price. If, for example, it is attached to insulation, then the scrap buyer may not be willing to pay as much for it because they will need to remove the insulation themselves.
There are other quality factors to consider, too:
- The purity of the metal – is it an alloy? Purer metals are typically worth more.
- What kind of scrap metal is it? Sheets and casting are specialty metal scraps and often pay better than random scraps.
- Is the metal corroded? Often, corroded metals attract lower prices.
At Manville Recycling we collect both ferrous and non-ferrous metals. Give us a call today to discuss your recycling needs – as no job is too big or too small for us.