Scrap Metal Collection And Sales: What To Do

Posted on: 16 December 2018

Making extra money doesn't always require that you apply for and get another job; scrap metal sales is one of the tasks you can take up immediately. However, if you'll be taking it seriously, you'll need to appreciate these activities.

Learn About Metals

A basic education in metals is smart when you begin metal-related work. For example, magnet-attracted materials--like iron--are ferrous materials. Bringing a magnet on your searches will enable you to pick out ferrous items quickly. However, often they're not as lucrative as non-ferrous pieces. Pure metals will generally sell for higher than alloys will. This knowledge can make your searches more efficient, as you go through salvage yards and other places where you'll find metal.

Explore Spot Price

Spot, or base prices will give you a simple starting place for expectations when you're about to sell. Most of the common metals are trading daily on the large commodity markets; at any time, internet searches will provide the most recent trades and prices. While buyers will make offers based on amounts that save them money, once you've got knowledge of base prices you can tell what's a fair offer and what is not.

Prep Metals

You'll make more if you do some of the prep and separating work yourself. For instance, if you've found copper wiring covered in black insulation, saving the buyer some work and stripping that insulation could mean a few dollars more for you. If you've assembled a pile of metal, take some time to go through what you've accumulated and separate metals. This task will ensure that you're paid properly for each individual metal group rather than a low single bulk price.

Work with Others

Other sellers may seem like competition, but at times, they're the greatest partners to have. Through online forums and offline meet-up groups, they could recommend new places for scrapping. They can suggest haggling techniques when talking to metal buyers. They may trade some of their haul with you so you both end up with better loads to sell. 

Compare Rates

Remember that different metal shops and purchasers have different needs and separate policies. You may find you'll get the highest prices if you sell to multiple buyers rather than just going to a single shop.

After considering these scrapping details, positioning yourself for a real income is possible. Stick with it; metal scrapping could soon improve life in ways you can't imagine. Contact a company, like Falcon Metals, for more help