It has been a tough few years for everyone within the trades, construction and even the scrap metal industry. As a proud local business in the scrap metal recycling sector, we fully appreciate that our customers will want to get the most value for their scrap metal. So, when it comes to selling your scrap metal, you will want to get the best price for your leftover materials.
With our 35 years in the scrap metal recycling industry, we know a thing or two about getting the most from your metal, so to help you out, we have put together an easy guide on how to improve your profits from selling your metal.
Sort and Separate Your Metals
If you recycle a significant amount of scrap metal, one of the best ways to maximise profit is by segregating it into types and grades where possible. If you have the ability and tools to identify which type of metal you have, you are minimising the process at the scrap metal recycling centre by collecting it in separate piles. Saving them time like this allows you to get a better price for your various scrap metals. Sorting your metals before being recycled is the best way to cash in on low-value materials.
Even if you don’t have the knowledge and tools to help you grade and categorise your scrap metal, a simple magnet will help you identify if it is likely ferrous or non-ferrous metal. Ferrous metals are magnetic and tend to have a lower value than non-ferrous ones, so identifying and scrapping them in for ferrous metal recycling will help you sort your metals by value. You could be making more money than scrapping in a bulk collection of various metals.
Clean and Prepare Your Metals
Contaminated metals are often challenging to clean in preparation for recycling. Preparing the metal, yourself will decrease the work required to get it ready for processing and offer a higher price when you send it to a scrap metal buyer. For example, although you can send wiring in for scrap without preparation, removing the sleeving can be pretty straightforward, leaving only the metal wire as the final product. Offering only the metal you wish to scrap means it doesn’t need any further preparation and can be processed quicker and easier.
In addition, removing any toxic products from your scrap metal collection will prevent cross-contamination. Items such as paint and oil cans cannot be recycled as the products they contain are harmful toxins, and even cleaning them doesn’t guarantee they are free from contamination. Removing these items from your collection can increase the price of your metal and prevent any spills from risking your valuable metals.
Hold Off For a Better Price
The price of scrap metal fluctuates regularly, meaning the price you are offered one month may not be the same the next. There are many reasons why scrap metal prices change throughout the year. Often it is due to supply and demand and a fluctuation in the availability of various metals across the industry. Instead of being quick to sell your scrap metal, holding off for a price increase could provide you with more income.
Of course, keeping scrap metal hanging around may not be ideal for your business, but if you have the facilities to hold it, it could be more advantageous for your profit. Use metal pricing websites to stay up to date. For example, Fastmarkets.com provides a detailed analysis of the value of metal worldwide and the prediction of price increases and falls of various materials. It will also offer you the industry’s latest news, which may have a knock-on effect on prices. Evaluating online platforms like these will help you decide the best time to cash in your scrap metal for recycling.
Shop Around For the Best Price
We are proud of our competitive service prices at Morecambe Metals, but each scrap metal recycling facility differs. Much like any product, each scrap metal buyer will have their own prices unique to their facilities. However, when shopping around, you must always look for a reputable scrap metal buyer, as there may be scrap metal dealers who may be unregulated.
Unregulated scrap metal buyers can pose significant risks to the seller as they could be causing harm to the environment with their practices and misrepresent the value of the metal. Although they may appear to be legitimate in their services, they may be undercutting you on prices as a part of fraudulent activity. Always be sure to find a scrap metal buyer with a good reputation and ethical practices who can prove they are part of the regulated market.
Save Up to Get More
Not rushing to scrap your metal helps not only with the fluctuating metal prices, but it can also help you build up the quantity of metal. Naturally, the more metal you have, the more money you can obtain from selling your scrap metal. Again, if you have the facility to store your metal on-site without fear of theft, we highly recommend it until you either have no more space or will not be adding any more to it.
Whether you are looking for ferrous or non-ferrous metal recycling, the more you can offer the scrap metal recycling facility, the more worth it will have, even by weight. Smaller amounts must be processed on their own, whereas bulk quantities of scrap metal will have more of an impact on the scrap metal buyer to sell. The more money they can make with significant amounts, the more they can offer their customers. So if you know you will be collecting more, it may be worth hanging on to it until you physically can’t any longer.
Scrap Your Metal With Morecambe Metals
At Morecambe Metals, we work round the clock to provide only the best services for our customers. We offer some of the best prices for scrap metal in the local area. We are environmentally responsible within our practices, following strict processes and regulations and offer hassle-free scrap metal collection services. You can drop off your scrap metal or take advantage of our various skips and services to simplify the process. So, it has to be Morecambe Metals for all your scrap metal needs in the Morecambe Bay area. Contact us today to see how we can help you.