Scrap metal tips for your scrapyard or small business
Selling or recycling scrap metal is easy. Getting the absolute best price possible for the scrap you’ve been collecting, however, can be tricky if you don’t know what you’re doing. Knowing what to sell, when to sell it and what steps you can take to increase your scrap value takes time and experience; but it’s gaining that kind of knowledge that will make your scrap dealings much more profitable. Below are some tips Winthrop Steel Company has on the subject of how to go about selling scrap metal for smaller scrap dealers.
Keeping track of what you have
Scrap metal has a way of piling up rather quickly. Take the time to track the inventory of what’s coming in your scrapyard and, if you have the ability, try to keep scrap sorted in a way that will help you in any future assessment when you’re ready to sell. Knowing exactly what kinds of scrap metal you have on hand can be an excellent bargaining tool.
The waiting is the hardest part
Just like any other market, the value of metal fluctuates depending on things like exports, imports, availability and even the weather. It can be tough to get a handle on what’s happening in the metal market on a day-to-day basis, and even tougher to figure out how long to wait before selling your materials for the best possible price. Staying knowledgeable on current pricing and future trends can help you comparison shop when you’re ready to sell.
Don’t wait too long, though
In the stock market, many will hold on to their stock for a very long time, hoping to sell at the highest price. The metal market isn’t much different. Stock, however, doesn’t degrade due to constant exposure to the elements, a factor that can sometimes make timing the sale of scrap very difficult. Depending on the type of scrap and how it’s been stored, it could lose value every day due damage and grime brought on by weather conditions. Because the quality and condition of materials plays heavily into an assessment, it’s best not to wait too long before selling your scrap. Use your best judgment before missing a great opportunity.
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