How Much is Scrap Metal Worth: A Guide to How Much Money You Can Make
If you’re interested in scrapping metals for money, then you probably want to know how much is scrap metal worth? Click here to find out what the going rates are so you can turn yours in for some cold hard cash.
In 2017, there was about seven million pounds of iron and steel scrap produced in the United States. That’s a lot of metal! But if you’re looking to profit from scrap metal, you are probably wondering how much is scrap metal worth.
The answer depends on the metals you have and how much of it you want to scrap. Below is some helpful information to get you started with your efforts to earn money from scrap metal.
How Much is Scrap Metal Worth by Type
The first thing you must understand is which kind of scrap metal is most valuable. Scrap metals are divided into two types of metals: ferrous and non-ferrous.
Ferrous metals are much more common. They are used in many everyday appliances, including dryers and dishwashers. The two most common types of ferrous metals are iron and steel (non-stainless).
The second category of scrap metal is non-ferrous. Non-ferrous metals do not contain iron.
They are typically more valuable because they have desirable traits like lightness, better conductivity, and more resistance to corrosion.
Common ferrous metals you can scrap, as mentioned, are iron and steel. The most common non-ferrous metals are copper, aluminum, brass, and stainless steel.
The Cost of Common Types of Scrap Metal
You now understand the way that scrap metals are divided up. Beyond ferrous and non-ferrous, there are sub-types of metals within each category. Each sub-type of metal has a different price.
Keep in mind that the list below is simply a guesstimate based on national prices. To understand the exact amount of money you can make for scrap metal, call your local scrap yard. You could also check a scrap metal price tracking website, one that tracks Scrap Copper prices per pound in USA, for example.
Here are estimates for each type of metal:
- Shreddable steel: $130 per ton
- Iron: $150 per ton
- Copper: $2.85 per pound
- Brass: $1.60 per pound
- Aluminum: $0.55 per pound
Again, remember that these are estimates. The exact price you pay will vary depending on which scrap yard you visit. It will also vary based on the location of the business you are selling scrap to.
The Process for Selling Scrap Metal
Even if you know the typical price you can expect to receive for scrap metal, you may be unfamiliar with how to actually sell it. Luckily, the process isn’t too difficult.
First, you’ll need a truck or similar vehicle capable of hauling all your metal. If you’re planning on selling scrap metal often, it may be worthwhile to invest in a personal vehicle that has space for scrap metal.
Next, you’ll drive it to the scrap yard. They will weigh your vehicle, unload (or help you unload) your scrap metal, and then let you know how much money you will receive in return. Some yards will give you an ATM card that you can use for cash.
Selling Scrap Metal Can Provide Great Income
Selling scrap metal is a great way to earn extra money. If you have the desire and determination to keep track of how much is scrap metal worth, you could even make it into a full-time business.
For more tips on running and managing your business, check out the blog’s small business articles.