Two Things To Get You Started Making Money In The Scrap Metal Business

Recycling scrap metal is an excellent source to earn extra cash. With the growing trend towards being environmentally conscious, the scrap metal market can be a lucrative endeavor. Here are the two most important things to help you get started generating some extra income turning in scrap metal for cash.

Scrap Metal Pricing

Knowing what the current prices are for scrap metal can help you get a better deal. Prices will fluctuate depending on the market value at the time but can differ depending on the region of the country you live. Having a knowledge of the market will be an excellent bargaining chip when you go to sell your load.

The ability to access up-to-date scrap metal information on the Internet is an excellent tool to have in your arsenal. Websites are available by searching the keywords "scrap metal prices".

You can narrow your search down even better by including your city or state. You will be provided with a set of results that will provide current price information, often in graph form covering a time span, plus additional historical data about the scrap metal market.

Remember that this information will only provide you with estimates of what your scrap metal is worth at any given time. But, becoming familiar with this information can help you track and better understand the fluctuations in the scrap metal market. This will help you become skilled at moving your metals when the buying price is the most optimal.

Know Your Scrap Metal Types

Beginning to build your understanding of the scrap metal market will give you a foundation for the most important thing to know about the market -- learning the difference between types of metal and knowing which bring the highest price.

Four primary factors affect the scrap metal market.

1. Metal type

2. Your location

3. The amount of scrap metal you have to sell

4. The current market value

Scrap metal is divided into two primary classes; ferrous and non-ferrous. Ferrous metals are those metals that contain iron or an iron alloy such as stainless steel. Most of the scrap metal you are going to probably collect is going to fall under this category. Although it is the most plentiful source of scrap metal, it also brings the lowest return.

Non-ferrous metals are more rare and customarily bring a higher price per pound. These types of metals include aluminum, copper, lead, nickel, tin, titanium and zinc. Brass is also categorized as a non-ferrous metal alloy. Any time you have a quantity of metal that falls under the non-ferrous category, you should always separate this haul, as a lump sum price will not bring you nearly the value per pound as if you divide your haul into metal types.

Recycling metals can be an excellent source of additional income and can even become a full-time occupation if you ever decide to dedicate the time and effort it requires. The first thing to do is learn how to read the scrap metal market, then know your metals and become familiar with what types of items have these types of metals in them. Hauling scrap metals to the local recycler will not only make you money but also be the environmentally conscious thing to do. 

For more information, speak to experts like Recycling Center Inc.