Do you know those faulty computer cables and that long abandoned old fridge you have taking up space in your backyard can actually be of use to society? These items and many more you are no longer using can be made into scraps which can then be recycled and turned into new items. You could also make some money from them as well!
Steel items are one of the major items you can sell for scrap and these scraps are actually in high demand. Instead of having these old “junks” taking up that much-needed space in your home, you can actually get them recycled, save the environment, and make some money in the process.
The scrap steel recycling business is quite a lucrative one, and you can earn quite a bit of money for your trouble. Before we get to scrap steel prices and why you should take advantage of the opportunity, here are a few things to note.
What Exactly is Scrap Steel and Why Are They Important?
Scrap steel, just like the name suggests, is any scrap metal containing steel in them. These are obtained from old steel appliances and materials which have been damaged, abandoned or rejected and have been given up for recycling.
These scraps are essential for the creation of steel used in our industries for the production of steel pieces of equipment, machine parts, and so on. Since steel is made from iron which is naturally mined from the earth, there is a finite amount of it that can be produced. The more fresh steel is produced, the less iron we have.
To reduce the chances of the world’s supply of iron running out, scrap steel is usually recycled and the product of this is mixed with fresh steel and used for production purposes. This is why scrap steel is so important and why recycling companies pay handsomely for these scraps.
Now with that out of the way, let’s get to the main topic for the day.
Scrap Steel Prices
Scrap steel prices generally vary depending on your location, the quality of steel to be recycled and the company purchasing them. Usually, though, scrap steel prices in Australia would range from $0.5 - $1 per kilogram.
Factors Affecting Scrap Steel Prices
The Quality and Quantity of the Steel
If your scrap has a lot of casings that would take more time to clean and process before recycling or it would cost a lot to transport it, you might not get it exchanged for a large amount of money.
The higher the quantity of quality pure steel, the higher its monetary value.
Your Location
Your geographical location would determine how much you would get for your scrap steel. Don't be surprised if you are paid low prices for your scrap in an area with a high cost of doing business or long distance transportation is needed.
The Demand and Supply of Steel
If steel is currently high in demand, it is normal for it to be sold at high prices but at a time when demand is low, your scrap steel would be bought for low prices.
Most time, most scrap dealers buy scrap steel when their demand is low and supply them when their demand is high so they can get more profits.
Time and Season of the Year
During the cold and winter seasons, there aren't usually many constructions, and the demand for metals will be low. If you are selling your scrap steel at a time like this, the rates will be low but during the warmer season of the year, due to high demand, you can be sure of good rates.
These are the things you ought to know about scrap steel prices. If you would like to exchange your old metals for cash, or you would like to know about the current prices of any scrap steel, Then click here for more information or to contact us.
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