Today, environmentally conscious individuals and organisations are gravitating towards recycled products. That means metal recycling is a more lucrative business that can earn you extra cash. However, the amount of money you profit from scrap metal recycling depends solely on the strategies you implement.
Therefore, consider more effective ways to maximise profits if you want to adopt a successful scrap metal venture. Here are four essential tips to help you make the most out of your metal recycling business.
Consider Proper Separation of Metals
The first step to reap maximum benefits from scrap metal recycling is organising and sorting your metals according to quantity and type. Generally, aluminium and copper have a higher value. However, they can go unnoticed if you don't sort them from other lower-value metals.
For example, if the scrap metal contains more aluminium than copper, the collection company might determine the price of the entire batch based on aluminium rates. However, separating the copper from the mix might earn you more money from your scrap metals. Therefore, efficient scrap metal sorting before sending it to your scrap collector is imperative.
Ensure Excellent Protection During Storage
It's imperative to ensure your scrap metal is well-protected during the storage time before delivering it to the recycling yard. Ideally, ferrous metals undergo rusting when exposed to elements like water and oxygen over prolonged periods. Rust is the biggest enemy of ferrous metals and can significantly reduce their weight.
Since recycling yards typically pay according to the weight of your scrap metals, you'll make less in the long run. Therefore, storing scrap metal in optimum conditions free from moisture can help preserve your scrap metal's weight.
Focus More of Your Efforts on Non-Ferrous Metals
One of the primary reasons you could have a truckload of scrap metals yet still make less money is piling only little-value metals. Generally, you can categorise metals as ferrous or non-ferrous. Ferrous metals contain iron, are relatively low-prized and won't fetch you more money.
On the contrary, non-ferrous metals don't have iron, including copper and zinc. Generally, these metals fetch more than their ferrous counterparts, and it'd be wise to focus on these types of scrap metals.
Always Keep Up with Market Prices
Finally, scrap metal pricing is often determined by demand and supply factors. Therefore, it's imperative to conduct comprehensive market research and stay up to date on current costs. Besides, understanding the current market price and trends will assist make the delivery when scrap metal prices are at their peak.
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