Metal is involved in almost everything that affects our daily lives, and a major portion of the metals market is scrap metal. Whether you are new to recycling or if you have been doing it for years, you likely know that scrap steel prices are on the rise. At James G. Grant Company, located in Readville, Massachusetts, we want to help you get ahead of the game and receive the greatest return for your recycling efforts.
When looking at scrap steel prices, there are dozens of steel variations that are accepted for recycling like stainless, carbon, alloy, steel, and heavy melting. And while prices have generally been on the rise lately, it is best to keep an eye on the market.
Scrap steel prices are largely determined by the following factors:
- Supply and demand
- Quality of the metal
- Amount of metal
- Destination
Naturally, if steel is in high demand and low supply, it will sell at a higher price. One example of when this happens is during a business or housing boom. The need for metal, like steel, increases and drives the value up; however, if the market drops, so does the need for steel materials. If the value is low, wait to sell.
Scrap steel prices are also determined by the quality and amount of the metal. Scrap metal has to meet certain quality standards to make it usable by foundries, smelters, and mills. Ensure that you are organizing your steel by quality. Having high-quality steel in large quantities is a combination that will leave both you and the buyer with positive gains.
Finally, the distance and transportation costs required to move the material will affect the scrap steel prices. If the cost of fuel and energy are up, so are the costs to transport and process the steel, cutting into potential financial gains. For this reason, it is best to find a local, reliable scrap metal processor and get the most for your efforts.
If you are needing to recycle scrap steel and are looking for the best return for your material, contact us today. With your local scrap steel processors at James G. Grant Company, you will have a positive team of specialists who are ready to help you make the most of your time and materials.