Why Scrap Metal Prices Change Quickly
The scrap metal industry is about buying and selling scrap metal to be recycled and re-purposed, and it is a large industry. You may notice that when attempting to get a hard-capped price on your metal from a local scrapper, it will prove extremely difficult, and that’s because there never is one. Scrap metal prices are ever fluctuating and you will be hard pressed to guess the price of scrap from one week to the next, even from one day to the next. Here is an explanation of How Fast Scrap Metal Prices Change.
Why Do Scrap Metal Prices Change?
Like many other industries, the scrap metal market rises and falls depending on the time of the year. There are several outside factors and it’s hard to pinpoint specifically each one that would cause the value of your metal to drop, but the most common cause is simply due to supply and demand. When there is higher demand for metal, its value is increased and as the demand drops so does the price of the metal. Your local scrapper can’t pay the same as what he paid you last week for your scrap because the people that buy the metal from him won’t take it for the same price. It’s an incredibly unpredictable industry, however still very lucrative just the same. Given that it’s a good week at least.
How Often Do Scrap Metal Prices Change?
The prices of your scrap metals are going to go through noticeable changes from week to week. 7 days is more than enough time for the market to change and more than enough time for your scrapper to get the information and raise or lower his prices per pound.
It’s not rare either for prices to change on a day to day basis. Certain times of the year create more uncertainty in the market and if they want to maximize profit they have to pay out and charge exactly proportional values for the metal.
For the value of your scrap metal to only change from month to month is a rare occurrence, but it is also a very good sign. This most likely means that the market for scrap metal has stayed very consistent and there has been no need for drastic changes in the prices for metal as the demand has stayed consistent. An excellent scrap economy would ideally only change this rarely, however realistically you will find week to week, if not day by day changes.
How Can I Find The Current Price of Metal?
If you’re lucky, your local scrap yard will post live updates of the current prices of metal on their website, but many businesses choose not to take this route due to the constantly changing prices. Your best bet is to simply call ahead of time and ask for the price of the metal you wish to scrap, or go there in person where they will be able to tell you exactly how much your pile of scrap is worth to them that day.