Metal scraps are old pieces of metal that have been discarded for reprocessing. Scrap metals are categorized into 2: ferrous metal and non-ferrous. Ferrous contain iron while nonferrous don’t. When your car is old and cannot be used anymore, you can still make money from it, by selling it to a metal recycling company. Research done recently shows that the United States recycles one hundred and fifty million metric tons of scrap materials annually. Recycling metal is easy and cheaper than mining new metal. By recycling, we reduce the need to manage any potential dangerous piles of mine tailings and most importantly, it helps to conserve the environment.
Prices of scrap metal in Chicago
Any scrap metal buyers chicago il has to offer are dedicated to buying, recycling and providing best scrap metal services in this area. They buy all kinds of metal starting from aluminum, zinc, steel, copper and many more. The type of metal used in a product determines the price in which a scrap will go for. Buyers use portable analytical tools to determine the condition, location of the scrap. Scrap price provided by the industry heads, for each metal as at February 2018 is No. 1 heavy melting goes for $318, no.1 dealer bundles $368, no.1 bushelling $368, shredded scrap $328, machine shop turnings $225, low-alloy punchings$537 every item has its specific price.
Factors to consider while buying scrap metal
When buying a scrap, there are a few factors to consider. First, quality and quantity: the number of scraps you want to sell will directly affect the amount of money you get. If the items are of quality, then they automatically go for good prices. Location of the scarps: if there is a shortage of any type of metal, the organization has to look for it. Be it be outside or inside the city. If it is outside the city, then the price tends to be higher. Time of the year affects the scrap and metal industry directly. Some metals are in more demand at different times. It all depends on the weather and season. Prices of virgin metals also affect the price of the scraps. If the metal was originally expensive, then the scrap metal will have a relatively fair amount. If it was cheap, then the scrap will also be sold at a cheaper price. Lastly, trading: if there is a higher demand of a certain metal, and the supply is not as high as expected, then the price hikes; the lower the supply, the higher the demand.
In Chicago, most companies in this industry have started doing business with precious metal scrap. This includes jewelry, watches, metal filings, gold, and silver, which are either recycled or rebranded. They urge people to prove ownership before sale. These organizations also provide services like metal recycling, industrial demolition, roll-off services, transformer recycling, asset recovery, equipment removal, dumpster services, and machinery dismantling. In order for recycling to take place, a company must follow some steps. They include collection, sorting which involves separating metals from mixed scrap metal stream, processing, melting, purification, solidifying and transportation of metal bars. On May 17, 2018, United Scrap Metal won the Scrap &Recycling Industry Award. Just like USM, other companies are experiencing tremendous growth and doing their best to take this industry to greater heights.