Why Do Scrap Metal Prices Fluctuate?
The prices that different scrap metals sell for are constantly changing and fluctuating, meaning that if you sell the same type and amount of metal at two different times, you’ll likely receive two different amounts of money for it. Like in many industries, the scrap metal market is always changing because of several factors. Here are some reasons why scrap metal prices fluctuate:
Virgin Metal Price and Quality
An increase in the price of virgin metal tends to affect scrap metal prices. It usually occurs this way because an increase in virgin metal pushes users and companies to seek the best alternatives for production. As a result, the demand pressure forces the scrap price to go up in the same direction. The same thing applies to the downward trend in prices of pure metal, which causes relief for the use of scrap metals.
International Trade
Generally, the determinant of metal price is not limited to internal factors. Activities in the foreign market have a way of causing price fluctuations. For example, an economy that requires a high volume of metal can affect price determination through its importation. Their request for a high volume of scrap can raise the price above the equilibrium point. Inversely, a change in the demand for these countries can lead to a drastic fall in price.
Scrap Metal Amount
The quantity of scrap you have for sale determines the price you will get at a scrapyard. Metal recyclers that bring forth a significant quantity will likely get a desirable price from the middlemen. The reason you may not get your scrap value at the same rate each time might be because of the quantity. Generally speaking, the more metal you bring to be recycled, the better price you’ll get for it.
Your Location
If you are in a location far from the processing unit, there is a high probability of low pricing. This is because the middleman will need to transport it for further processing – costing them more, meaning they’ll pay you less. Scrappers that live close to favorable locations get higher prices for their scrap metals. Transportation costs for long-distance intermediaries are part of the pricing consideration.
Supply and Demand
In every industry in the world, the laws of supply and demand will affect pricing. The scrap metal recycling industry is no different. When low demand meets high supply, without any doubt, the price will be low due to the surplus of metal in the market. Likewise, when the quantity supplied is not enough to meet the requirement of those in need of metal, the price goes up. This means that timing matters a lot when you consider selling your metal scrap.
Contact Second Street Iron & Metal!
If you have questions about how much Second Street Iron & Metal will pay for your scrap metal in Massachusetts, check out our pricing page or contact us! Call us at (617) 387-1188 or fill out the contact form on our website!
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