Recycling scrap metal is one of the best things you can do for the environment. Furthermore, it can also be one of the best things you can do for your wallet!
That said, at certain times it can be more profitable and sometimes less profitable to recycle scrap. In some cases, people hold onto scrap metal for quite a while, waiting for the right time. Before recycling it, they want to know the answer to a simple question: are scrap metal prices going up or down?
Keep reading as we explore the answer to that question!
Are scrap metal prices rising?
Scrap metal prices have generally risen. In the last quarter of 2022, the prices for copper, aluminum, and stainless steel have all gone up.
In other words, if you’ve been waiting to recycle some scrap metal, now may be the perfect time—especially considering that these prices will not last forever.
How long will the prices last, though? To understand that, you need to understand more about what is driving these rates up in the first place.
What is affecting these prices?
The price of scrap metal can be affected by many different events. In this case, scrap metal prices have risen in part due to developments in global markets.
For example, the price of copper has gone up because China is talking about lifting remaining COVID-19 restrictions. If this happens, it will lead to a rise in production. More production means the need for more materials, so that chatter has been enough to cause copper’s price to rise.
Market disruptions from global events are constantly affecting commodity markets. We encourage customers to reach out to buyers for guidance.
Now that you know a bit more about why these prices are higher let’s take a closer look at how high the individual scrap prices really are.
How much has copper risen?
In recent weeks, the price of copper has risen by as much as $0.45 per pound. This is an end-of-the-year bump powered by hopes that China would be increasing its production and need more copper to fuel different projects.
This increase was a pleasant surprise to most in the world of scrap metal, and it goes to show that patience is soon rewarded for those waiting for the right time to recycle!
What about aluminum and stainless steel?
In recent weeks, the price of aluminum has risen by about $0.03 per pound, and the price of stainless steel has risen by $0.02–$0.03 per pound.
These increases are arguably more important to the common consumer because most people have more aluminum and stainless steel on hand than they do copper. Plus, it’s always nice to know you can get a bit of money back for things like old Coca-Cola cans in your recycling bin.
Will these prices continue to rise?
While scrap metal prices have received an uptick in recent weeks, that uptick cannot last forever. Many analysts believe these prices will stabilize early on into the new year.
What does that mean for those hoping to recycle? First, you may want to recycle sooner rather than later to take advantage of the price bump. Second, you need to find the right place to recycle your scrap so you can get the best prices each and every time.
Turn your scrap into money today!
When it comes to recycling scrap metal, where you recycle is just as important as what you recycle. You need a place that offers both competitive prices and top-notch customer service.
Here at Scrap It, we have several convenient locations in Everett, MA, Worcester, MA and Marlborough, NH and we specialize in making recycling scrap easier than you could have ever imagined. If you’re ready to experience the difference Scrap It makes, contact us today!