Scrap metal selling is one of the most lucrative career choices around if you know how to do it right. If you’re fascinated with the way, it works, and have questions along the lines of something like:

• How much money can be made each day?
• How valuable is the metal and what are the scrap metal prices?
• Or, even what do the people who buy scrap metal do with it?

This article aims to answer those questions and then some, to help you usher your career into the scrap metal business with as low a learning curve as a possible and minimum hassle to you.

Where to get it from?

The first question you probably had was, where do you source the scrap metal from?

Scrap metal is most commonly found in metal objects, but that metal is generally an alloy of different metals mixed together. This reduces its resale value as per today scrap metal prices. On the other hand, electronics and electrical appliances, while on the outside may seem like they are made of plastic, have valuable pure metal in them. They are fitted with metal components to ensure good conductivity.

Scrap metal yards purchase metal on the basis of the weight of the metal and scrap metal prices you get them. If you drive into one such yard, you’d generally have to go through a scale that would weigh the amount of metal you have procured on your vehicle, and then subtract the weight of the vehicle from the final weight they calculate from the scale to get the actual weight of the metal. You are then required to go to an area where a machine picks up the metal one by one, or a powerful electromagnet is used to drag the metal off your vehicle.

After you’re done with the whole process, you’re generally given a cheque to cash or an ATM card that’s redeemable for cash in the local ATM at the scrap yard. Depending on the amount of metal you get, you can expect to spend from as little as five minutes to as much as forty-five minutes at the scrap yard.

What kind of metals can you sell?

The first and foremost thing anyone needs to know about scrap metal is that there are primarily two kinds of metals, i.e. ferrous metals and non-ferrous metals. Ferrous metals are metals that contain iron or alloys of iron and stainless steel. They can be easily picked up by electromagnets and have strong magnetic properties. Ferrous metals are very common in all kinds of appliances and are generally considered of less in terms of scrap metal prices due to their abundance in scrap yards.

Then we come to the non-ferrous type of metals; non-ferrous metals include metals like aluminum, copper, nickel, tin, and zinc that have fairly good conductivity but are not as magnetic as ferrous metals. They are primarily used in electrical circuitry where proper conduction of electricity is of utmost importance. Non-ferrous metals also consist of alloys like brass. These metals are actually valued way more than ferrous metals because they are rarer and only present in small quantities in electrical appliances. This makes them worth separating when you are looking to get scrap metal from electronics.

Can you make collecting scrap metal the only source of income?

It depends. Sourcing scrap metal from your own home, in the beginning, may sound like easy money by looking at the scrap metal prices, but it’s not advisable in the long run. Primarily because the scrap metal prices today and the scrap metal prices of the appliances over the long run account for a huge loss any way you look at it. It’s a lot of hard work looking for scrap metal from outside sources, but it can be worth it in the end. Make your contacts with companies that often use metal in their manufacturing processes, and they might give you a call for disposals of metal they don’t need. Metals from factories are heavier and can bring you a lot of money. The amusing part is that most people have little or no idea that such a business exists. This makes it an empty playing field to reign on.

Some tips to ensure sustainability

• If you’re using a truck to carry the metal around, you would eventually notice that the back of the truck gets roughed up pretty soon. To add to that, loading heavy items on the truck becomes a pain when you have to pick it straight up. Instead, use a utility trailer with a sliding ramp. This will reduce your hassle by a big margin.
• Look for sellers on buy and sell websites. They usually have a section where people dispose of the supposedly useless items for free. Keep a tab on it to see if there is anything potentially valuable you can get.
• Build a network of recurring providers to supply you with scrap metal. Go to apartments or localities and meet the person in charge, give them your business card and offer to take the scrap metal away. Make sure to be polite and look professional. If you’re a good communicator, you can build up a network really quick.

Before setting up a scrap metal business and beginning to chalk out your business plan, you should first inquire about scrap metal prices. After that evaluate if it is really worth the trouble!