The prices of metal in the metal industry has changed over the years, but the change is more bad than good. Whether the metal is tungsten or molybdenum, in two years they all get traded at half their actual prices. People in the industry have now started to speculate on metal; they hold on to material until they get better rates. However, you may stockpile metals for better prices but there are several other techniques that to could help to maximize the value of scrap metal. Those techniques are as follows:
SEPARATE YOUR SCRAP
Traders tend to separate scarp from mixed loads of material, and even though their business is all about sorting this material, it is sensible to buy a clean load. This sorting from clean load will enable you to set up a system where steel tool and tungsten will both be in separate bins, which will further ensure that the price for these metal shoots up. Try to make sure that the sorting process uses less to be able to get more cash in your hands ASAP.
KNOWLEDGE IS POWER
Though the metal industry is good, a few metal traders are comfortable buying material as one type and selling it as another. So when you buy or sell, be wise to see the readout and detailed sorting report. Further to hold more excellent knowledge at prices, spend some time online going through current rough estimates of metal prices. Prices fluctuate based on quantity and demand.
KEEP IT CLEAN
Metals can get contaminated easily with oil, water or other materials as this is how the process is like. Now, the base price of the metal is going remain the same, but contamination can reduce the amount, especially for steel turnings and titanium scrap. To save the base price of the metal, you may throw a tarp over the scarp to remove the contamination that might have taken place.
PREP IT FOR DELIVERY
If you want to move your metal from one place to another, use a metal or plastic drums loaded onto a pallet. Each pallet can carry a weight of 3,000-4,000lbs. You may save a lot of money in transporting the metal as freight costs are dependent on volume and weight. Once you reduce the delivery cost, then you can maximize your profits.
KEEP IT SECURE
You should try to keep your metals like tungsten and other valuable materials locked in containers and cages. If you do not do so, then you may reduce the value of your scrap as metal prices get hurt more by theft than recycling. A locked cage or container will make sure that the material is safe and under surveillance. It also ensures that it is kept away from high traffic areas of your site.