A person dealing in scrap metal can make a considerable amount of money. In some cases, the money they make is far more than its just some superfluous extra income a person may be looking for. However, in order to be successful in selling scrap metal, not only do you have to make an effort to go out and find scrap metal, you’ll need to know the different types of scrap metal and the pricing for the scrap metal to help you make it more financially beneficial and financially successful. The key to understanding Today’s Scrap Metal Prices In Newark, NJ is knowing how scrap metals are broken down and what categories exist for scrap metals.
In essence, scrap metal is broken down into two main categories. The first category is ferrous scrap metal. This type of scrap metal is identified by its magnetic properties. Metals such as steel and iron are considered ferrous scrap metal and when you sell this type of scrap metal, the prices are dollars per ton. This means that in order to make a significant amount of money on these types of metals, you’re going to need a large quantity of them. This is typically more than your average individual recycler will be interested in handling.
For that reason, many individuals look at selling non-ferrious scrap metal. While the scrap metal industry last year took and $40 billion, and even though non-ferrious metals accounted for a small percentage of that scrap metal, it accounted for the highest dollar amount when it came to scrap metal revenue. This type of scrap metal is sold in dollars per pound and it is typically classified as metals that are non-magnetic. Metals such as aluminum, brass and most notably copper are big sellers for these types of scrap metal.
