It has been rising ever since the industry of scrap metal has flourished. Today more than a million ton of it of different types are recycled all over the world. The business of it recycling has led to huge revenue generation.
Rise in Scrap Metal Rates
What has actually led to the rise in it? There are quite many reasons that have contributed directly or indirectly to the rise in it prices. The ever increasing human need for metals including both ferrous and non ferrous metals is one among the important reasons. Metal is one such commodity that can be recycled any number of times but still retains its value.
With the growth of it industry, the prices for these metals also increased simultaniously. Scrap iron and steel prices have skyrocketed since the past few years. The increasing cost of iron ore and coal has led to a steep increase in the prices of iron and steel in India. The scrap metal rates of copper have also been increasing for the past few years.
Recycling of metals has benefited the economy as well as the environment in different ways. By recycling metals, it is possible to save exhaustible metals and reuse them. This helps to save energy and reduce environmental pollution. The increased use of metals has caused depletion in the metallic resources available on earth.
What Influences Scrap Metal Rates
Its rates depend on the quality, quantity and purity of the metals. It also depends on the existing market rates of the metals. The prices of various metals keep fluctuating due to various reasons. We use metals in various forms in our daily lives. Cans, electronic equipments, automobile parts and so forth are recycled to form new materials.
Various entrepreneurs have undertaken the business of metal scrap collection because of its rising importance. Different types of metallic items are discarded everywhere in the form of automobile parts, metallic tins, cans, containers, wires and so forth. Most of these materials can be reused and have immunity value today.
The scrap metal rates of non ferrous metals like aluminum, copper, brass, lead, titanium, nickel and so forth are much higher than the rates of the ferrous metals. The price rates of copper scrap metal are higher compared to other scrap metals. Copper is used extensively for the production of automobile and trains. Since it is quite difficult to obtain pure form of copper, this metal is recycled for various purposes.
The prices of scrap copper metal are on the rise because of its high demand and less availability. It is one of the most profitable businesses as it yields huge revenues. Aluminum is another metal scrap that has a huge demand in addition to copper.
The scrap metal rates are updated regularly in many of the online sites. Most of these metal rates are regulated by various government policies. Recycling of scrap metal has proved to be beneficial to the economic improvement of the country. It has also helped to reduce greenhouse effects and the alarming rate of pollution.