The scrap metal industry isn’t the most glamorous industry out there, but it is important. With scrap metal being one of the largest exports of the USA, it is important to understand how scrap prices are determined and what customers like yourself can do to when the scrap prices are being affected.
Over the last couple years, it has been one of the hardest hit times in the scrap markets in over a decade and right now it looks like the prices will remain low. However, during these times the iScrap App features are a perfect opportunity to keep track of what the market is doing and how you can get a better sense of what to expect moving forward.
With the newer feature of reporting scrap prices online, the iScrap App has opened up the opportunity to allow scrap yard customers to post their current scrap prices from their local scrap yard in the US and Canada. This has been a tool that has been developed for over a year and the iScrap App team understands the great value that has been able to add to the industry and will continue to do so moving forward.
Reported Scrap Prices Can Keep Track
When you are reported your scrap prices on the iScrap App, it can allow you to keep a personal record of the recent prices that you and other customers have received at your local scrap yard. When you choose to report your scrap prices after you have located your scrap yard in our directory, you can continue to go back and check the recent prices that you or others have reported in the past.
This personal record of what you have been paid for higher tiered metals like copper, wire, and aluminum can help you get a better of where the market was the last time you visited compared to today.
Help Other Scrappers Out
During these hard times, those that rely on scrap metal for a good portion of their income or even just some extra money on the side, are trying to get the best prices. Being able to report the scrap prices you recently received at your scrap yard, can allow them to make the wise choice of where they can make the most on their scrap.
Being able to report your prices to other scrappers in your area, will allow everyone to create a type of community like our iScrap Metal Forum. This can help scrappers and yourself if you are able to share your recent information about your scrap prices.
Prevent Stock Piling, Which Can Hurt
We all know that when scrap prices are low, scrappers often will hoard their materials until the prices go back up. Our team however doesn’t really suggest that too often. When you are hoarding materials there are a few risks that you are taking by holding on to you metals, including being threatened to be robbed. Usually scrappers are holding on to scrap copper and steel, in hopes for the scrap prices to go up again in the near future.
However there may be times that when holding on to metals can hurt you if the prices continue to drop. The iScrap App team is constantly suggesting to know the conditions of the market and judging your decision with more information. By reporting your prices over a longer period of time you will be able to judge how the market has been acting.
Information = Power
When it comes down to it, it is important to know more about the scrap prices and the industry. Remember that scrap yards don’t just choose scrap prices based on what they want, there are several factors that play into their current prices, like cost of operation, transportation, shipping, supply and demand.
It’s important to have a good idea when scrap prices may be recovering and by reporting scrap prices on the iScrap App allows you to keep your information tracked and see a pattern of prices throughout your region. The more you know the better shape you are in.
So next time you visit your scrap yard it is a good idea to grab your smart phone or use your receipt when you get home to report your scrap prices on the iScrap App so you can use the tool to keep track of the current market conditions.