With the recent scrap prices, especially steel prices dropping to 7-year lows, it is frustrating and a challenge to continue scrapping. After hearing stories and communicating with several scrappers on our YouTube and Facebook pages, it seems a lot of people can’t afford to continue to scrap. Steel prices are so low that some scrap yards are closing or limiting their opening hours because it isn’t profitable.
Some Things To Think About When Scrapping
While we wish we could figure out when scrap prices will go back up, we do have some helpful things to keep in mind during times when markets are down. Think about this situation, many scrappers are no longer actively looking for scrap and scrap prices are down. So therefore, scrap metal isn’t as sought out as much as it was when prices were higher and there is less competition. So for those scrappers that are still recycling their metals, this is a great opportunity.
“Lower Prices Mean More Scrap To Collect”
With steel being such a low-priced metal right now, it will be easier to find some on the side of the road and collect it from clients or friends and family. The iScrap App Team has some things to help you get some scrap during these struggling times:
- Figure out if you have enough storage in case you want to hold on to your scrap and store it before scrap prices recover.
- Check with previous customers and clients if they need any pickups. They may have used another scrapper previously that may not be scrapping anymore.
- Pack it up like Jenga, this goes hand in hand with our next point, but when you are packing your truck or car up with scrap try to pack it as tightly as possible. This will help with our next point.
- Try to sell your scrap in bulk. With prices being lower it could be a good idea to try to get a larger load of materials to bring to your yard. It will be worth the trip.
- Get picky with materials. It’s also a good idea to be picky with what materials are worth your time and energy to take apart when prices are down.
Keep in mind that when the markets are down, it doesn’t only affect scrappers but the scrap yards, their employees, the pick up services, processors, and shippers. Everyone in the scrap industry is involved and affected so keep in mind that we are all in the same boat. Be patient and do you research on prices in the area. Also keep in mind you can report you scrap prices on the iScrap App at anytime.