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One of the most important aspects of the scrap metal sector of the metal industry is to be able to effortlessly make large transactions in a short period of time. For this, one has to be careful about the identification of the scrap metal and their worth. Researching and participation in the market can be quite a helpful thing when it comes to pricing the scrap metal. Hence, one should always be prepared before coming to the market to purchase scrap metal.

In order to price your scrap metal right, you must figure out how to identify the metal, which can be quite confusing because these scraps can be of several hundred types, categorized into ferrous and non-ferrous groups.

It pays to know your metals. Hence, before making any purchase or transactions regarding scrap metals, start by researching online and absorbing information about your metals. There are a lot of reference documents on metal industries and their metals and comprehensive profiles of metals online.

When it comes to dealing with alloys, don’t price them as a whole, break them up and price each constituent separately. Let’s say, for a crate of Monel 400 scrap, which constitutes of Nickel (about 67% of the weight) and Copper (23% of the weight), it is easier to price the nickel and the copper separately.

Don’t always rely on self knowledge when identifying metals; it is advisable to have some portable identification tools at hand so that it is easier to identify some unknown metals. This not only saves time but is also an accurate way of identifying your scrap metals in the metal industry. Invest in good tools such as XRF ( X-Ray fluorescence) analyzers.

Also, remember to take in the factors in extra conditions into account. No buyer, mills or even scrap dealers would want to buy corroded or unclean metal, scraps are no different! Hence ensure that your scrap metals are kept in good and favourable conditions. You can add these extra costs for maintenance into the selling price, because there are plenty of dealers who wouldn’t mind paying an extra amount for good quality scraps.

In order to extract maximum profits out of your metal business, one should learn to be market savvy. This means that one should be involved in the market activities as much as possible so as to be aware of the prevailing conditions in the market. This way, intuitions are gained and bargaining skills polished! Be updated about scrap pricing by information published by metal markets and other associated publications. Also pay attention to the news and learn to take advantage of the current situation in the metal markets. Example: Suppose there is a strike at the Bauxite mine in Guinea, consider the effects of this event on your scrap metal’s value, say aluminum and weigh the pros and cons; i.e. whether it would be better to hold onto the scrap you have at the moment and expect depletion in mill inventory or to do the opposite, whichever is more profitable.