Simply Business

FACT: There is Money in Metal Rubbish

Metal ScrapsMany families keep tons of metal scrap sitting in their garages and basements. These are often discards of broken furniture and old appliances, like vacuum cleaners, cables or vehicles, which the homeowners are too preoccupied to sort through the mess. Regardless of the reason, one good motivation to clean the house is the fact that you can actually earn money from your trash.

Earning extra from scrap metal yards

According to the Macaulay Metal Group, scrap metal yards purchase metal and pay based on the weight of the metal sold. Scrap metal yards make money by playing the stock market.

Small metal yards sell to bigger metal yards, which, in turn, sell to big market players, such as India and China. The scrap metal are recycled and turned into new and stronger metal products, such as home furnishings and steel bars for industrial buildings.

How scrap yards price metals

The prices paid for scrap metal change daily, like stock market, which depends on the global demand. Yards assess scrap metals individually before weighing as metal value depends on the magnetism. If the magnet does not stick to the metals, the metals are non-ferrous materials, like steel or iron, which command a lower price than magnetic metals like copper, brass, and aluminium.

Constant source of cash

Since the metal industry is a ‘circular economy’ (meaning continuously used and reused), there will always be a willing buyer for the scrap metal. In fact, given that the industry is thriving, the prospects of turning more bucks from the metal are more likely.

So what is stopping individuals from cleaning their garages and cashing in on their scrap? Well, for most people, it is the hassle of driving into the yard and taking the haul, which can be intimidating. Luckily, some scrap businesses offer pick-ups.

Given the earning opportunity, however, the benefits clearly outweigh the burden. Extra cash is just a drive away to Palmerston North, and the only cost is finally doing the cleaning.