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How to Determine Scrap Metal Prices If you have a collection of scrap metal in your home, you might be interested in selling it for profit. While you might have seen people make some good money selling scrap metal, there are actually a variety of factors that determine the prices of scrap metal. With the scrap metal industry growing bigger every day, the prices fluctuate based on a wide variety of factors. It is, therefore, necessary for you to understand how scrap metal prices work. Among the factors that are used when determining the prices of scrap metal is the weight. The heavier the metal you have, the more money it will fetch for you. If you know that weight will be a determining factor in the amount you are going to get for selling the metal, you can decide to accumulate more in order to earn more money. When accumulating, you will definitely want to keep more of metals that have more weight but less volume. Another thing that you should keep into consideration is the quality of the metal you are supplying. Weight might play a big role, and so does quality. A good example is selling a kilogram of steel compared to the same amount of gold. Valuable metals will definitely fetch you more in small quantities than normal metals.
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Always keep in mind that the purity of valuable metals is also a major price determinant that scrap metal dealers consider. With impurities eliminated, you can be sure that the size of valuable metals will definitely reduce. Besides, they need quite a considerable amount of labor to get rid of the impurities. All these factors definitely play a major role when it comes to the final pricing hence expect a lower amount for impure metals.
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The market value of the particular scrap metal you are dealing in will also play a major role in determining the earnings you will get. On a day when gold is priced higher on the market, you will expect to earn more per karat. On the other hand, when the prices are lower, you can also expect to earn less at your scrap metal dealer. Before selling you valuable metals, you have to take into consideration the existing metal rates and take advantage of them. If you have a weighing machine and know the current exchange rates of valuable metals, you can easily determine how much you will earn. You just have to measure the weight and multiply the unit with the price. Since the metal you have might not be that pure, ensure that you include a margin of error in your final value. Finally, get yourself a buyer with a good history of payments and who won’t mess up the scales to manipulate your earnings.