Metāllūžņi, Photo by Pamela Marie from Pexels
Scrapping has always been a popular way of quickly making some extra income, and there are companies that collect and hand over scrap metal daily. Lately, scrapping has been even more lucrative than in previous years – the last time prices were this high was 15 years ago!
What determines the value of scrap metal?
All scrap metal prices are dependent on metal price fluctuations on the world stock exchange. The price of scrap metal price on the stock exchange is dependent on supply/demand dynamics. The value of scrap metal on the international stock exchange has always been attached to the value of the US dollar and oil; consequently, if the price of the dollar and oil rises, scrap metal also becomes more valuable.
The last time that the price of scrap metal per kilogram was this high was 15 years ago. Previously, if a kilogram of the most valuable scrap metal – copper – wasn't worth more than EUR 4/kg on average and ferrous scrap (sized and tin) was worth EUR 70–180/kg, then nowadays, due to the international stock exchange, the price per kilogram of copper scrap is EUR 7, while a kilogram of ferrous scrap (sized and tin) is worth EUR 280–250!
The overall value of scrap metal is dependent on the quality and mass of metal. The quality is determined by a specialist – a scrap metal examiner, but the amount is weighed with certified scales. It is also important to remember that the price is affected by impurities in the scrap metal, i.e. the amount of inseparable non-metallic elements in the scrapped appliance. Payment for scrap metal is made via bank transfer on the same day of drawing up the relevant documents.
What can be scrapped?
Even though you initially might think that it's not so easy to find and hand over scrap metal, this is a common misconception! You can deliver any scrap metal collected after tidying up a current or newly purchased property at the scrap metal site. Upon handing over domestic appliances that are also ferrous scrap, you can get EUR 90/kg, and for sized scrap – EUR 280/kg.
You can also scrap used and salvage cars or other vehicles, usually for more than its true value – EUR 140/kg. Scrapped vehicles are accepted for disposal and deregistered.
Where can I hand over scrap metal?
SIA (LLC) “Euro Lom” has been working actively within the scrap metal market segment since 2010. During this time the company has proven its stability and reliability by offering a complete array of services: purchase, collection, loading and unloading of scrap metal as well as sorting. If necessary, transportation of scrap metal is available. “Euro Lom” also offers containers that make it easier to gather scrap metal.
Metāllūžņi, Photo by Pamela Marie from Pexels