Is It Still Possible To ‘Get Rich’ With The Current Metal Recycling Prices?

In the past, it was believed that you could make quite a nice profit simply by collecting and selling scrap metal. Some people, in fact, used this sort of practice as their sole means of income. Whilst many people would love to do something similar today, the current metal recycling prices have made them stop to question whether this is possible. Things are certainly nothing like how they used to be, and it appears that "getting rich" off scrap is no longer possible.

Prices fluctuate on (almost) a daily basis.

No matter the metal that you are intending to collect (even copper, which is still the most valuable to this day), the prices seem to fluctuate on a daily basis. They are even known to fluctuate between the morning and the afternoon. This has made it incredibly difficult to know when it’s the best time to sell and when you should hold onto your stock. Too often, people jump on what they think is a good price only to discover it has risen further two days later.

Prices are based on supply and demand.

Metal recycling prices, as they have always been, are based on supply and demand. When there is a lot of scrap in the market but not many people looking to buy, prices are low. When there isn’t much scrap in the market but lots of people wanting to buy, they’re high. Unfortunately, we seem to have hit a slump where the amount of metal available and the demand for it remains fairly constant. Basically, there is plenty to go around.

More people are recycling than ever before.

These days, we are more aware of the effect our actions have on the environment, which has led to an increase in the number of people recycling items that they no longer need. This has meant that scrap is becoming harder to come by, which makes it difficult for a single person to collect an amount that is going to make them any sort of profit. In order to be successful, you almost have to open a business buying and selling scrap metal.

The cost of living has risen significantly.

It is also important to note that it costs far more to live today than it did a few decades ago. Whilst most things (such as wages, rent and groceries) tend to rise exponentially, scrap metal does not. It was once easy to make a small fortune selling unneeded metal – these days, you are likely to be offered the same amount. The profits made won’t go anywhere near as far as they once used to, which has thrown a metaphorical spanner into the works.

As you can see from the information provided above, the current metal recycling prices have made it increasingly difficult for anyone to make any sort of profit selling it. We may have once been able to use such a practice as our sole means of income, but these days it would be impossible. Whilst this appears to have reduced the instances of metal theft from homes, businesses and construction sites, it has disheartened many who would seek to earn some extra cash.

Tom Smith has been working as a freelance writer for interior design and decoration, equipments hire and scrap metal recycling.