If you have scrap metal on your hands, you may be wondering whether it makes sense to hold onto your scrap and sell it when prices go up (if they go up), or whether you should sell your scrap now. At Belston Steel, we always advise customers to sell what scrap they have now. Here’s what you should know about waiting to sell your scrap metal—
The first thing that you should know about trying to wait out the market is that scrap metal prices are constantly changing. Even for experts, it can be impossible to predict how prices might change and precisely when that might be. Because prices are always on the move, trying to game the market or time the system is nearly impossible. So, if you hold onto your metal, you may keep holding onto it for a long time as you wait for prices to continue rising…only for them to suddenly fall.
Based on the reality described above—that scrap prices are constantly moving—saving your scrap metal to wait for the perfect time to sell is essentially gambling. There is no guarantee that prices will increase, or that prices will keep increasing before going back down. Another thing to think about is that saving metal means the risk of losing it, losing out on money, or running out of storage space. Consider also that if you sell your scrap metal now and make money, you can invest that money. Money that’s invested may increase at a faster rate than scrap metal prices would.
If you have scrap metal on your hands and you’re ready to recycle it, you can reach out to Belson Steel directly. We maintain full-service scrapyards where we buy and sell a range of metal products, including all ferrous and non-ferrous metals. If you have large amounts of scrap, we can help with the logistics by offering drop-off and pick-up container services. Just reach out to us directly to learn about your options. We always strive to do everything possible to make scrap metal recycling an easy, convenient choice for our customers.
To learn more about scrap metal recycling near you and why we recommend selling your metal now instead of trying to wait out the market, call our team directly. We are a leading scrap metal recycler in Illinois with a reputation for excellence. Call us today to get started.
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