Last updated on May 8th, 2023 at 11:13 am
If you’re interested in scrapping metal, you’ve probably come across iron or steel scraps. Iron isn’t worth as much as ferrous metals, but the price can still add up over time.
How much is 10 pounds of iron worth?
Iron is plentiful, so the price of iron is relatively low. The price fluctuates depending on demand and what an individual scrap yard is willing to pay, so it can be challenging to give an exact price for iron. Currently, however, scrap iron is worth about 4 cents a pound, so 10 pounds would be worth about 40 cents.
Where can I find scrap iron?
The price of scrap iron might not be high, but if you collect it in large enough amounts, the price can add up. Not only that, but iron is often found with other, more valuable metals, so it makes sense to scrap it at the same time.
Iron can be found in many places, as it has many different uses. One of the most common ways to find scrap metal is to look for old vehicles.
Many vehicles have frames made entirely of iron. Because it’s so strong and durable, iron is also added to or used as a component in other vehicle parts.
This makes junkyards, salvage yards, and boatyards some of the best places to find iron for scrap.
Iron is also commonly used in appliances, so old appliances such as washing machines, dryers, refrigerators, and ovens are an excellent source.
You can find these items in junkyards or recycling centers, but many people will give away appliances for free if they’re no longer working. This saves them from having to dispose of the items themselves.
Finally, iron is commonly used to make tools and various machines. Car tools, hand tools such as wrenches and hammers, and welding tools all utilize iron.
While some of these tools may be worth more than scrap value, any damaged tools or machinery that is no longer functional is a great option for scrapping.
Why is scrapping metal a good idea?
Scrapping metal is a great way to make a bit of extra money. Once you’ve gotten into a routine and know where to take the metal, you can make several hundred dollars a week by collecting metal and selling it to scrap yards.
Scrapping metal is also a fantastic way to recycle and help the environment. Recycling metal takes fewer resources than mining for new metals, so it’s a much more economical option.
This can also help lower the cost of new products, as mining costs more than recycling metals.
Separate and Clean Iron Before Scrapping
If you’re new to scrapping metal, it’s a good idea to learn about the process and take a few steps before you go to sell your iron.
First, it’s important to always separate your metals. You’ll want to separate metals into their own categories, so no copper, aluminum, or other materials are mixed in with the iron.
Most scrap yards pay for only the cheapest metal if the metals are all mixed together, and you could lose hundreds of dollars if you have more valuable ferrous metals mixed in with the iron.
You’ll also want to clean all of the iron scrap before you sell it. If the scrap is dirty or seems to have contaminants on it, many scrap yards will offer a lower price.
It’s also important to empty any gas tanks out completely and clean them, as most scrap yards won’t take anything with any kind of fuel in it.
Research Scrap Yards
Before you sell your iron, always research the scrap yards in your area. Many will post their current prices, so you can choose the yard that offers the best price.
Some scrap yards will stick with certain prices, but others will allow you to haggle for a better price. You’ll also want to choose a scrap yard that has good reviews and is reputable and fair.
Remember that scrap yards might offer a price lower than market value, as they themselves will need to melt down and resell the metal later.