The Prices Continues To Rise For Scrap Copper
Copper has become a very important metal, especially in the automotive industry.Copper is essential in the automotive industry, it helps in the manufacture of vehicles, without it we would probably still use carriages which will not be time effective.Getting this metal is labor intensive and requires a lot of money.It’s because of this reason that industries recycle copper for re use.Copper fresh from the mine is expensive, and it rises substantially, this affects the recycled copper as well which rises as fresh copper rises.
Scrap metal does not appeal to most people because they do not see the benefits and wealth that comes from it.You only need to walk in public areas to see that there are many metal items discarded everywhere.Items such as copper wire, which you will find discarded, actually, have value.If you collect 50pounds of recycled copper you will get USD 100, that is if the scrap metal is 2 USD per pound.You might argue that the amount is peanuts for 50-pound metal.They forget that metals are naturally heavy.This is because they forget most of the times that metals are naturally heavy.Thus, it won’t take as long to accumulate 50-pound metal.
This high demand of copper has caused government agencies, construction companies, and automotive industries to bargain for the recycled copper.Copper, aside from making cars has also been used in construction or in urbanizing rural areas.Fresh copper from Latin America goes for over $8,000 per ton.Due to its high cost you will find companies recycling copper to save money.The scrap price is usually half the price of the freshly mined copper.This creates a good opportunity to cash in on the metal.
In countries such as, Europe and the United States, it’s the automotive industries that dominate copper scrap.The average price of copper per pound according to the U.S.automotive Recycling Index is $2 per pound.Due to this reason of the 6.5 million automobiles discarded in the U.S.,95% are recycled.The U.S. automotive industry reprocesses and reuses the scrap copper to manufacture new automobiles.To prove the efficiency and cost effectiveness of recycling scrap metal, in 2005 the U.S. automotive industries reprocessed 803 million pounds of used copper to new materials to produce about12million new vehicles.
The London Metal Exchange regulates and tracks the price of scrap copper.There are online local or international websites which are dedicated to updating scrap copper prices daily.The copper scrap prices reports can also be found from the European Union, the United states, China, Korea, and Brazil websites.In the U.S. most sites provide free reports and subscription on scrap copper prices.