Copper has become one of the most valuable metals in the automotive industry.Trains and cars would not exist if there was no copper.This precious metal requires a great amount of money as well as labor to mineBecause of this reason industries usually recycles 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.Just walk around in public areas, and you will see metal items discarded all over the place.These discarded metal items, most often have value especially copper wire.If you have accumulated, let’s say 50 pounds of recycled copper and the scrap metal is 2 USD per pound, you will have USD 100 instantly.Most people will look at the number 50 pounds and discard the value as they find it to be too little.They don’t realize that metals are naturally heavy.Therefore, it does not take people long to accumulate a 50-pound metal.
This high demand of copper has caused government agencies, construction companies, and automotive industries to bargain for the recycled copper.This metal has other uses other than in the automotive industry, you will find that copper is also used in the construction industry.Fresh copper from Latin America goes for over $8,000 per ton.This leads company to recycle their copper to save money.Scrap copper price is often half the price of freshly mined copper.This creates a good opportunity to cash in on the metal.
In Europe and the United States copper scrap is dominated by the automotive industry.Based on the U.S. automotive Recycling Index, copper price is $2 per pound on average.Therefore, in the U.S. of the 6.5 million automobiles that are discarded 95% are recycled.The scrap copper is usually reprocessed and re used in the U.S. automotive industries 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 price of scrap copper is controlled and monitored by the London Metal Exchange.You can find price of copper scrap on online local or international websites dedicated to updating scrap copper prices daily.You can also find the scrap copper prices reports from the European Union, the United States, Korea, China, and even Brazil websites.Most sites in the U.S. usually provide free reports and subscription on scrap metal prices.