Price of scrap down twice in 2 days - trying to stay motivated

So Scrap went down to 130$ a ton yesterday and then $120 a ton today. Kinda has me bummed. Was $150 a ton when I started then 2 days later was $140 a ton for the longest time...


Maybe I try a different scrapyard..?

Welcome to the world of metals. We are all bummed when it goes down.

I never settle on any yard or buyer. I'm always checking for better prices.

More years ago than I care to admit, I remember being excited when the price was a penny a pound ($20 per ton). When it hit two cents a pound ($40 per ton), we thought we were rich! A friend and I were so excited when we heard the news of the price increase we put so much weight on the truck that the bumper scraped the ground when we pulled on the scale. ( ok, we were young and not too smart at the time...)

This business isn't a get rich quick thing, it's about a decision to be your own boss. When the price drops you find ways to cut costs to still make money. When the price goes up, those cost saving ideas help you to make a lot more money. Don't get discouraged. Read everything on this forum you can and determine what type of material works the best for you. It does work.

Thanks all. That actually really helped out alot. Guess I just gotta hang in there. This isn't a full time thing for me but, still a pay cut is a pay cut. Maybe I will focus a little more on aluminum, e-scrap and copper and maybe make a home made wire stripper.

It could be worse. Silver was almost $50 an ounce in Spring, 2011. Now it is $16.01 (per kitco.com).

I found 36 lb. of brass (broken drum cymbals) yesterday so that helped.

This is part of the game that is scrapping.

Prices change. Weekly, monthly, hell at one point as KZ briefly touched it was every day.

When I started Gold was at 1600 per toz. An was going up. That was a few years ago. We've watched it go down, slightly up, then stagnate, then go up an down again.

Folks that do this know prices change often, an we've learned to deal with it an make the proper changes so we all stay profitable. You can play the shell game with yards, but you'll eventually see yards in certain radius of each other will be close or different by a couple cents here an there. All the yards near me are mostly feeders to the one big one.

What i'm trying to say this game we play is like a roller coaster. There's ups an downs. You gotta stay the course though, or you'll be quitting every time a price drops.

My protip of the day : Adapt an overcome. If your material isn't fetching what you want, it may be time to look for new materials, an new niche.

This business isn't for the faint of heart.

I wish you luck, never fun when prices drop.

Sirscrapalot - Up n down, up n down...not talking boats on a wave, but metal prices. - me.

I'm not quitting (although I did take a much needed break yesterday) I am going to focus a little more on aluminum, e-scrap and copper and instead of "maybe make a home made wire stripper" I just invested in one yesterday, I figure it should pay for itself pretty quickly.

problem is in my neck of the woods, south louisiana, yards close early for a day job worker. one yard is open for half a day on saturday but that happens to be the yard thats 40 min away. others shut down 3:30 pm and close at 4. who the hell closes at 4pm for a business.

Good don't quit.

Quitters never win.

An I agree on yards closing early. Mine do the same, close at 4 during the week, an luck if the one close to me is open on a weekend. I wouldn't go though anywayt, I'd have to fight my way through a ton of tourists, an that ain't no fun. Cops get mad if you run them over.

I kid I kid. I don't run over tourists...lest not that anyone can prove.

Sirscrapalot - My wife and I were happy for 20 years. Then we met. - Rodney Dangerfield

Originally Posted by Patriot76

A good business person will take advantage of lower prices to make contacts, increase business, expand equipment/inventory, and develop a business plan. Those that study history know that many millionaires were made in scrap during troughs in the business cycle. Few make a fortune working the system only during peaks or just "turning and burning."

Example: When prices are low try to buy the equipment from your competition. Your cost will be lower and it will make it harder for them to become your competition when the prices increase. It may not be low enough yet, but just wait and it will happen. I bought all the torches I could when the price was $ 20.00 a ton here and now the competition has to invest close to $ 500 to get back in when the price hit $ 160 a ton. The same strategy was used for demo saws and trailers. Stockpiling is another successful strategy when prices tank. Of course you could just go fishing until the prices rebound.

Now that right there is quality advice.

I may just have to name a cooler after Patriot.

Sirscrapalot - I went to a fight the other night, and a hockey game broke out. - Rodney "I get no respect" Dangerfield