What does that have to do with scrap metal prices? Actually, it’s pretty significant. You see, the scrap aluminum price and scrap steel prices fluctuate a whole bunch based on what the market is doing. And scrap metal value influence your scrap car price. You can check how much your car is worth at any time to see what you can get right now, otherwise read on to see more about scrap metal pricing.
Much of the time what you can get for a junk or scrap car is based largely on scrap car prices. Junk yards turn your car into scrap metal to be used in other consumer goods.
However, at DamagedCars.com, since we have decades of buying damaged cars, we can evaluate your car and give you the best price for your vehicle, more than just the price of scrap metal. See how much you can get for your car now.
You’d think that a decline in the manufacturing sector would push demand lower for scrap metal prices as supply stays the same. But there’s something else that’s happened that changes the outlook for scrap process.
Trump Steel Tariffs
The 45th president of the United States, Donald Trump, has made good on a promise to impose tariffs on imported steel and aluminum, particularly from their biggest supplier, China. That means that the aluminum price per pound will be around ten percent higher, and the price of steel per pound will increase 25 percent on the materials coming from China.
Think of it like a water tap turned on full bore, then suddenly turned just to a drip. Imported steel and aluminum will be slowing down, and soon! That means manufacturers will need to source local materials instead of from overseas. What better place to go than to local auto recyclers and junk yards.
Will Scrap Metal Prices Go Up?
There’s no question about it. Scrap metal prices are destined to increase. In fact, they’ve already started. The increasing price of scrap metal is due to just one thing: higher demand for manufacturing materials here at home.
You’ll see the increase across all fronts – scrap aluminum, scrap steel, and scrap iron prices.
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Will Scrap Steel Prices Increase?
You can bet you’ll see scrap steel prices rise. Because steel has been slapped with the highest tariff, it’s logical that it’s the material that will see the most increase of all.
Don’t count on the scrap steel prices to stay high forever. Once the manufacturing sector and the suppliers balance out, scrap prices will level off and might drop to the current level or lower some time in the future. But for the foreseeable future, scrap steel prices will indeed rise.
What About Aluminum Recycling Prices?
The same goes for the aluminum scrap price. The tariff on importing aluminum is lower than it is for steel, but the same effect will be shown. Manufacturers are turning to local recyclers to supply the raw materials for their goods. Because demand is higher and supply is diminishing, the aluminum price per pound is going up.
Like steel, it will level off and then drop slowly. But while the aluminum recycling prices are high, there’s good money to be made.
Scrap Car Prices Will Go Up
What about for that old, broken-down, rusting car in your driveway? Or the truck that’s been in an accident and you’ve never gotten around to fixing? Do their values increase too?
The short answer is yes. Scrap car prices are increasing right now, just like the price of scrap metal itself. When you scrap your car, you’ll be able to get a little bit more money for it than you used to. At least, that will be the case in the short term.
How Much Will Scrap Car Prices Go Up?
If you’re selling your scrap car to the junkyard, the difference might not be as much as you think. The fact is that your price of steel per pound is higher than the price your scrap car will get per pound.
Junk yards don’t pay as much for a whole car because it’s not pure steel. There are electrical components, seats, tires, fluids, and a whole bunch of other things that are ‘contaminants’. They need to sort out which parts are ferrous metal, non-ferrous metal, and which are garbage. Unless you split it all up yourself (which you don’t want to do), you will only see a few dollars extra for your scrap car prices.
There’s a Better Option Anyway
You don’t need to worry about the price of steel per pound when you deal with DamagedCars. We pay you for your car as it is, not for what it weighs as scrap metal. The process is easy – just fill in your vehicle information for a guaranteed quote. We’ll make an offer for your car as-is, where-is. If you accept, we’ll pay you fast and pick up your car from you. You don’t need to haul it to the junkyard, and you can rest assured the offer will be fair. See how much your car is worth right now.
