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June 26,2025 • 2 min read
Ferrous Metal Recycling Prices: 2024 Market Report & Selling Guide
Ferrous metals (containing iron) are typically priced by the ton. Here are the latest market averages:
| Heavy Melting Steel (HMS) #1 | $210-$250 | $0.105-$0.125 | Structural beams, clean machinery |
| HMS #2 | $180-$220 | $0.090-$0.110 | Mixed heavy steel, thicker than 1/4" |
| Shredded Steel | $160-$200 | $0.080-$0.100 | Processed vehicles, appliances |
| Cast Iron | $130-$170 | $0.065-$0.085 | Pipes, engine blocks, heavy fixtures |
| Light Iron (Tin) | $90-$130 | $0.045-$0.065 | Appliances, auto bodies, sheet metal |
| Rebar | $150-$190 | $0.075-$0.095 | Construction site scrap |
Prices vary daily based on Chicago steel futures
Factors Affecting Ferrous Metal Prices
1. Global Steel Demand
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Chinese manufacturing activity
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U.S. infrastructure projects
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Automotive industry needs
2. Regional Market Conditions
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Proximity to steel mills
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Local industrial activity
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Transportation costs
3. Material Quality
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Cleanliness (free of contaminants)
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Proper sorting by grade
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Preparation (cutting, baling)
4. Economic Factors
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Fuel prices affecting transportation
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Tariffs on imported steel
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Scrap metal export demand
Where to Get the Best Prices
Top Buyer Types:
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Steel Mills - Highest prices for bulk quantities
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Shredding Operations - Accept mixed loads
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Brokers - Handle logistics for large shipments
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Local Scrap Yards - Convenient for smaller loads
Regional Price Variations:
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Great Lakes Region: $10-$20/ton higher (mill proximity)
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Gulf Coast: Competitive export market
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West Coast: Slightly lower due to transportation
How to Maximize Your Scrap Value
Preparation Tips:
✔ Sort by grade (HMS #1 vs #2)
✔ Remove contaminants (plastic, rubber, non-ferrous metals)
✔ Cut to manageable sizes (typically <5')
✔ Accumulate quantity (1+ ton loads get better rates)
Selling Strategies:
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Monitor CME steel futures
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Time sales during quarterly mill buying periods
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Build relationships with local buyers
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Consider direct mill sales for 50+ tons
Ferrous vs Non-Ferrous Recycling
| Magnetic? | Yes | No |
| Weight | Heavy | Light |
| Price (2024) | $0.04-$0.12/lb | $0.30-$4.00/lb |
| Rusts? | Yes (except stainless) | No |
| Recycling Rate | 90%+ | 60-70% |
Environmental Impact of Ferrous Recycling
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Energy Savings: 75% less than virgin production
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Emissions Reduction: 86% fewer greenhouse gases
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Resource Conservation: Saves 1.5 tons of iron ore per ton recycled
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Landfill Diversion: Steel comprises 25% of landfill weight
Future Market Outlook
Price Projections:
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Q3 2024: Expected 5-8% increase (construction season)
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2025: Potential stabilization if infrastructure bills pass
Industry Trends:
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Increased use of AI sorting technology
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Growing electric arc furnace capacity
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Tighter quality standards for export scrap
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Rising demand from green steel initiatives
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