If you are in the scrap metal or metal recycling business you probably depend on people to bring in metal to keep your scrap metal inventory at the level that you want. However, you may not be aware that you can also shop online on a metal auction site and buy specific types of metal in large or small amounts to fulfill all of your existing inventory requirements.
Metal auction site options range for a category within a larger electronic recycling or even an automotive recycling website or a more general all-purpose type of auction site. If you are looking for specific types of metal or specific lot sizes staying with the specialized metal auction site or an electronic recycling website is always the best option.
Know the Market Price
Typically most online metal auction site bidding systems will work the same. You will have to register or log-in and, in some cases, you may have to pay a subscription fee to use the site. This is actually in your best interest since it prevents people from bidding that aren’t serious buyers.
You will then place a proxy vote on the lot based on the maximum amount that you are willing to pay. This amount will typically not include shipping, so you do need to calculate that as a separate cost when placing your bid. Knowing the fair market value of the metal prevents you from overbidding and actually paying more than you should.
Read the Description
If you are shopping on a metal auction site there will usually be both images as well as a written description. Don’t just go by the image or photo, make sure you read and completely understand the written description as well.
On most of the top sites there will be short summary statement of the lot up for bid, and then there will also be a longer, detailed summary of the items or item in the lot. Take your time and read through both to make sure you are bidding on just what you need.
Online metal auction site policies should also be clearly posted. This will help you to understand the specifics including when and how payment must be made after a winning bid and how any problems will be handled by the auction company.
