METWORLD DMCC - Basic Steps for Trading in Ferrous And Non Ferrous Metal Trading
Beginning trading in ferrous and nonferrous metals require having extensive knowledge that will help you gain profits out of this business. Like every business you need to have knowledge of some of the basics and trading in metal too requires knowing it all that will help you begin on the right foot.
Investing in a good magnet
It is essential o invest money in a good magnet, as this will help you in identifying different metals, especially ferrous metals from nonferrous metals. Following are the indicators of the magnetic tests:
• Ferrous metals stick to the magnet, this category includes steel and iron.
• Nonferrous metals do not stick to the magnet and this includes copper and aluminium and these metals are worth more value in market. It is due to their lightweight, higher conductivity and corrosion resistance.
Sorting is an essential process, it is because while segregating the metals, it is equally essential that you keep it in different containers. This way you will easily know valuable metals from lesser value metals and deal with it accordingly.
Knowing your metals
For sorting your metals apart, you need to know how to tell them apart. Following are the pointers that will help you identify it all:
• Use a hand-held magnet to differentiate metals, for example, steel would stick to the magnet and it is a ferrous metal. It is the most commonly used metal and used in almost all household items. Next you can use cranes fitted with magnet to move the iron scrap.
• Copper can be distinguished from reddish tinge to dark brown appearance. Most of the time it is used in plumbing pipes, cooking appliances, power cords and computer cables.
• Aluminium looks like steel but it does not stick to the magnet, it is more than often used in car hoods, bicycles, window frames and motorbikes and even in drinking cans.
• Another fact that you need to know about metals is that 70% iron is present in stainless steel, but at the same time it is counted as a nonferrous metal. Additionally, it also contains 8% nickel.
• Brass is a mix of copper and zing these are often used in faucets, doorknobs and valves and in keys. The colour of this metal is yellowish with a tinge of red.
• Bronze contains a mix of zinc, copper, tin, nickel, manganese and aluminium. This metal is corrosion resistant and water resistant.
• Lead is heavy and toxic, it is used in making pipes and wheel weights.
• Rockwell test is done through a specific machine. It is essential to determine the hardness of the test.
• Spark test that helps in inspecting the form, length, colour of the metal.
• LIBS or Laser Induced Breakdown Spectrometry is a device that helps in analysing the metal quality through the use of laser.
Metal prices and value
It is essential to know at what price each metal is trending in the market. Whatever type of metal you are dealing with, it is essential that you know its current value. The figures related to metals change frequently that are based on different factors like market trends, location and metal grade.