Have an old file cabinet? A broken water heater? Or maybe even an old car body in your yard? You may want to take it in and turn into cash now.
Steel and iron prices recently spiked. They had been sagging due to the economy, but they are now on the rebound.
In fact, scrap steel is selling for anywhere between $125-250 a ton.
The president of one local auto salvage yard says he sees it as a window of opportunity.
“I don’t believe it’s going to sustain,” said Jeffrey Yaeger of Yaeger Auto Salvage in Weston.
Right now steel supply needs to catch up with demand. Individuals and companies have been holding onto scrap metals until prices improved, but once supply catches up to newly increased demand, price could drastically drop.
Area recyclers believe the high per ton pay rate could last another couple of months.
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