Due to the increase in industrialization in the world, natural resources are becoming less and less available. One of the most sought after scrap metal is copper, which is mainly obtained from old wiring. The growing demand of this metal has resulted in the increased use of scrap metal copper in other highly valued operations. This, in effect, has emanated in an increase in scrap wire prices. The value of copper has been estimated to have increased by a massive 500% from 2001 to 2008.
Why is copper scrap wire on such a high demand?
The various properties of copper make it suitable for many applications. This metal possesses a high level of thermal and electrical conductivity and also the ability to resist corrosion. It is also durable and very malleable. The copper is used for making different types of wires used in a variety of applications. The wires produced include copper strips, control cable, tinsel wire, special cable, and winding wire.
The major field utilizing copper wires is the building industry. Here, the material is used for electrical wiring, water pipes and for aesthetic purposes. The wire is preferred by electrical contractors due to its flexibility and its resistance to metal exhaustion. Many electronic appliances use copper wiring too.
With the advent of automatic machines, copper strips are in high demand; thus, causing the rise in scrap wire prices, as well. The strips ensure the cars run efficiently and also save energy with corrosion resistance added.
With an ever increasing demand for copper, there are few items from which recyclers will not attempt to salvage this seemingly precious metal. Little evidence presents itself in the way of indicating that copper wire prices will come down, any time soon.