Understanding Gross Ton in Scrap Pricing
The symbol "GT" stands for Gross Ton. Gross tons are the standard for pricing steel and commodity weights. An example to help determine pricing per ton or pound: If a yard pays $0.05 per pound for 2,000 pounds (Net Tons) = $100. But for 2,240 pounds (Gross Tons) = $112. Knowing scrap yard weights and prices means a lot for tickets. Ask the scrap yard their pay before you go.
Calculating Price Differences
A Gross Ton is 2240lbs, a Net Ton 2000lbs. To see the dollar value difference, break it down by price per pound. In this case, get the net ton price of $140 (2000lbs) which = .07/pound. That same .07 per pound for gross ton (2240lbs) would equal $156.80.
Scrap Business Operations
- The scale captures weight depending on metal type.
- Most yards use software like ScrapIT, transforming from pencil and paper to digital.
Search local yards for prices. In 2019, iron and steel scrap prices in the US came to around $266 per metric ton. Scrap yards buy and resell metals.