Scrap is the name generally given to all substances and materials that have lost their reusability and become expired with no value in terms of functionality. Scraps are as valuable as new products for the industry and economy in developed countries.
Iron scraps are one of the most recycled materials in the world and more than 50% of the world’s steel is produced from iron. Scrap iron has become to be found in great quantities over the recent years with the development of the construction sector. Scrap iron prices, on the other hand, are determined depending on the type of iron.