What is the cheapest metal? This is a question that many people have asked, and it is not an easy question to answer. The price of metals fluctuates constantly, and different types of metals are cheaper at different times.
Ductility, hardness, fatigue strength, and yield strength are just a few examples of material properties that aren’t usually the primary influence in metal selection. An engineer or designer may simply want the most cost-effective metal on hand.
The price of metal is determined by its availability and the amount paid to extract it from its core crust. Metals that are commonly found in nature tend to be the cheapest metals.
In this blog post, we will explore the various types of metals and discuss their prices at different points in time. We will also provide tips on how to find the cheapest metal for your needs. Stay tuned!
The Cheapest Metals Available in the Market
Iron
Iron is a chemical element with the atomic number 26 and the symbol Fe. It is the most common substance on Earth in terms of weight, surpassing oxygen, and it makes up a significant portion of the planet’s outer and inner core.
On Earth, iron eventually became the most affordable metal. That’s because iron, as found in ores, is our most abundant material by weight. Iron makes up the bulk of Earth’s core and acts as a shield against cosmic rays and solar wind [1].
The price of iron ore has fluctuated over the last decade, peaking in 2011 and then dropping below $100 per metric ton in 2015. Currently, the commodity sits at around $70-80 per metric ton. This makes iron one of the most affordable metals on Earth [2].
What’s more, iron is abundant and easy to extract from its ores. The metal can be found all over the world, and large deposits are located in Australia, Brazil, China, and Russia. These factors contribute to making iron an affordable metal.
Carbon Steel
Carbon steel is an alloy of iron and carbon. The term “carbon steel” may also be used in reference to steel that is not stainless, such as tool steel or construction steel.
Carbon content levels vary depending on the grade, with most steels containing between 0.30% and 0.60% by weight. Currently, the price of carbon steel is about 0.37 cents per pound [3].
The price of carbon steel varies depending on the type and quantity purchased. For instance, buying in bulk could reduce costs significantly. However, carbon steel is generally more expensive than other types of metals.
While it’s not the cheapest option available, carbon steel remains a popular choice because it’s strong and easy to work with. The metal can be formed into just about any shape, making it ideal for a variety of applications.
Carbon steel is also relatively abundant, making it a more affordable option than some other metals. Large deposits are located in the United States, Russia, Brazil, and China.
Aluminum
Aluminum is the most abundant metal on Earth. It’s a lightweight, silver-colored metal that’s known for its resistance to corrosion. The metal is also non-magnetic and non-sparking. These properties make aluminum ideal for use in a variety of settings.
Aluminum is a popular choice because it’s lightweight and resistant to corrosion. The metal is also easy to work with, making it ideal for a variety of applications. Plus, aluminum is abundant and relatively affordable.
The price of aluminum has fluctuated over the years, but it remains relatively affordable.
For instance, in 2011 the commodity was selling for around $0.80 per pound. In 2015, aluminum prices dropped below $0.50 per pound before climbing back up to the $0.60-$0.70 range in 2018 [4].
Aluminum is abundant and easy to extract from its ore. The metal can be found all over the world, with large deposits located in Australia, Brazil, and China. These factors contribute to making aluminum an affordable metal.
Zinc
Zinc is a chemical element with the atomic number 30 and the symbol Zn. It is a bluish-white, lustrous metal that is relatively abundant in the Earth’s crust. The metal is also non-magnetic and non-sparking. These properties make zinc ideal for use in a variety of settings.
The price of zinc has fluctuated over the years, but it remains a relatively affordable metal. The average annual price of zinc in North America was $1.45 per pound in 2021 [5].
While the price of zinc fluctuates, it remains a relatively affordable metal for many industries.
Zinc’s affordability and diverse range of applications make it an essential commodity for businesses and consumers alike.
Lead
Lead is a chemical element with the atomic number 82 and the symbol Pb. It is a heavy metal that is denser than most common materials. Lead has a bluish-white color when freshly cut, but it tarnishes to a dull gray when exposed to air.
Lead has been used by humans for centuries due to its malleability and resistance to corrosion. The price of lead varies depending on market conditions, but it remains affordable for many uses.
Lead is an essential metal for a variety of industries due to its affordability and resistance to corrosion.
Manganese
The price of manganese varies depending on market conditions, but it remains a relatively affordable metal.
Since the start of 2022, manganese has traded at 33.50 on a contract for difference (CFD) that tracks the benchmark market for this commodity [7].
Manganese is an essential metal for the steel industry due to its ability to increase the strength and hardness of steel.
Stainless Steel
Stainless steel is an alloy of iron, chromium, and other metals. It is a durable, corrosion-resistant material that is often used in a variety of settings. The price of stainless steel varies depending on the type of alloy and the market conditions.
However, stainless steel remains a relatively affordable metal for many industries.
For example, stainless steel 304 is $0.78 per pound in North America [8].
Stainless steel is a durable, corrosion-resistant material that is essential for many industries due to its affordability.
Factors That Impact Affordability of Metals
The cost of metals is determined by a variety of factors, including:
- The type of metal. Some metals are more abundant than others, which affects their price. For example, aluminum is the most plentiful metal on Earth, while gold is quite rare;
- The purity of the metal. More pure metals will be more expensive than less pure ones;
- The form of the metal. Metals can exist in different forms, such as ore, ingots, or coins. Each form will have a different price;
- The market conditions. Like any commodity, the price of metals can fluctuate based on supply and demand;
All these factors must be considered when determining the affordability of a particular metal. With that said, let’s take a look at some of the most affordable metals on Earth.
What is the Cheapest Metal for Jewelry?
Brass is one of these low-cost metals, which is also the most prevalent in jewelry. When you start producing a lot of jewelry, you’ll notice that brass is a popular alternative for jewelers across the world. It’s because of its pleasant neutral tone and cost among precious metals.
Brass, despite the fact that it is less valuable than silver or gold, is just as fashionable as the two!
You’ll find that a lot of costume jewelry is made from brass because it gives off the appearance of gold without costing as much. When mixed with other metals, it can create some beautiful alloys as well [9].
FAQ
What is the least expensive metal?
The least expensive metal is iron. It is the most abundant element on Earth and has a very low cost per pound. However, there are other metals that are less expensive than iron such as aluminum, copper, and lead. These metals are also more abundant than iron and have a lower cost per pound.
Aluminum is the least expensive metal after iron. It is more abundant than iron and has a lower cost per pound. Aluminum is used in many products such as cans, foil, and kitchen utensils.
Copper is another metal that is less expensive than iron. Copper is more abundant than iron and has a lower cost per pound. Copper is used in electrical wiring and plumbing.
Which is the cheapest steel?
Carbon sheet steel, which was the target of yesterday’s seven-company antitrust indictment, is the cheapest and most widely utilized form of steel.
It is used in everything from automobiles to washing machines, and its price has a significant impact on the economy. The indictment alleges that the companies conspired to fix prices for carbon sheet steel.
What is the cheapest and strongest metal?
Many people believe that steel is the strongest and most durable metal available, however, this is not always the case. In fact, there are a variety of metals that are both cheaper and stronger than steel. These include titanium, tungsten, and chromium.
Titanium is often used in aircraft construction due to its strength and resistance to corrosion.
Tungsten is one of the hardest metals on the planet and is often used in high-strength applications such as drill bits and cutting tools.
Chromium is a hard metal that is resistant to wear and tear, making it ideal for use in plumbing fixtures and automotive parts. While all three of these metals are stronger than steel, they each have their own unique properties that make them better suited for specific applications.
What’s cheaper – iron or steel?
Steel is lighter than iron, giving steel a significant edge in the construction business in terms of building expenses and structure weight. In most cases, and under most conditions, steel is going to be less expensive and more efficient than iron [10].
Is copper cheap or expensive?
Copper is a cheap, readily available metal with a variety of useful characteristics. It is resistant to corrosion and very good at conducting heat. As a result, it may be found in the bowels of many of the world’s industrial economies.
What is in pig iron?
Pig iron is made by smelting iron ore (also ilmenite) with a high-carbon fuel and reductant such as coke, usually utilizing limestone as a flux. Charcoal and anthracite are also used as fuel and reductant in electric furnaces. Smelting of iron ore in blast furnaces or ilmenite in electric furnaces produces pig iron [11].
Is nickel expensive?
The nickel is worth more than a dime. Even before the rise in nickel prices, the price of nickel was rising because of the run-up in nickel prices. The U.S. coin is made up of 25% nickel and 75% copper [12].
Is brass metal cheap?
The price of brass has gone up and down over the years. In recent years, the price of brass has been on the rise due to increased demand from China. However, the price of brass is still relatively low when compared to other metals.
Is it illegal to melt pennies?
It is legal in the United States to melt, destroy, or modify any US coins [13]. The U.S. coin is made up of 25% nickel and 75% copper. The price of brass has gone up and down over the years, but it is still relatively low when compared to other metals.
Useful Video: what-is-the-cheapest-metal
References:
- https://www.punchlistzero.com/cheapest-metals/
- https://unctad.org/news/demand-iron-ore-levelled-2015-reflecting-weak-growth-world-steel-production
- https://www.gardnermetals.com/get-to-know-your-steel/
- https://www.forbes.com/sites/greatspeculations/2019/11/05/aluminum-prices-15-year-price-analysis-and-
- production-demand-gdp-dynamics/
- https://www.statista.com/statistics/369252/global-zinc-price-north-america/
- https://www.statista.com/statistics/892330/north-america-lead-market-price/
- https://tradingeconomics.com/commodity/manganese
- https://iscrapapp.com/prices/
- https://crafttribeonline.com/what-is-the-cheapest-metal-for-jewelry-price-and-usage/
- https://www.thyssenkrupp-materials.co.uk/technical-knowledge-hub/iron-vs-steel
- https://www.metallics.org/pig-iron.html
- https://www.barrons.com/articles/how-much-is-a-nickel-coin-worth-more-than-a-dime-thanks-to-a-surge-in-metals-prices-51646841827
- https://atlantagoldandcoin.com/is-it-illegal-to-melt-u-s-coins/
