The current daily price of iron fines as of August 2014 was $92.61 per ton, which equates to approximately 0.04 cents per pound. Scrap iron prices per pound vary depending on the facility purchasing the iron and any daily fluctuations in pricing.
Scrap iron is typically bought by the ton, with per pound rates based on the ton rate. Iron is used primarily for the production of steel. The U.S. steel industry has seen a decrease of 35 percent since the 1970s as of July 2014. In 2013, reports from the Federal Reserve Bank of Minneapolis showed that 23 percent of steel used in the United States came from other countries.