The average cost of scrap iron is $300 per ton. It could be in the form of sheet iron scrap or mixed cast iron scrap. Corroded drain pipes are a plentiful source of scrap iron as also remains of cast iron shell. Usually, a scrap metal can be recycled indefinitely without losing any of its properties and is classified in two, ferrous and non-ferrous. Ferrous scrap is iron and steel. This includes scrap from household appliances, rail road tracks and other containers. Scrap iron can be home scrap or purchased scrap. Scrap cast iron such as discs, drums, girders and boilers yield competitive prices.