Maybe a bolt fell out of the cornerpost. The chick in the black skorts with athletic calves looks like she's dry-humping it like there's no tomorrow, so it could easily happen.
If you watch the slow-mo version of the video, it seems virtually certain that the metal piece came out from under her pants leg and then hit the ground. The angle at which it first appears doesn't suggest that it came off of any part of the rails there.
How do people find this stuff? No idea what it is. Maybe she had a hole in her pocket.
Could have been a pin for all we know.
The noise it made suggests that it was fairly heavy. There's not a lot of loud noise in the video but plenty of background noise. I don't think something tiny like a pin (or a pen, or anything made of plastic, etc) would have made a discernible noise like this. To me, it sounded like some sort of non-hollow metallic item hitting the ground. The "hole in the pocket theory" could be applicable, but this sounds like something that weighed a good deal for its size.