The forecast for iron and steel scrap consumption at US manufacturers using electric furnaces shows steady growth from 2024, starting at 43.39 million metric tons, and rising incrementally to 43.54 million metric tons in 2028. This marks a marginal increase year-on-year, with the Compound Annual Growth Rate (CAGR) suggesting an average growth of approximately 0.1% per year over the five-year forecast period.

In 2023, the consumption stood at a slightly lower level, underscoring a trend of gradual increase in scrap consumption driven by ongoing industrial requirements and sustainable practices.

Future trends to watch for:

Technological advancements in recycling methods improving efficiency and cost-effectiveness.
Potential policy changes impacting scrap availability and price fluctuations.
Sustainability initiatives driving increased demand for recycled materials.
Economic conditions influencing manufacturing output and scrap consumption.