The iron and steel scrap consumption in the selected states is forecasted to gradually decline from 5.13 million metric tons in 2024 to 5.09 million metric tons in 2028. As of 2023, consumption was marginally higher, suggesting consistent downward pressure over this period. The year-on-year change indicates a weak declining trend, with less than a 0.2% reduction each year. The compound annual growth rate (CAGR) over five years is expectedly negative but minor, indicating relatively stable yet shrinking demand.
Future trends to watch include environmental regulations impacting steel production, technological advancements in recycling processes, and potential shifts in industry demand due to economic changes or construction activities in the region.
