As of 2023, Iron and Steel scrap consumption by manufacturers using the Basic Oxygen Process in the US stood at approximately 3.3 million metric tons. Forecasted figures for 2024-2028 indicate a consistent decline from 2.93 to 1.59 million metric tons. Year-on-year reductions are substantial, such as a 15% drop from 2024 to 2025, with the cumulative average growth rate (CAGR) indicating a negative trend.

Future trends to watch for:

Technological advancements in recycling and processing that could influence scrap demand.
Environmental regulations impacting scrap utilization in production.
Market shifts leading to alternative materials or processes in steel manufacturing.