In 2023, iron and steel scrap consumption at US manufacturers with blast furnaces stood at 3.52 million metric tons. The forecasted trend from 2024 to 2028 shows a steady increase in consumption, from 3.6 million metric tons in 2024 to 3.93 million metric tons in 2028. The projected year-on-year growth starts at 2.22% in 2025, with a consistent upward trend, culminating in approximately 2.09% in 2028. The compound annual growth rate (CAGR) over the five-year period is estimated at around 2.14%.
Future trends to watch for include potential impacts from policy changes on recycling mandates and technological advances in blast furnace efficiency. Monitoring the global demand-supply dynamics for steel and scrap will be crucial, as they could significantly influence consumption patterns and pricing structures.
