The consumption of iron and steel scrap by manufacturers using blast furnaces is forecasted to steadily increase from 2024 onwards. Starting at 3.59 million metric tons in 2024, it is expected to grow to 3.89 million metric tons by 2028. Compared to 2023, which stood at 3.51 million metric tons, this signifies a consistent upward trend. Year-on-year growth varies between 2.3% and 2.4%, with a CAGR of approximately 2.5% over the five-year forecasted period.

Future trends to watch for:

Technological advancements in recycling processes could enhance scrap utilization.
Sustainability goals and regulatory pressures may boost demand for recycled materials.
Fluctuations in global steel demand and trade policies could impact scrap consumption rates.