Analyzing the historical data for iron and steel scrap consumption in the US from 2013 to 2023, a noticeable declining trend emerges, with a steady year-on-year decline averaging around 0.81%. In 2023, the consumption stood at 54.73 million metric tons, down from 59.0 million metric tons in 2013. Over the last five years, the compound annual growth rate (CAGR) averages -0.79%, reflecting a continuous reduction in consumption figures.
From 2024 onwards, the forecast suggests this trend will persist, with a projected average annual decline of 0.66%. By 2028, consumption is expected to fall to approximately 52.51 million metric tons, indicating a forecasted 5-year growth rate of -3.24%.
Future trends to watch for include potential shifts in steel production technology towards more sustainable practices, fluctuating global markets for raw materials, and domestic policy changes aimed at recycling and waste management, which could impact scrap consumption rates.
