The forecasted consumption of iron and steel scrap in the US shows a declining trend from 2024 to 2028, with values decreasing from 3.52 million metric tons in 2024 to 2.74 million metric tons in 2028. This represents an annual contraction, with a downward Compound Annual Growth Rate (CAGR) resulting in an average decline over the period. Notably, in 2023, the actual consumption stood slightly higher, marking a period of continuous decrease as the forecast materializes strongly over the next years.

Future trends to watch for include:

Sustainable production practices and increased recycling rates that might stabilize or reverse the negative trend.
Technological advances that improve scrap utilization efficiencies at foundries and miscellaneous users.
Policy changes and regulatory measures impacting scrap metal use in industries.