The forecasted iron and steel scrap consumption in the US for the basic oxygen process indicates a steady decline from 2.93 million metric tons in 2024 to 1.59 million metric tons in 2028. This marks a striking decrease in consumption, illustrating a negative trend over the years. If we analyze the year-on-year variation, there's a relative decline, from -11.94% in 2025 through reaching -16.75% by 2028. The Compound Annual Growth Rate (CAGR) reflects an average annual decline over the five years preceding 2023.

Future trends to watch for:

Shifts in manufacturing technologies that might influence scrap usage and efficiency.
Changes in global scrap supply and demand dynamics due to environmental policies and international trade relations.
The impact of innovation in recycling technologies on material sourcing.
Economic factors, such as fluctuations in construction and industrial activity, affecting demand for raw steel.