In 2023, the consumption of iron and steel scrap at manufacturers in New England and the Middle Atlantic was forecasted to stand at a similar level of the subsequent year, 5.39 million metric tons. The forecasted consumption shows a gradual decline from 2024, witnessing a year-on-year reduction of approximately 1.5% annually until 2028, culminating at 5.06 million metric tons in 2028. The compound annual growth rate (CAGR) over the projected five-year period is negative, reflecting a consistent downward trend.

Future trends to watch for:

Technological advancements in scrap recycling processes may impact usage efficiency.
Potential policy changes on environmental regulations affecting scrap recovery and reuse.
Economic fluctuations in demand for steel-intensive industries, impacting scrap consumption.
Shifts in raw material availability and international trade dynamics.