The forecast for iron and steel scrap consumption by manufacturers of pig iron, raw steel, and castings in the Mountain and Pacific regions of the US shows a gradual decline from 2024 to 2028, starting at 3.65 million metric tons in 2024 and decreasing to 3.51 million metric tons by 2028. This represents a compound annual growth rate (CAGR) of approximately -0.77% over the five-year period. When considering year-on-year, there's a consistent decrease of around 1% per year. The consumption in 2023 was slightly above 3.65 million metric tons, marking the onset of this declining trend.
Future trends to watch for include:
- Technological advancements in recycling and materials efficiency which could counterbalance declining scrap consumption.
- Changes in domestic and global steel production that may impact the demand for scrap.
- Environmental regulations influencing the sourcing and usage of recycled materials.
