In 2023, the iron and steel scrap consumption in the US was estimated at 50.69 million metric tons. The forecasted consumption for 2024 shows a slight decline to 50.02 million metric tons, marking a 1.32% decrease compared to 2023. This downward trend continues in subsequent years, with a projected consumption of 49.8 million metric tons in 2025, representing a 0.44% decrease from the previous year. Similar modest reductions are seen annually, with a 0.42% drop expected in 2026 and a further 0.43% decline forecasted for 2027. By 2028, the consumption is anticipated to be 49.18 million metric tons, culminating in a compound annual growth rate (CAGR) of -0.61% over this five-year period.
Future trends to watch for include potential influences of technological advancements in recycling processes, fluctuations in global iron ore prices, and regulatory changes encouraging sustainable practices, which could impact scrap consumption dynamics in manufacturing and casting sectors.
