In 2023, the consumption of iron and steel scrap at U.S. manufacturers was at a specific volume which saw a projected steady increase from 2024 onwards. The forecasted consumption for 2024 is 62.09 thousand metric tons, indicating an optimistic growth trend. A year-on-year increase of approximately 0.48% from 2024 to 2025, 0.47% from 2025 to 2026, and approximately 0.46% from 2026 to 2027, leading to a cumulative annual growth rate (CAGR) of about 0.46% over the five-year forecast period.

Future trends to watch include:

The impact of technological advancements in recycling processes on consumption efficiency.
Shifts in domestic steel production capacity and international demand.
Environmental regulations shaping industry practices.