China's steel scrap consumption is projected to decline by 3% in 2024 compared to 2023, according to analysts from Fubao at the 2025 China Metal New Materials and Circular Economy conference. The annual consumption is expected to reach 236.42 million tons, with 77.9 million tons allocated for production in electric arc furnaces (EAFs). Despite this decrease, industry experts express cautious optimism regarding the overall performance of China's steel sector next year. Steel scrap prices are anticipated to remain volatile in the short term, influenced by market dynamics and demand fluctuations.