Since there are no iron ore mines in Bangladesh, it is solely dependent on imported scrap for producing steel and has emerged as a key price setter in the seaborne scrap trade, along with Turkiye. The volume of imported ferrous scrap (both bulk and container) into Bangladesh stood at 4.68 mnt in 2023, down 10% against 5.2 mnt in 2022. The country is lately also exploring newer supplier geographies in containers that include Singapore, Malaysia, and Hong Kong.
