According to data maintained by SteelMint, Bangladesh have become eight largest ferrous scrap importers in the world in first eight months of 2016. According to the data, Bangladesh has imported around 1.55 million tons of ferrous scrap during Jan-Aug in the year 2016, Turkey remains the number one importer of scrap.
Total seaborne trade of ferrous scrap in 2015 was about 50 MnT, Turkey being the largest importer with annual imports of 16.25 MnT followed by India (6.71 MnT), South Korea (5.76 MnT) and USA (3.51 MnT).
Bangladesh is one of Asia’s leading emerging steel markets and has a growing need for raw materials in order to fulfill their growing demand for steel. Bangladesh based steel mills are shifting their purchases to scrap due to differential duty between scrap and billets.