Steel is an important product in many engineering sectors; however, steelmaking remains one of the largest CO2 emitters. Therefore, new governmental policies drive the steelmaking industry toward a cleaner and more sustainable operation such as the gas-based direct reduction–electric arc furnace process. To become carbon neutral, utilizing more scrap is one of the feasible solutions to achieve this goal. Addressing knowledge gaps regarding scrap heterogeneity (size, shape, and composition) is essential to evaluate the effects of increased scrap ratios in basic oxygen furnace (BOF) operations. This review systematically examines heat and mass transfer correlations relevant to scrap melting in BOF steelmaking, with a focus on low Prandtl number fluids (thick thermal boundary layer) and dense particulate systems. Notably, a majority of these correlations are designed for fluids with high Prandtl numbers. Even for the ones tailored for low Prandtl, they lack the introduction of the porosity effect which alters the melting behavior in such high temperature systems. The review is divided into two parts. First, it surveys heat transfer correlations for single elements (rods, spheres, and prisms) under natural and forced convection, emphasizing their role in predicting melting rates and estimating maximum shell size. Second, it introduces three numerical modeling approaches, highlighting that the computational fluid dynamics–discrete element method (CFD–DEM) offers flexibility in modeling diverse scrap geometries and contact interactions while being computationally less demanding than particle-resolved direct numerical simulation (PR-DNS). Nevertheless, the review identifies a critical gap: no current CFD–DEM framework simultaneously captures shell formation (particle growth) and non-isotropic scrap melting (particle shrinkage), underscoring the need for improved multiphase models to enhance BOF operation.