Abstract: A bucket cooled by circulating water and scrap preheating apparatus incorporating the bucket are disclosed. The bucket comprises a bucket-shaped container which contains scrap to be preheated and through which an exhaust gas from an electric furnace is passed to preheat the scrap contained therein, a cooling water passageway which surrounds the periphery of said container, and water supply and exhaust ports which are connected to said cooling water passageway, cooling water being supplied to and exhausted from the bucket during preheating of the scrap contained therein.