Kaustubh Chaubal, vice president of Moody's investment services, said in a report that the profitability of the rated Asian steel producers will further decline by 5% next year after a decline of about 25% in 2019 due to weak demand, falling steel prices and high iron ore prices.
Moody said demand from real estate and manufacturing will limit the growth of China's steel consumption, steel use in India will slow down due to weak demand in the automobile and manufacturing industries, and steel demand in Japan and South Korea is also expected to weaken.
