Asian steelmakers brace for continued profitability pressure through 2025

This is due to the influx of cheap Chinese steel.

Asian steelmakers are expected to face sustained profitability pressure through 2025 as cheap Chinese steel continues to flood regional markets, according to S&P.

The influx of cheap Chinese steel has significantly reduced steel prices across Asia, with Southeast Asia's spread on hot-rolled coil dropping 46% in 2024 compared to 2021.

China has been dealing with excess steel capacity largely since its property sector entered a prolonged downturn in 2021.

"The factors contributing to excess Chinese steel supply in 2024 will be very much in place next year. Several Asian countries have looked at countering Chinese imports with antidumping measures, but such tariffs would take years to enact," said S&P Global Ratings credit analyst Crystal Wong.

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