Chinese Steel Influx Pose Headaches for Asian Producers, S&P Says

MT Newswires Live11-08

Asian steelmakers will continue to face challenges due to the influx of cheap Chinese steel, S&P Global Ratings said in a Thursday release.

Southeast Asian countries, in particular, have seen a 46% drop in hot-rolled coil spreads in 2024 compared to the 2021 average, S&P said.

China's ongoing struggle with excess steel capacity and ongoing property sector downturn has driven down global steel prices.

The rating agency expects these conditions to squeeze steelmakers' profitability in 2025, leading to negative credit implications.

Some Asian countries have considered anti-dumping measures to counter Chinese imports, but their implementation is a lengthy process, S&P said.

The impact of cheap Chinese steel will vary across different regions and individual steel companies, according to the rating agency.

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