Kaustubh Chaubal said in a report that due to weak demand, falling steel prices and high iron ore prices, the profitability of rated Asian steel producers will decline further by 5% next year after falling by about 25% in 2019

Moody's said that demand from real estate and manufacturing will limit China's steel consumption growth, India's steel use will slow due to weak demand for automobiles and manufacturing, and steel demand in Japan and South Korea is expected to weaken.