Steyn has not yet recovered from a side strain while a quad strain brought a pre-mature end to Morkel's campaign.
"Whenever a team loses its top players it is always a setback for them. Like it is for South Africa. But as far as we are concerned the batsmen must take advantage of this situation," Misbah told PTI on Sunday.
Misbah who stood out with 96 not out against the West Indies in a poor Pakistani batting display said that it would be a close match.
Misbah said Pakistan would not be underestimating the South Africa attack at all.
"It is not a question of underestimating. It is question of trying to take advantage of the weak links in your opponent's side. That is the way to look at it professionally," he said.