I'm not sure what to make of reports of steel mill shutdowns. There are reports of 70 steel mill shutdowns in the last couple of months with more said to happen in the near future. This follows a stressful year for Chinese steel with demand and prices sharply down. Google suggests there are about 3000 steel mills in China. I would guess the failed mills tend to be small mills that are less efficient with less long term contracts, making them less financially stable, than larger mills. This isn't existential but, if true, it does speak to economic stress in the PRC.
