And why not! They’re printing money. From Macquarie:
China Steel Survey: Underlying demand continues to support margins
Sentiment among steel and iron ore traders remains negative, although steel mills have seen a slight recovery in their outlook toward the market as steel margins have continued to hold up, and underlying steel demand remains robust, according to our latest survey. This was a view reiterated by many of the speakers on our last China commodities tour in early-May, that while pessimism remains with regard to expectations of a slowdown over 2H17, underlying demand today remains quite solid, which is supporting steel prices.