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Yeah this one threw me completely when I initially looked at things as well (I haven't been in the mining stocks for a while) as I fully expected mining to be in the toilet on account of steel demand being non-existent and it took a full day of researching chinese steel stock levels etc and then also talking to a friend of mine who works in the mines to find out just wtf had gone on.

It's quite obvious in hindsight though as the chinese government targets full employment no matter the cost and so literally pays companies to produce stuff even when there isn't a market for it.

I wouldn't expect steel prices to improve for quite a while though as they have ungodly amounts of it stockpiled by now and trump & co fully intend of giving china the proverbial to boot.

The only thing I really see increasing steel demand properly is china's usual construction madness - if they decide to prebuild another dozen cities or something then that'd do it, but otherwise...