I think that this makes sense. What alternatives do they have ?
The CCP despite all its Sabre rattling is a gov that needs to continually show legitimacy and this is purchased via economic prosperity. The absence of which could cause far worse damage to them than any steel crack down.
If the situation in China continues to deteriorate my bet is for the taps to get turned back on and steel production will normalise again. A natural consequence will be an increase in the price of iron ore.
Iron ore price, page-35041
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