China’s steel mills are making more money on each ton produced than at any time since 2009 after the government embarked on 4 trillion yuan ($615 billion) in infrastructure spending. A surprise rebound in China’s property and construction sectors has left steel buyers facing a shortage, and handed embattled mills a sudden boost to margins, according to data from Bloomberg Intelligence. The rally in steel prices is unsustainable as higher profits draw idled plants back into operation, says Fitch Ratings Inc.
