i don't think anyone disputes the fact that smaller, less efficient mills, are going to be pushed into the red and out of business. in fact the raw materials companies have been saying this for some time - but their view at least is that such consolidation is a benefit as long as you are a producer of higher grade ores, since larger mills have a greater need for better ore (i.e shifting production from small mills to large mills shifts more inputs from lower grade to higher grade ore)
so yes there will be pain in the chinese steel market as less efficient mills close - but i'm not quite seeing how a deliberate attempt to consolidate the industry and upgrade its efficiency equates to a bubble per se
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