I love some of the high value knives but sometimes cheap means cheap.
I avoid the SanRenMus, Ganzos, Enlans, Navys and those other mystery steel Chinese brands. When the knives themselves aren't outright copies, they exhibit highly variable steel quality and some questionable build quality. I've had duplicate SRM 7010 knives and one held an edge and sharpened as well as can be expected for a $20 knife, the other acted like some kind of pot steel. The Enlan EL-01 is generally a decent knife but I've also seen some unacceptable lock wear on some. Many very cheap knives come from Pakistan but I've yet to see one that I'd trust in my pocket. Gerber, CRKT...two great names in the knife world that all too often produce horrible quality yet inexpensive knives. M-Tech, TAC-Force, Schrade, S&W, Browning...well, most of the time you'd be better off with a good stick..
What mystery steel? Sanrenmu and Enlan claim to use only 8cr13mov steel for their entire production line, while S&W uses 7cr17 and 7cr17mov for most of their non-assisted folders and Schrade uses 8cr13mov, 9cr14mov or 9cr18mov.
Not high end steels, and definitely not junk. I have used my S&Ws to cut zip ties and dig holes in the soil.