So i tried farming the living steel i was heavily underlvld but super strong. I first found the chest it despawned right as i arrived and i guess the timer went out. Then literally 1 min later i find a second one i click on it and fight the boss. When the boss was almost dead (around 5% hp) he and the chest despawned. The third time i was assisted by another player who was walking by and we eventually killed him and i could open the chest which gave me one living steel. Is this the way its supposed to work? Ive seen other players get up to 5 by just fighting the boss once.