Chinese authorities unveiled a plan to facilitate the development of the country's raw materials industry during the 14th Five-Year Plan period (2021-2025).

The 2205 ferrosilicon contract price on ZCE closed at 8374 yuan per ton on January 6.

"Steel is a key foundation industry and it is absolutely essential that it receives practical support from the government," he said.

Chen also outlined a series of goals to achieve in terms of green transformation across raw material industries by the end of 2025.

Hydrogen is expected to play a much larger role in China's decarbonization, especially in industries like steelmaking and aviation, where there are few clean energy alternatives, analysts said.

EU companies will also be able to export aluminum tariff-free.

China ferronickel imports in Jan-Nov 2021 by country/region.

China Nickel ore imports in November 2021 by country/region.