Chinese regulators are mulling a deeper cut in new carbon quotas, a move that would make it more expensive to run small and inefficient coal power plants.

"There is strong anticipation that steel production will resume in the medium term," SinoSteel Futures analysts said.

If 2021 was a year of volatility and uneven performances for commodities, then 2022 is shaping up as a rinse and repeat as uncertainty over the pandemic recovery remains the dominant theme, writes Clyde Russell.

The seaborne thermal coal market has been in disarray since Indonesia, the world’s biggest exporter, announced it would halt exports for January so it could replenish stockpiles.

In the race to secure raw materials needed for the green revolution, new world powers could emerge as demand for clean energy metals grows. For now, China has the lead.

Tianqi Lithium applied for a Hong Kong listing in 2018, but the plan was shelved amid falling lithium prices and a cash squeeze.

China stepped up its monetary easing efforts to prop up a slowing economy this week by lowering a set of key policy rates and lending benchmarks.