Some border cities in China's Inner Mongolia region and Heilongjiang province have halted non-container imports by rail for commodities including iron ore.
BloombergNEF data show that lithium-ion battery pack prices fell 6% from 2020 to 2021 but rising commodity prices are putting pressure on the industry.
"While the severity of the new variant remains a big uncertainty, it casts a shadow over demand growth in the near future and further complicates the supply chain," said ING.
Copper, nickel and zinc prices could be saved from worst effects of any new virus-related restrictions as historically low global stockpiles intensify fears of supply disruption.
CITIC said that commodity prices could be pressured by the pandemic situation in the short term but would be supported by easing property policy in China in the long run.