"Once the prices move outside of the reasonable range, (we will) take timely measures to regulate the prices," the NDRC said.

Refined nickel production in January-September totalled 2.043mn t, while apparent demand was 2.151mn t.

The 2201 ferrosilicon contract price on ZCE closed at 8610 yuan per ton on December 6.

Coal and power trade between China and Russia has also been on the rise.

The proportion of coal in China's total energy consumption dropped from 72.4 percent in 2005 to 56.8 percent in 2020.

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