The 2109 ferrosilicon contract price on ZCE closed at 7958 yuan per ton on May 24.

China's foreign trade expanded 28.5 percent year-on-year to 11.62 trillion yuan ($1.8 trillion) in the January-April period.

China's national-level carbon emissions trading system is expected to be a significant lever for the steel industry's carbon emissions reduction and structural optimization, experts said.

The 2109 ferrosilicon contract price on ZCE closed at 7966 yuan per ton on May 17.

The 2109 ferrosilicon contract price on ZCE closed at 7966 yuan per ton on May 17.

The 2109 ferrosilicon contract price on ZCE closed at 8062 yuan per ton on May 14.

The 2109 ferrosilicon contract price on ZCE closed at 7952 yuan per ton on May 13.

"There is no shortage of supplies. The price surge is not an exact reflection of the current supply and demand situation," said an analyst.