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Analysts said steering towards green packaging is the long-term trend for the courier sector although it still needs time to achieve a complete transformation.

Andrew R. Jassy

And China is now enjoying a highly entrepreneurial environment in terms of the number of incubator companies and companies that are moving to high scale volumes in a relatively short period of time, he noted.

Analysts believe the prices will be propped up in the coming months as the country's electricity consumption braces for its seasonal peak.

Andrew Tilton, chief Asia economist at Goldman Sachs, said China started lifting lockdown measures in Wuhan, Hubei province, last month, when new cases were still surging in many countries.