Chinese stocks closed lower on Wednesday as weak commodity shares weighed on the market.

The benchmark Shanghai Composite Index went down 0.08 percent to close at 3,287.7 points, while the Shenzhen Component Index closed 0.33 percent lower at 10,619.34 points.

Turnover on the two bourses remained subdued at 430.9 billion yuan (about 64.6 billion U.S. dollars).

Commodity shares, including those in the steel, non-ferrous metal, cement and paper manufacturing sectors, dragged down Monday's market due to large declines in the commodity futures market.

Steel shares were especially weak as industrial group moved to calm the market.

China Iron and Steel Association said Tuesday that steel price increase will be limited as new production capacity is set to ease supply in the domestic market.

Baoshan Iron and Steel Co. (Baosteel), China's largest listed steel maker, dropped 3.77 percent to 7.91 yuan.

Financial blue-chips outperformed the market as banks gained across the board, but they were still unable to bring the key indexes into positive territory.

The Industrial and Commercial Bank of China (ICBC), the country's largest lender by market value, jumped 2.81 percent to 5.85 yuan, a nine-year closing-high.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 0.42 percent to close at 1,807.37 points.