Platts alumina assessment was stable at $333/mt FOB Australia, unchanged from Friday, although buying price indications in China slipped several dollars.
Chinese importers put the ceiling at $330/mt FOB Australia, compared with $330-333/mt a few days ago. Two importers also said they would regard a landed price of $355/mt CIF China as a little above market.
A Chinese smelter source said that even if its own bid was closer to $330/mt FOB Australia, $333/mt was a reasonable valuation of the market. A number of Western refiner sources were on holiday for the year-end festive season.
Platts' last reported spot trade was on Wednesday last week at $333/mt FOB Australia letter of credit 30 days, for a 30,000 mt shipment in late January.
Platts China domestic alumina assessment for Henan province was stable at Yuan 2,630/mt ($418) ex-works for 70:30 cash and credit terms. A number of sources said the local market may soften in the near term, or at least drift sideways, due to low domestic aluminum prices. Shanghai Futures aluminum has been languishing in the low Yuan 15,000s for weeks, despite steep fluctuations in LME aluminum.
"Smelters are buying on a hand-to-mouth basis now, the market is very slow, and ingot prices are weak, so people are waiting for alumina prices to fall lower as well," a Henan refiner said.
"But we doubt alumina can fall much further, definitely not below Yuan 2,600/mt, because there are no smelter cuts, so there will still be demand," another Henan refiner added.
"A lot of people stocked up earlier when prices softened, so now they are in no rush. They will wait for even lower levels as outlook is dim," a trader said.
"Everyone is just waiting now, and eyeing possible smelter cuts in the new year," another source said.
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