The Chinese ex-works Henan alumina price stood at Yuan 2,530/mt ($415) Monday at 30% credit payment terms, edging up Yuan 10/mt from Friday and a week ago.

The majority of spot trades for December and January have concluded due to the earlier Lunar New Year holidays at end-January in 2014, and refiners' spot supplies were now at low levels, market participants said.

"There's minimal spot trades now, but there's also limited supply, so those who still need to buy some spot for January will have to pay higher," a Henan smelter source said.

"Most smelters would have stocked up by now, only those buying in smaller quantities will probably still be buying for January, and they will likely have to pay a little more," a South China smelter source agreed.

Henan refiners also said Monday spot stocks were limited for January, and offers were heard higher at Yuan 2,520-2,560/mt for cash up to 50% credit payment terms, compared with a previous Yuan 2,500-2,550/mt.

Two Henan refiners said they had already sold out of January spot, and expected to offer February spot only after the Lunar New Year holidays. China is expected to be closed for Lunar New Year from January 31 through February 6.

"People are just getting ready for the holidays now. Prices will likely stay rangebound until after the break when February spot trades start again. But they can't rise much as domestic metal prices remain weak," a Chinese trader said.

The front month January 2014 aluminium contract on the Shanghai Futures Exchange closed at Yuan 14,130/mt Monday, up from Yuan 14,050/mt a week ago, and also from Yuan 14,070/mt last month.