The Platts Australian alumina daily assessment at $352/mt FOB was unchanged Monday from Friday, as buyers and sellers were treading water.

The Australian market has been tracking China's domestic prices, as China remains the largest prospective net buyer in the international open market.

In the last week, there have been signs of interest and material to be had, but no immediate signs of active buyers or sellers.

Price discussions in Asia have momentarily been CIF China driven rather than FOB Australia.

With handysize freight rates in Asia at their lowest in more than four years, certain sellers may be more keen on CIF sales.

In the last two days, CIF China bid, ask rates have been rangebound at around $365-370/mt.

China's ex-works Henan alumina spot price continued Monday at Yuan 2,750/mt ($449/mt) for 70:30 cash and credit payment, unchanged from Friday, but down Yuan 20/mt on the week.

Spot trade remained lackluster as market sentiment stayed weak. Smelters are either relying on current term supplies and reducing stockpiles, or are considering signing new term contracts instead of buying spot as term prices are lower in comparison, sources said.

China's term alumina contract prices are typically priced at around 17% of the average aluminum contract price on the Shanghai Futures Exchange for the three months prior to delivery.

The front month February aluminum contract on SHFE Monday closed at Yuan 12,800/mt, up from Yuan 12,760/mt on Friday and Yuan 12,725/mt last week.

Some smelters also said certain refiners were now facing tight cash flow as they had refrained from offering earlier and had built up high reserves.

These refiners will probably be willing to sell at lower prices now to gain cash, several smelter sources said.

Clearer direction for spot prices is expected when February spot talks start later this week, sources added.