Platts China ex-works Henan alumina spot price stood at a flat Yuan 2,630/mt ($428/mt) for 70:30 cash and credit payment terms Monday, as the market continued to look for clearer direction ahead of April spot talks.

Fresh direction was expected to be seen from a domestic industry event last week, but "nothing new came from it," according to market sources. Domestic April spot talks were also expected to have started during the event, but "the outlook remained dim and talks were delayed," a source added.

The 7th China Alumina and Aluminium Market Summit was held in Wuhan from March 23-25.

April spot talks are now slated to start later this week with trades concluding next week onwards, sources said.

In Henan on Monday, refiners offers were pegged at Yuan 2,660-2,680/mt cash, with tradeable levels between Yuan 2,600-2,650/mt cash up to 50% credit payment terms, refiners, smelters and traders agreed.

"Offers are still high, but it's pointless since no one is buying. It's very quiet, we've had no queries at all today, people are still waiting for clearer direction," a Henan refiner said.

A Henan smelter said he had started talks Monday to buy 10,000 mt of spot alumina for April delivery, and expected to finalize the trade in the next couple of days.

"The seller's firm offer is now Yuan 2,650/mt at 50% credit, but we see the market going down, so we are eyeing Yuan 2,630-2,640/mt at 50% credit," the smelter source said.

"The higher offers for alumina are ridiculous, you can't even get someone to buy at Yuan 2,630/mt cash in Henan now ... maybe around Yuan 2,610," a Beijing trader who buys Henan alumina added.

In Shanxi and Guangxi, spot alumina prices were also pegged at a steady Yuan 2,580-2,600/mt cash and around Yuan 2,500/mt cash, respectively.

Prices in these regions are also expected to soften further in the near term for April spot trades, as market sentiment stayed weak, sources said.

The front month April aluminum contract on the Shanghai Futures Exchange closed at Yuan 13,330/mt Monday, up from Yuan 13,260/mt last week.