Chinese spot alumina prices were rangebound this week as market participants awaited clearer direction amid continued weak domestic aluminum prices and market volatility.

Platts ex-works Henan alumina spot price closed the week Friday at a stable Yuan 2,360/mt ($386) for 70:30 cash and credit payment terms, unchanged from Thursday and a week ago, but down Yuan 40 on the month.

Spot trade was slow moving this week as overall market sentiment remained weak, with alumina prices expected to test lower in the near term.

Some spot talks for August deliveries have started, but actual trades were lacking, sources said.

Henan refiners were heard quoting Yuan 2,350-2,380/mt this week for cash up to 50% credit payment terms, while smelters eyed Yuan 2,320-2,380/mt for cash up to full credit basis.

In Shanxi province, major refiner Xinfa Group was quoting August spot at Yuan 2,330-2,350/mt cash, with tradeable levels pegged at Yuan 2,300-2,330/mt.

No offers from major refiner Jinjiang Group were heard this week.

"Jinjiang is generally expected to offer lower than others, that's their usual style, so everyone is waiting for their quotes now, but we've not heard anything yet," another Shanxi refiner source said.

In Guangxi in the south, spot alumina was also rangebound, with offers from refiners Huayin Aluminum and Guangxi Xinfa Aluminum heard at a steady Yuan 2,300/mt cash.

Tradeable levels were pegged at Yuan 2,250-2,280/mt cash, but actual trades were also marginal.

"The market is still likely on a downtrend, so there's no rush to buy, it's too scary, everyone will wait," a Northeast smelter source said.

The front-month August aluminum contract on the Shanghai Futures Exchange closed at Yuan 12,245/mt Friday, down from Yuan 12,465/mt last week, and from Yuan 12,745/mt a month ago.