Chinese spot alumina prices stood rangebound Monday despite news of Xinjiang East Hope starting smelter cutbacks over the weekend.
Platts China ex-works Shanxi daily spot alumina assessment remained at Yuan 2,620/mt ($387/mt) full cash terms.
No spot trades were reported, and multiple market participants continued to put tradeable spot prices mostly at Yuan 2,600-2,650/mt cash.
"East Hope just started cutting but the amount is too small, and it's not certain if they will continue to cut, and how much they will cut in the end, so there's no impact on alumina prices yet," a Shanxi refiner said.
A Beijing smelter-trader said: "It will take a few days before there's any impact on alumina, not everyone knows about the cuts yet ... domestic metal prices, however, have seen some slight support."
The front-month aluminum contract on the Shanghai Futures Exchange closed at Yuan 14,050/mt Monday, up from Yuan 13,830/mt last week, and also from Yuan 13,725/mt a month ago.
While alumina buyers are anticipating lower prices, refiners also said Monday that July spot supply were limited and that most were now waiting to offer August spot later this month.
"Everyone is focused on term supply deliveries now," a Henan-based refining source said. "We have no more July spot to offer, so will start offering August spot after July 15."
