China's spot alumina prices were rangebound Friday, but outlook remained gloomy with prices likely to test lower in the near term amid continuing weak domestic metal prices and expected aluminum smelter cutbacks. 

"It's a buyers market now, there's plenty of stocks around, both domestic and imported at the ports," a South China trader said. "Now we must see if smelters cut output again and how much they will cut." 

Imported stocks at the major delivery port of Lianyungang are estimated at 850,000-900,000 mt currently. 

The Platts ex-works Henan spot alumina price closed the week at Yuan 2,340/mt ($366/mt) for 70:30 cash and credit payment terms, unchanged from Thursday, but down Yuan 10 on the week and Yuan 20 from a month ago. 

Two Henan refiners Friday quoted spot at Yuan 2,350/mt at 30-50% credit payment terms, and agreed tradable levels were up to Yuan 2,360/mt for full credit basis. 

A Henan smelter had said earlier this week he bought 10,000 mt at Yuan 2,360/mt 100% credit terms. 

Full cash prices were pegged at around Yuan 2,300-2,320/mt depending on quantity and terms, refiners and smelters said. 

In Shanxi province, spot alumina was stable at mostly Yuan 2,280-2,300/mt cash from major refiners like Xinfa Aluminum. 

A Shandong trader said Friday he bought 30,000 mt spot from Xinfa at Yuan 2,300/mt cash this week. 

A northwest smelter was heard to have bought a total 250,000 mt spot from several suppliers at Yuan 2,270/mt ex-Shanxi earlier in the week, including Xinfa, a Shanxi refiner source had said. 

A Xinfa source said Thursday they were unlikely to sell below Yuan 2,300/mt cash, but did not rule out other suppliers trading marginally lower. 

Down south in Guangxi, spot alumina offers also continued unchanged at Yuan 2,260-2,270/mt cash Friday, compared with Yuan 2,280-2,300/mt previously. 

The front-month September aluminum contract on the Shanghai Futures Exchange closed at Yuan 11,955/mt Friday, down from Yuan 12,030/mt last week, and also from Yuan 12,370/mt a month ago.