MI alloy stocks analysis: Downtrend still in full swing

LME-registered stocks of alloy fell by 1,100t last week, extending the weekly downtrend to seventeen uninterrupted weeks and leaving the headline figure showing a year-to-date decline of 13,200t.

Arrivals remain non-existent—the last ones were on Feb 9—while draws continue to run at solid daily rates.

Cancelled tonnage is declining but only very slowly—last week thanks to 680t of fresh cancellations—and there is still plenty of metal sitting in the departure lounge to feed further this downtrend.