MI alloy stocks analysis: Downtrend slows

The long-standing downtrend in LME-registered stocks of alloy slowed further last week with inventories declining by a highly modest 160t, leaving the headline figure showing a year-to-date fall of 18,400t.

A sharp drop in cancelled tonnage in the middle of the week—thanks to “reverse cancellations” at Trieste—seemed to herald the end of the downtrend but Friday’s 1,000t of fresh cancellations (all in the form of A380 ingot at Genoa in Italy) suggests it may have a bit more life left in it yet.