MI alloy stocks analysis: More cancellations

Wednesday brought another burst of cancellation activity, this time in the Netherlands, where 440t of DIN226 ingot were cancelled at Rotterdam and 40t of the same at Vlissingen. As a result cancelled tonnage in the system has now hit 4-month highs, which should feed through into an acceleration in "out" side activity in the coming days. Yesterday's draws were all in the form of DIN226 ingot and were split between 100t at Singapore and 60t at Rotterdam.