MI alloy stocks analysis: Downtrend running at fast clip

The downtrend in LME-registered stocks of alloy is currently running at a fast clip, which is a direct function of the recent robust cancellation activity and the resulting build in cancelled tonnage in the system. Tuesday brought draws of DIN226 ingot from Vlissingen (140t) and Rotterdam (80t) and of A380 ingot from Genoa (120t) and Trieste (40t). Cancellations were limited to a single lot (20t) of DIN226 at Singapore but the cancelled pipeline will support this draw rate for several days yet.