MI alloy stocks analysis: Cancelled tonnage ratio up again

The combination of robust draws and 620t of fresh cancellations lifted the ratio of cancelled tonnage in the system to 7.2%, which is the highest it's been since the first day of May. The cancellations were split between 520t of DIN226 ingot at Singapore and 100t of the same specification alloy at Vlissingen. The same two locations accounted for the bulk of the draws—400t and 40t respectively. The balance 40t came from Antwerp. The high cancelled tonnage figure suggests a continuation of this current strong downtrend.