With no repeat of Tuesday's 3,000t warranting at Singapore, the headline figure ticked lower again Wednesday and is back within touching distance of Monday's cycle low of 678,900t.
Draws are less than spectacular and are yet to see any impact from the large (8,025t) cancellations at Gwangyang in South Korea seen over the first two days of the week.
Similarly, fresh cancellation rates were only moderate yesterday but they were sufficient to keep the overall ratio of cancelled tonnage in the system above the 6.0% level after it dipped below 5.0% at one stage last week.
Meanwhile, after three weeks of inactivity warranted stocks on the NYMEX fell by 1,888 tons Wednesday to 16,394 tons, reflecting draws at Owensboro. The headline figure is down by almost 52,000 tons on the year-to-date.
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